Consolee is a group leader of a borrowing group called Abarwanashyaka, which means "The Pioneers" in English. The group members sell different items and they have organized themselves to get this loan, which they assume will be helpful in their business.
Consolee sells beans and drinks. With the help of her colleagues, she requested this loan to buy more beans and drinks to sell. She has been selling these items for a period of eight years. She says the profits she hopes to get will be used to pay school fees and renovate her house. She wishes to raise her loan amount to 300,000 in the future.
About Urwego Opportunity Bank of Rwanda (UOB)Urwego Opportunity Bank (UOB) is a Rwandan bank specializing in microfinance. It offers credit products to individuals and groups interested in starting or expanding their businesses. It also offers training in business development, financial literacy and health management. Given that approximately 90% of the Rwandan population is directly or indirectly related to the agricultural sector, Kiva lenders’ funds will be used to support UOB’s agricultural loan products, which are vital to the clients living in remote areas.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid