The Mindful Bunch
Caurie Microfinance in Senegal
I particularly like joining in on loans that are posted by CAURIE Microfinance in Senegal, a partner of Catholic Relief Services. They do great work for their borrowers (groups of women) through six branch offices. Caurie and its predecessor organizations have been helping the poor in Senegal for more than 20 years. Their present organizational structure was formalized in 2005. Caurie has been on Kiva for more than eight years and has no Kiva defaults, delinquencies, or loans at risk! Kiva lenders do bear currency risk, and the cumulative currency loss is less than one percent, 0.57%.
Caurie is distinctive because it seeks to serve the poorest of the poor (mostly women who are illiterate or read and write at a very basic level), because it provides savings opportunities, and because it works with groups of women who participate in management and who are collectively responsible for repaying the lenders. At first the listed loans may seem very large, but it is important to remember that the loans are shared out among multiple borrowers. Like most microfinance loans, the cost to the borrowers of Caurie loans is significant–21% per annum on the average. This is not because Caurie is ripping them off, which we can see by the fact that Caurie’s return on its assets is below 1% per annum, it’s because this type of lending is very expensive to sustain.
You can find out more details about Caurie on Kiva Here.
You can find their Kiva fundraising loans Here.