Kotognogontala Ii Group
They collaborate with the Soro Yiriwaso micro-finance institution in carrying out their farming activities during the rainy season. They are on their fourth loan with the institution, and all past loans have been fully repaid.
The crops cultivated are groundnuts and rice featuring Saran, the first person standing on the right in the photo. She will use her loan to buy inputs, seeds and pay for plowing to cultivate 0.5 hectares (about 1.24 acres). After harvest the crop is sold at village level and in Kebila, to a clientele composed of men and women.
Sitan hopes to attain profits of 50,000 CFA francs, enabling her to pay off her loan and also to help her husband with daily expenses.
Important InformationSoro Yiriwaso is a microfinance institution that works primarily in rural and semi-urban areas of Mali to provide underprivileged communities with access to financial services.The organization facilitates access for disadvantaged clients, particularly women, to new resources and services, fostering solidarity and cooperation among its clients. Kiva lenders’ funds will enable Soro Yiriwaso to expand its outreach and target even more underserved Malians involved in business and agriculture.
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