Group Savings

This service is provided for group loans where the entire group saves 10% interest compulsory by all the group members to be kept as group savings. The group saving is used as a collateral for the group members loan.
In practice, the purpose of group savings is to act as collateral: if any of the group member’s defaults on the loan, KEF can take money from savings to pay off the loan. However, if a cycle is finished with no defaults, group members can take their savings back or keep it in their savings account.
The second group that is encouraged to open saving accounts is small business groups like Susu Clubs, Community Based organizations, and Local Non – Government Organizations. The money will be safe and also earn an interest while with us.