Customer Stories – Group Lending
A group of 5 women residing in Mazabuka, situated in the Southern part of Zambia came together to form the Virtuous Women’s Group. Their union came about because of having common interests: enterprising spirit, belonging to the same religious affiliation and husbands who work for Mazabuka Sugar Company. The group is registered under the Mazabuka District Business Association.
This group was identified by MFinance during its marketing efforts and in the MFIs quest to assist women entrepreneurs, initial credit of K12.5 million (US$2,500) was extended to the group for 3 months. The initial amount lent to the group was K12.5 million to run for three months. The 5 women are engaged in confectionary business (Maureen Hasiciimbwe), poultry rearing & sale of beans bags ( Merinda Lungu), Zambian traditional Fast Foods outlet (Pingiwe Kasonde), Marketeers; selling of dry food stuffs such as dry kapenta, fish and chikanda (Matron Hamachila and Mrs. Ntonkla). The group has since paid off the facility and calling for repeat business. MFinance intends to take on more groups in other areas where it has branches.