Table-banking, a booming loan facility among Kenyan women
Tuesday, October 7, 2014
NAIROBI, Oct. 7 (Xinhua) — Initially when she needed a loan, Joan Mwashi would approach a group she belonged to under a microfinance institution.
She would table her proposal. The group, which acted as her guarantor, would then discuss it and if she qualified, the chairperson would forward her application to the microfinance institution for processing.
That was then. Today, Mwashi, who runs a small business in Kenya’s capital Nairobi, does not need to go through such a lengthy procedure to get a loan. In fact, she never borrows money from the microfinance institution anymore.
Source: Shanghai Daily (link opens in a new window)