Helping the Tanzanite Group via Kiva
My latest Kiva loan has just been given, to the Tanzanite Group of Dar Es Salaam, Tanzania -- to be repaid in about 6 months or so. Specifically, my $25 will go to Patricia Mjuni, who runs a pharmacy business, though the repayment is being guaranteed by the Tanzanite Group . Group loans, as per Kiva: In a group loan, each member of the group receives an individual loan but is part of a group of individuals bound by a group guarantee. Under this arrangement, each member of the group supports one another and is responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. Kiva does not directly manage the disbursement of funds, but rather, leverages field partners. In this case, my loan will be administered by Tujijenge Tanzania Ltd. , a micro-finance company that has been in operation for 4 years now, in Tanzania. They have given out over US$1.2M in loans, and have a return on assets of 2.03% -- coming from interests and fees charged to...