Euginio who is a single mother of 6 children lives near the landing site. After separating from her husband she had to look for a means of survival to support her six children. Without any capital, she opted to go to the landing site, where she could access fish from the fishermen on credit and then pay after selling them.
When she learnt of the Ugafode group from a friend at the same site she found it was wise to join since she would be able to get more fish with the loan money and therefore increase her sales. She is grateful that UGAFODE Micro finance has made a difference in her life and that of her children. She is hard working and determined to improve her life and that of her children despite her status as a single mother. The client interviewed is the lady in a blue dress.
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.