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Institution
Data approved: 2013-05-31
Data version: 2
Age of data: 134 months
Key Statistics
| Outstanding portfolio (KES) | KES 354,023,376 |
| Portfolio (USD) | USD 4,275,644.64 |
| Active Clients with Loans | 8,350 |
| Approximate % Female Clients | 40% - 60% |
| Approximate % Urban Clients | 60% - 80% |
Methodology
| Individual | |
| Solidarity group | x |
| Village banking | x |
| Self help group | |
| Other | |
Description
Given to large groups between 15 and 40 members. Customers must have been in business for at least 12 months. No lease agreements or other documents are required. The group and the loan officer assess the capacity of the loan.
Loan Purpose
| Any purpose | |
| Income generation | x |
| Mortgage/housing | |
| Consumer loan | |
| Agriculture | |
| Education | |
| Other household finance | |
| Other | |
| Other (2) | |
Included Services
| Credit education | x |
| Group meetings | x |
| Credit insurance | x |
| Workplace visits | |
| Business training | |
| Other training | x |
| Other | Fire/Burglary Insurance |
| Other (2) | |
| No other services | |
Eligibility
| Men | x |
| Women | x |
| Must run a business | x |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | |
| Other | Must have run a business for at least 12 months |
| Other (2) | |
Portfolio Size by Product
Geographic Coverage
| # Regions for this institution | 4 |
| # Regions for this product | 4 |
| Regions Active | Nairobi, Nyanza, Rift Valley, Western |
Loan Conditions
Loan Amount
| Currency | KES |
| Minimum loan size | KES 10,000 |
| Maximum loan size | 500,000 |
Distribution at Disbursement (Est.)
| Loans less than KES 50,000 | 30% |
| KES 50,000-150,000 | 40% |
| KES 150,000-250,000 | 20% |
| KES 250,000-350,000 | 5% |
| KES 350,000-450,000 | 5% |
| Greater than KES 450,000 | 5% |
Loan Term and Grace Period
| Shortest loan term | 6.0 months |
| Longest loan term | 36.0 months |
| Approx average | DK |
Distribution at Disbursement (Est.)
| Loans 3 months or less | 0 |
| Between 4 and 6 months | 20% |
| Between 7 and 9 months | 15% |
| Between 10 and 12 months | 50% |
| Between 13 and 18 months | 15% |
| Longer than 18 months | 0 |
Grace Period
| Grace period usage | 10% |
| Average grace period | DK |
Repayment Frequency
| Daily | |
| Weekly | x |
| Every 2 weeks | x |
| Every 4 weeks | |
| Monthly | x |
| Every 2 months | |
| Quarterly | |
| Every 6 months | |
| Every 12 months | |
| Single end payment | |
| Irregular payments | |
Pricing Information
Interest
| Lowest quoted nominal interest | 22.00% |
| Highest quoted nominal interest | 22.00% |
| Reason(s) why interest rate varies | Branch, Time as Client |
| Interest rate period | Yearly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | No |
| Is rate fixed for entire loan term | Yes |
Upfront Fees
| Fee 1 | | Fee 2 |
|---|
| Description | Loan Application Fee | | Chattels Fee |
| % of loan amount - min | 0 | | 0 |
| % of loan amount - max | 2.00% | | 0 |
| OR, Fixed amount - min | 500 | | 0 |
| Fixed amount - max | 0 | | 1,300 |
| Reason for variation | 2% with KES 500 minimum | | Only on loans over KES 100,000 |
| Appears on Repayment Sched? | Yes | | Yes |
Ongoing Fees
This product has no ongoing feesUpfront Insurance Fees
| Ins 1 |
|---|
| Description | Insurance Fee |
| % of loan amount - min | 1.60% |
| % of loan amount - max | 3.00% |
| OR, Fixed amount - min | 0 |
| Fixed amount - max | 0 |
| Reason for variation | <12 month =1.6%, 13-24 months=1.75%, 25+ months=3%. Either upfront or continuing. |
| Appears on Repayment Sched? | Yes |
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
| Required for | All |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | No |
| Do borrowers control deposit in their group? | No |
Deposit BEFORE or AT Disbursement
| % loan amount deposited | 20.00% |
| or, Fixed-amount deposited | 0 |
Deposits DURING period payments
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | KES 100 |
| Conditions on access to deposit | Access During |
Interest Paid on Deposit
| Minimum interest rate paid | 1.00% |
| Maximum interest rate paid | 1.00% |
| Interest payment frequency | Annually |
Taxes
| Are taxes charged on this product? | No |
Additional Comments
Interest rate revised to 20% flat as of 17-June-2013.
Full Pricing Data
Msingi Loan samples
| Sample 1 | | Sample 2 | | Sample 3 | | Sample 4 | | Sample 5 |
|---|
| Loan Amount | KES 10,000 | | KES 20,000 | | KES 47,000 | | KES 100,000 | | KES 300,000 |
| Loan Cycle (1, 2, 3, etc) | Not Known | | Not Known | | Not Known | | Not Known | | Not Known |
| Disbursement Date | 2013-05-30 | | 2013-05-30 | | 2013-05-29 | | 2013-05-02 | | 2013-05-08 |
| Loan Term (Months) | 5.8 months | | 6.0 months | | 12.0 months | | 12.0 months | | 18.0 months |
| Grace Period (Months) | 0.2 months | | 0.2 months | | 0.7 months | | 0.5 months | | 0.7 months |
| Total Cost of Credit | KES 1,714.79 | | KES 3,013.97 | | KES 12,168.66 | | KES 25,539.73 | | KES 113,006.52 |
| True Price by Comp | | | | | | | | | |
| Interest price component | 39.3% | | 39.3% | | 38.5% | | 38.7% | | 38.4% |
| Fee Component | 20.5% | | 9.8% | | 4.0% | | 4.1% | | 3.4% |
| Insurance Component | 6.9% | | 6.4% | | 2.6% | | 3.3% | | 1.8% |
| Tax Component | 0.0% | | 0.0% | | 0.0% | | 0.0% | | 0.0% |
| Deposit Component | 68.3% | | 42.2% | | 27.5% | | 25.9% | | 20.6% |
| Full APR (int fee ins tax dep) | 135.0% | | 97.7% | | 72.6% | | 72.0% | | 64.2% |
| Transparency Index | 16 | | 23 | | 30 | | 31 | | 34 |
| | | | | | | | | | |
| Original Repayment Schedule | PDF | | PDF | | PDF | | PDF | | PDF |
| MFT Pricing Calculation | PDF | | PDF | | PDF | | PDF | | PDF |
