Kasenyi United New-Monika Group
Monika picked interest in the business because it was the most rewarding business in the area since they are near a lake. The business is located in Kasenyi, near the landing site in Kasese District. She gives this business enough time and on average, she gives it eight hours in a day and while off the fishing business, she attends to a bar which is her other source of income. She plans to use the loan money (5,000,000 uganda shillings) for buying fish nets and boats so that she is able to catch more fish and have increased sales and hence high profits.
Her clients are people from Kasese and those in far off areas since she takes the fish to other places for sale. For the time she has been in the fishing Industry, Monika says her main challenge has been transport which is really poor since the roads are bad and this increases the transport fares and in the long run cuts her profits. Her other challenge, is the influence from the government since it some times bars them (fishermen) from fishing in that lake.
However despite the challenges, Monika says she will keep being the hard-working person she has always been so that she one day owns a plot of land. She thanks Ugafode and Kiva lenders for the support they have been giving to the group.
More information about this loan
This loan is part of UGAFODE's program for clients who live in isolated rural areas with limited access to financial services. Uniquely, UGAFODE focuses its efforts on agricultural areas in Uganda that are over 50 km from their branches, providing loans to both groups and individual borrowers. The organization believes that the risk of offering services to remote clients is outweighed by the benefits to customers and their often underserved communities.
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