Tsotsoo is a kenkey (cooked corn paste) and fried fish seller, and she has been doing this work for 15 years. She is standing second from the left in the photo. With her loan amount of GHS 1,200, she intends to purchase one carton of fish and a bag of maize to prepare kenkey and fish, so that she can sell it to customers.
She plans on making a profit of GHS 700 from this loan. This profit will enable her to repay her loan, and also to help her husband to cover day-to-day expenses.
Together, the group is taking a total amount of GHS 3,300 which would be used to purchase various items to boost their businesses.
About ID GhanaID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.
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.
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Success!! The loan was 100% repaid