| WAC Savers | |||
Under the Savers Programme members of the community in Dandora and the environs, are able to save money and from the pool, take loans. The arrangement is that members save every month for at least six months before they qualify for a loan. After six months of uninterrupted saving a member is entitled to a loan that is three times their savings. The loan will be guaranteed by other members of the Group - shilling for shilling. Savers loans are payable over a period of 24 months at an interest rate of 1% per month. Membership to Savers Group is open to all members of the community and is particularly attractive to low income earners. The majority of the members are women who are running small businesses in their residential areas. The programme has made it possible for members to save as small amount as 50.00 Kenyan shillings (less than a dollar!) There are different categories of membership. They also include minors, self-help groups and individual members. Currently (August 2005) membership is 4300 and growing! |
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| ©WAC and Lancashire Global Education Centre 2005 | |||