Agyenkwa Group is a group of eleven women whose name means savior. For some time now they have traded in various items, ranging from tubers and cereals to legumes and vegetables to used clothing. All these women have children; the leader has eight. She prepares and sells fufu (pounded cassava eating with soup) rice balls, banku (milled and boiled maize), and other food items.
They are hard working but due to large family sizes they spend their working capital supporting their children. They endure economic hardship and therefore came together to form the group. Members want to use the loan to buy produce and cloths to increase their income so that they can better support their families. They co-guarantee for each other to repay the loan.
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