Congo Community Bank
Congo Community Bank—Ruashi, Democratic Republic of Congo
Nest recently funded an entire community bank in the Democratic Republic of Congo in Africa through the assistance of HOPE International. Each community bank has 40 members, each of whom receives loans. Clients receive about $50 average for a first loan with appropriate loan amount increases as their businesses grow. The groups operate as a social guarantee instead of requiring physical collateral like traditional banks with each member guaranteeing the loans of the other members. They meet weekly for repayments – each cycle has 1 week of grace followed by 16 weekly repayments. At these meetings, loan officers share loan management advice, encouragement to utilize the option to save money and some business training.
While Nest’s bank in Congo touched the lives of 40 women to begin with, as that money is repaid, it will be loaned again and again, continuing to impact the lives of poor Congolese entrepreneurs indefinitely.
One Congolese woman touched by these loans is Christine Katundu. She tells us, “I am a dress maker and have been in business, with my brother, for 7 years. With my loan, I bought fabrics with which I made shirts which I sold to diggers working in mines in Ruashi and this activity gives me a three-fold profit. With the profits, we eat more and also higher quality foods. I live with my family and sometimes I buy food and clothes for my brothers as my father is jobless. We also share our food with our neighbors, if they do not have any. In the future, I want to buy other sewing machines so that I can have a big working shop and many clients.”
When asked what she likes most about making clothing, Christine answered, “I like when someone wears something I made and other people notice it or comment on it.” She said this while looking away a little with a bright, proud smile.