Solidarity Group Loans:
This is a membership based savings and credit scheme with the following features:
- To benefit, the client must belong to a solidarity group (formal or informal), cooperative society, market union e.t.c.
- Membership of each group must not be less than 5
- Membership of each must know each other well and have full knowledge of the nature of each others business.
- A group must not have more than one member of the same family
- Members will serve as co-guarantors for one another in addition to the joint guarantee of the group.
- Loan purposed is not restrictive.
- Group will be responsible for selecting the benefiting members
- Loan tenor will not be more than 6 month
- Interest chargeable will be very competitive.