KTF Riziki Chama
The aim of this platform banking is to enhance the socio-economic status of people particularly those from poor backgrounds that are “unbankable”. Poverty has been a major issue partly due to the high interest rate that is imposed on the loans by financial institutions and the demand for collateral, without which most people cannot access loans.
Our approach is to begin building their financial assets and skills through savings rather than debt. At KTF Riziki Chama, members save and borrow immediately from their savings. It can either be short-term or long-term loans. This is expected to empower them and eradicate extreme poverty. It has been noted that this model is quite efficient in managing finances credit and improve quality of lives.
Activity: Members contribute with as little as 200 Kshs per month. Members who consistently contribute will be able to borrow money from the kitty and repay it with interest. As a result, an increasing pool of income would be generated. Members are encouraged to consider increasing their monthly contribution from the current rate of 200 Ksh per month to a higher rate.
Loans given: Members can easily obtain loans from the organization as long as they contribute. Loans are granted based on the amount of money contributed. The money they borrow will be used to improve their livelihoods by starting small businesses, paying their children’s fees, building homes.etc
- Individuals with debt, must pay.
- Investment projects are considered that boost the KTF Riziki Chama’s income.
Accounting-. KTF Riziki Chama keeps an orderly file of the group’s finances in form of cashbook. It also keeps records like individual passbook, minute books, attendance books and savings/loan book.
