In April, I wrote a post about two businesses I lent money to through Kiva, an online microfinance business. One of those businesses has successfully paid back the loan. Here is the basic data:
Mary Njeri Nganga
Njeri Pig Project
Partner: Women's Economic Empowerment Consort
Partner Rep: Jedidah Waigwa, Martha Gitau
Location: Gathiga, Kenya
Activity: Rearing of pigs
Loan Amount: $550.00
Loan Use: With a loan of USD 550, Mary plans to buy more pigs.
Start Date: May 1, 2006
Loan Repayment Term Range: 12-16 months
Status: loan has been raised and repaid
"This business is a member of the Melody Mothers Women group. Group lending, also known as solidarity lending, is a mechanism that allows a number of individuals to provide collateral or guarantee a loan through a group repayment pledge. The incentive to repay is based on peer pressure; if one person in the group defaults, the other group members make up the payment amount. – Kiva Staff"
Mary is married with two children who are in secondary school. She is a member of Church of God in Kenya. Mary was born in an extended poor family. Due to lack of school fees, she dropped out of school at primary school level and got married.
She started rearing pigs when advanced a loan of USD 221 by WEEC in 2003. In 2004, she received another loan of USD 368. The loan enabled her to buy more pigs. Through trainings from ministry of agriculture and livestock and WEEC, on livestock and business management, she is able to use the modern and improved methods of rearing pigs. To date she has ten pigs. She has orders at Wangige and Nairobi.
My other loan is being repaid right on schedule and is half repaid. I'll let you know how that goes. Now it is time to look for another investment opportunity.
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