The group loan scheme is a product designed to assist organized groups to raise capital for their economic ventures. This product is targeted at traders, artisans, service providers and craftsmen and seeks to achieve a total loan client ratio of 60% female and 40% male.
This product also allows clients to repay the loans weekly or bi-weekly or monthly.
Group Formation
• Self selection by group members
• Credit officer then visits the group to ascertain its existence.
• Credit Officer conducts weekly meeting and training for the group for 8 weeks
Eligibility
• Applicant must be engaged in a viable economic and legal activity, an active member of the group and be at least18 years
• Applicant must have made weekly deposits consistently for 8 weeks.
• Applicant must attend all group meetings.
• Group members should have businesses operating in the same area.
• The group size should be between 3 and 5 members.
• Close relatives should not be in one group
