This loan product serves clients that come together, are trained and guarantee each other, to be able to access credit facilities as individuals in their local communities without necessarily coming to a Pride branch.
The Community Banking product targets mainly new customers who live in communities that are far from pride branches but need financial solutions. These will be organized into Community Enterprise Committees (CECs) made up of 18-60 members grouped into 3-10 Enterprise groups (EGs) of 6-7 members each.Unlike the Group Guaranteed loan Product, the Community banking product is a means of availing Loan services to entrepreneurs in the convenience of their communities. This cuts on customers’ expenses such as transport to the Pride branches and therefore increases access and safety of the clients’ income.
| Eligibility Criteria | Requirements |
| Business evaluation | The business must be an existing business enterprise (formal or informal) |
| Age of Customer | The borrower must be 18 years and above but not more than 75 years. |
| Age of Business | Doing the same business for a minimum of 6 months. |
| Identification | Have a valid National ID / NIN. |
| Legal status | Business with a valid trading license(s) or a Local Council (LC) letter recognizing the business operations. |
| Business Activity | Loans shall be for business and funds utilized for the purpose for which they have been approved |
Benefits of a Community banking loan
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