In Kenya, tackling poverty, meeting basic needs, fulfilling potential, staying profitable, and financially buoyant is the real reason behind Joywo loans. Savings is actually what most poor income earners find hard to do.
The mission of Joywo Loans is to empower women and the poor through a scheme called Table Banking. Table banking’s motive is to render great services to women and the poor through savings in which individuals who possess nothing can get the greatest priority on securing a loan.
We will take you through the background and structure.
Background And Structure
Joyful Women Organization is a registered non-governmental organization (NGO) formed in 2009 to come together, equip and empower the grassroot Kenyan women
It comprises group members, and they formed it out of a passion by the Patron and Founder, H.E Rachel Ruto to see women and the poor meet their basic needs and fulfil their potential, economically and otherwise.
Joywo group comprises 10 to 30 members and a Chair lady who will be in charge of the group and would foresee giving out loans. They perform a table banking scheme where members save and borrow directly from their savings.
Often, the savings amount is not always enough to go around the various groups and this is where Kiva Zip comes in. They borrow additional capital from Kiva Zip so that all groups would have access to funds in which various groups can borrow and save simultaneously.
Kiva Zip
Kiva Zip works with Joywo groups because their models and principles align together. Joywo program officers raise capital from Kiva Zip to add to their members’ monthly savings so as to give out enough loans to members.
What Are The Pros And Cons of Joywo Loans
Joywo loan is a loan given to a group of women who belong to the same group and with the same interests and goals. The pros and cons include:
- There is room for a short and long-term loan
- Everybody is eligible once you are a member
- It is flexible and the repayment period is long.
Cons
The program officers use the app to conduct and regulate table banking sessions, and members may not explore the app.
Maximum and Minimum Amount a Joywo Group Member Can Borrow?
First time Kiva Zip Kenya borrowers can collect a maximum loan of 10,000 Ksh. But with 10 JOYWO group members borrowing through Kiva Zip, each JOYWO table group can borrow up to 100,000 Ksh (10 borrowers x 10 Kiva loans at 10,000 Ksh = 100,000 Ksh) on their first loan.
After raising this amount on Kiva Zip, they disburse to borrowers and taken to the table banking group where all members of the group can borrow from one another.
What You Need to Know About Joywo Loans
The table banking as a major scheme of JOYWO Loan has members comprising 10 – 30. They can access two categories of loan;
- Short Term Loan
- Long Term Loan
Short-term loans are for members making up to two times their savings and can repay between one to three months
Long-term loans are for members making up to three times the member’s savings. However, they can repay between 6 to 24 months highest.
How to Apply For a Loan From Joywo Groups
Accessing Joywo loans comes in two forms:
You can access Joywo loans by taking returned loans from members. Regardless, only a few can access this fund.
On the other hand, Joywo loan can also be accessed by:
JOYWO Program Officers nominate good-performing table banking groups for Kiva Zip loans, based on the group’s savings amount, the members’ earlier payment record (with the group’s own money) and the length of time that they have conducted table banking with JOYWO. The group then nominates one of the group officials (mostly the chairlady) to act as a trustee to endorse the borrowers.
- Stating the maximum number of borrowers a first-time trustee can endorse on Kiva Zip is 10, the first 10 members of the groups apply for loans through Kiva Zip, each at 10,000 Ksh.
- JOYWO Program Officers post these as individual loans to the Kiva Zip website, with the chairlady listed as the trustee.
- Immediately all group members’ loans fully fundraise on the Kiva Zip website, they disburse the loans to the borrowers.
Interest Rates of Joywo Loans
Calculating interest rates for members depends on the category of loan they want; either Short term or Long term. Short-term loans by a member have an interest rate of 10% while long-term loan which you can borrow up to three times and has an interest rate of 15% p.a.
Eligibility
For one to be eligible to collect loans, the person must be a member of the group which comprises the majority of women to men.
Joywo Loan App Review
JOYWO app is an apk app and can be downloaded from https://cloudapks.com
or https://apkcombo.com. The app is only used by program Officers to conduct and regulate table banking sessions.
How are Kiva Zip Loans Disbursed to Joywo Borrowers?
They list JOYWO loans on Kiva Zip as personal loans. From the table banking scheme, Kiva Zip waits for all the borrowers and a trustee to raise the funds before they disburse the money. So that everybody in the group members can access the money at the same time.
Occasionally, this means that fully funded borrowers must wait to receive their loan until all the other members of the JOYWO group get their fund
How are Joywo Loans Repaid
At the monthly meeting (Table banking meeting), the Chairlady heads the meeting and each member who took out loans from the group places it on top of the table and their savings equally. From the group savings, they can also give loans out.
How Do I Contact Joywo Loans
To know further, visit @ https://joywo.org and for complaint, email @ info@joywo.org
You can contact them @ Tel: +254-710-826959.
Conclusion
Immediately after one group has successfully repaid their first round of Kiva Zip loans, they may be eligible to take out larger loans through Kiva Zip. Trustees (in this case the chairlady of the group) would graduate out of pilot trustee status and be able to endorse up to 20 borrowers (or fellow table banking group members) for more loans.
As with all loans on Kiva Zip, first-time borrowers can receive up to 10,000 Ksh, whereas second-time borrowers are able to borrow up to 20,000 Ksh per person.
With each successful loan that Kiva repays in the app, the borrower is able to access a higher level of capital.