Adullamafrica came up with the idea of table banking because of high interest
rates among financial institutions. The high loan rates discouraged poor people
from taking loans. The concept behind table banking is that, for extremely poor
individuals, the best approach is to begin building their financial assets and skills
through savings rather than debts. In table banking the organization requires the
group members to save and borrow immediately after savings. It can either be
long term or short term loans.
ACTIVITIES OF TABLE BANKING
Our expectation is to empower and to eradicate extreme poverty among the group members. The organization noted that self-help groups and women groups are efficient in managing finances and credits.
Contribution
With as little as ksh.200 per week for a total of ksh.800 per month. Group members who consistently contribute for a period of three months will qualify for a loan from the organization's kitty and repay it with an interest rate of 10% monthly. As a result, an increasing pool of income would be generated. Group members should consider increasing their monthly contribution after receiving the loan in order to qualify for a higher loan limit in future. The organization will equip each group with a passbook in which their contributions will be recorded each week.
Give Loans
The minimum and maximum loan amount will depend with the group's savings. The group repayment plans are in monthly installments. Group members can easily obtain loans from the organization as long as they contribute their savings. The organization will grant them loans based on the amount of savings they would have contributed. The organization will require the group members to act as grantors of themselves.
Objectives
Adullamafrica requires the group members to use the money they borrow to; *To improve their livelihoods by starting small businesses, farming and building homes. The group members should consider investment projects that will enable them grow together as a group.
Targetted Impact
The targeted impact of the programme is that the community development organization can always generate sufficient money for new investments. Members should have access to good environment so that they can comfortably provide good education and livelihood to their children. Women and men are also given equal rights and responsibilities.
Last Expense Cover
Adullamafrica's last expense cover provides peace of mind to the family by providing for the payment of fixed amounts on the demise of a loved one who is a member of the scheme. This has helped families deal with griefs rather than worrying about the funeral expense.
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