Mary is a 58-year-old married mother of one child. She has been selling 'koobi' (salted fish) at her residence for twenty years. Her child is at the high school level, he is 18 years old and sometimes he assists in the sale of items.
Mary is acquiring a loan amount of GHS 600 from Kiva's partner, ID-Ghana, to buy 'koobi' from the wholesale market to sell to customers. Mary is at the middle in the picture. As for Grace and Hannah, they sell drinks and comb-supply respectively.
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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Success!! The loan was 100% repaid