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Momodu's Group
In this Group: Momodu , Alimamy B., Hawanatu , Mohamed L., Alie M. , Agnes M., Marie , Abdul K. , Sylvester K., John Paul
Salone Microfinance Trust (SMT), a partner of Kiva in Makeni, northern Sierra Leone, is very pleased to present to you the teachers of the Kulafai Rashideen Primary School in Makeni. Teachers from this institution, like their many counterparts in SMT’s operational areas, come to SMT/Kiva lenders to seek loans. These loans have proven to be very helpful to salaried workers because they empower recipients to buy or invest in things that their salaries cannot cover. For example, with the help of loans, recipients are able to buy a plot of land, start building a house, buy house-building materials and furniture, or pay school fees for their children. At the end of each month, the group finance officer repays SMT/Kiva on their behalf.

Momodu is the leader of this group of teachers. He is 49 years old and was born in the town of Port Loko. Momodu is married and has 11 children, eight of whom are attending primary and secondary schools. Mododu has served in the teaching profession for 26 years and has joined with his colleagues to request a loan to start a small business. He will use his loan to begin selling school uniforms, exercise books, pencils, pens, and other items. In this way, Momodu will be able to earn additional income to complement his monthly salary.

Additional Information

About Salone Microfinance Trust (SMT)

Salone Microfinance Trust (SMT) is Kiva’s oldest field partner in Sierra Leone. SMT began operations in 2002 as a microcredit program of the NGO Child Fund Sierra Leone under a USAID program to assist the reintegration of ex combatants back into their communities. Today, SMT offers group, agricultural, individual and salary loans to micro-entrepreneurs through six branches and one sub-branch in rural, urban, and peri-urban areas. By providing small loans and other financial services, SMT empowers poor clients to generate more income to help their families, improve their wellbeing, and create a more vibrant private small-business sector in Sierra Leone.

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.

About Sierra Leone

  • $903
    Average annual income
  • 26
    View loans »
    Sierra Leone Loans Fundraising
  • $9,095,750
    Funds lent in using Kiva
  • 4,353.0
    Sierra Leone Leones (SLL) = $1 USD

Success!! The loan was 100% repaid

A portion of Momodu's Group's $3,675 loan helped a member to buy exercise books, school uniforms, pencils, pens, and other items to sell.
100% repaid
Repayment Term
11 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 4, 2011
Listed
Aug 12, 2011
Currency Exchange Loss:
Possible
Ended:
Jul 18, 2012