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Matondo (1) Group
In this Group: Armel, Josephine, Adèle, Josephine, Hortense
Armel is a member of the community bank group Matondo (1), and the leader of a subgroup of four other micro-entrepreneurs in Brazzaville, the Republic of Congo. Armel owns a small pharmacy shop in his neighborhood as well as a small drink stand. As a member of Matondo (1), Armel has taken out several small loans to keep investing in his business. He is now on his seventh loan cycle with HOPE Congo and would like to take out a loan of 700,000 XAF (Central African CFA francs) to invest in his various activities.

With this money, Armel will purchase additional pharmaceutical items to sell at his shop, as well as drinks for his drink business and phone cards to sell at his new phone cabinet. All of these small businesses help Armel to support his family of two children, his wife, and his younger brother’s schooling. After starting with just a small table selling miscellaneous items, Armel is now bursting with ideas for the future and hopes to eventually move on to solely focus on drinks and opening his drink depot, selling in bulk.

Little by little, Armel dreams of saving enough to buy his own piece of land and build his family their own home and his children being able to finish school.

Additional Information

More information about this loan


Important Information

About HOPE Congo S.A.: HOPE Congo S.A. is a start-up microfinance institution located in Brazzaville, Republic of the Congo. As of 2009, the Republic of the Congo was the 136th-ranked country in the United Nations Development Programme’s Human Development Index. The average life expectancy is in the low 50s and food insecurity poses a constant threat to ordinary people’s well-being. Through the creation of community banks, HOPE Congo provides credit, savings, and training for entrepreneurs in Brazzaville. With their services, they aim to nourish a culture of saving and an independent community of responsible and self-sustaining entrepreneurs.

Please note that this Field Partner does not meet all of the minimum criteria for partnership with Kiva. HOPE Congo is a start-up MFI that is being fully backed by the HOPE International with an institutional guarantee. Because Kiva lenders are fully protected against institutional failure by the guarantee agreement, Kiva felt it was appropriate to override our minimum criteria in order to access this new market.

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.

About Congo (Rep.)

  • $2,250
    Average annual income
  • 0
    View loans »
    Congo (Rep.) Loans Fundraising
  • $2,177,650
    Funds lent in using Kiva
  • 482.2
    Communauté Financière Africaine Francs BEAC (XAF) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A portion of Matondo (1) Group's $6,950 loan helped a member to purchase additional pharmaceutical items to sell at his shop.
98% repaid
Repayment Term
7 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 1, 2014
Listed
Jul 18, 2014
Currency Exchange Loss:
Possible
Ended:
Jan 17, 2015