Member Highlights: Mugaani Group
One of our newly funded loan groups, Mugaani, was in the office this morning for their monthly loan collection meeting. It was a cold and misty morning but all twelve members of the group arrived punctually and in good spirits. They know that it’s important for the functioning of the group that loan collections go smoothly and efficiently. When they were finished with their collections I sat down with a few of them to discuss the progress of their businesses. Here’s what they had to say:
Franklin Gitonga, age 50, is the treasurer of the group. While he was counting the final amount to be deposited and the amount set aside for savings, we discussed his new poultry farming project. When he first got the loan, he bought 30 chicks at 75 KES each (about $1). One month later he sold all 30 chicks for 500 KES each (about $6). With an initial investment of $30, he made a profit of $150. He is on his second round of chicks now and he bought 50 this time. He will continue to buy more chicks and sell them for meat throughout the loan cycle. He has four children in school, from college to elementary school, so this extra income is much needed for education and support.
Roselinda Kagwirira is 30 and single. She runs a cereal shop that sells a variety of common produce, including beans, potatoes, cabbage, carrots, tomatoes, rice, and sugar. She had the shop before she received the loan, but the shop was struggling to make enough profit to support her. She was making about $10 before she received the loan and is now making $25 per day. This is a good income compared to many Kenyans, but she also has to pay rent and purchase the produce for her shop which significantly reduces the amount she can use for her personal needs.
It has only been three months since these people received their loans and already they are seeing significant increases in income and quality of life. With a positive and hopeful beginning, we know that these groups will continue to flourish over the two years of their loan cycle.