Mary requested her seventh loan from ID-Ghana, which she will use to buy linen, batik, and wax-prints for the shop. With her previous loans, all of which were repaid, Mary used the funds to buy linen, batik, and wax-prints and to restock products for her shop. She dreams that one day will be able to build a house.
Mary will share this loan amount of 9,300 GHS with her loan group, Mawunyo, which consists of six members. The members of the group hold each other accountable for repaying the loan.
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.
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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