Zambia
Moth group is made of 5 women based in Chipata who run stalls mainly selling vegetables, groceries and clothes. All of these women are married and have 21 children who are in school and rely upon them for all of their financial needs.
Blessings is a member of the group, she is married and her husband is a farmer and together they have two children who are in school. Blessings runs a stall where she offers mobile money services and she is also an agent of the Zambia National Commercial Bank. Being an agent means that she is able to make transactions for people on behalf of the bank and she gets a commission for this.
Members of the Moth group are applying for a new loan to invest in their various small businesses. Blessings will use then share of her loan to buy float (float is the difference in time between when a transaction occurs and the time it is posted to a credit card account, often one to two days) that she should be able to make all sorts of transactions that her customers will be requiring like cash withdrawals, deposits and buying utilities such as electricity and water bills.
The other group members will use the loan to restock their stalls so that they are able to maximise the profits and provide daily needs for the families. The women desire to one day see they children educated and to have their own houses.
The Microloan Foundation in Zambia lend to female entrepreneurs using the ‘centre’ model. A centre is typically made up of 3-4 sub-groups and these sub-groups almost always have five members. Each centre has its own name and the sub-groups within the centre share the same name. Each person within the group of five women is responsible for repaying her loan but the members support each other and if a member is unable to repay her loan on time, then the group assumes responsibility for repayment. Loan officers provide training to the groups, although it is expected that centre leaders will eventually assume responsibility for providing some of the basic training.
"If you are lending, please be aware that due to the current COVID-19 pandemic your repayments could be at greater risk of delay or default".
Loan added: 26 September 2020
Moth group's loan repayment schedule
| Date | Expected repayments | Actual repayments |
|---|---|---|
| £127.74 | ||
| £212.91 | ||
| £212.91 | ||
| £212.91 | ||
| £212.91 | ||
| £212.91 | ||
| £212.91 |
The above amounts are indicative, based on the exchange rate the day this loan was added to the website. The actual amounts you will receive will be based on an exchange rate at the time the repayment is returned to your account. See our Help Centre for more information.
