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Timothy Masai, a 40year old man, is a pastor in one of the churches in Musengo location and a member of Musengo SOFDEV.

Solidarity Fund for Development (SOFDEV) is a rural microfinance model designed to respond to the financial need in rural settings. The model provides a platform for the rural communities to mobilize their financial resources in form of members’ savings and redistribute as microcredits for social and economic development activities. There are currently six units in Eastern Kenya supported by Inades Formation Kenya through the partnership with Bread for the World.  Timothy joined SOFDEV in 2014 amid a lot of reservations following his disappointments and limitations with other community financial groups. Pregnant with the desire to develop himself as a young family man, Timothy, married with one child, was however unable to access a substantive amount of money to purchase his own parcel of land and do farming as he had desired.

Timothy says, Ingawaje nilikuwa naweza tafutia familia yangu iliyokuwa tu inaanza chakula, nilitamani kumiliki shamba yangu ambapo ningejengea familia, nifanye ukulima wa chakula cha kukula kama familia na pia ukulima wa biashara; (even though I was able to provide food for my starting family, I desired to own land where I would still provide food for my family, build a home and also do agribusiness in order to boost my economic life).

Timothy’s confidence in the group was built when he attended his first AGM and realized that Musengo SOFDEV governance structure and management of its financial resources was solid as compared to other community financial groups in the region. He started with borrowing small credit amounts to validate his observations and by 2015 Timothy had completely gained confidence in the group. In the same year Timothy, was elected as one of the officials. In 2016 he started building his share capital further in order to borrow some substantive amount to achieve his dream of purchasing his own parcel of land. Timothy was able to get in an agreement with the owner of the land that he would pay for the land in two instalments of each Kshs. 200,000. This he was able to do between 2016 and 2017 he is currently finishing up on repaying his second loan. He then accessed more money from a different source to start farming on his land and hopes to do all that he has desired for his family and also ensure the Musengo SOFDEV management is accountable in day to day operations. Timothy expresses his sincere gratitude to SOFDEV and envisions a brighter future for himself and his family of two children.

The official launching of Fonsdev Bumba’s activities took place on 14/11/2009, as part of the “project to strengthen the socio-economic capacity of the peasants of the territory of Bumba”, financed by AECID / ALBOAN. Initially, more than 250 solidarity members mobilized solidarity savings of more than $ 5,000, thus constituting the social capital of their Fonsdev. This has allowed Fonsdev Bumba to start granting credits to those who need it.

The activity of tontine savings was launched in Bumba in January 2010. The work began with the feasibility study, the identification and awareness of neighborhoods with high economic activity that constitute areas of collection of savings tontine. The promoters were trained and they began to go to these identified areas to interest the sellers of the displays, the shops, the sellers of the empty bags, the shoemakers … to accept to join the tontine. As soon as the person has agreed to spare, the promoter goes to him daily to recover his bet. There it fills, signs or codifies the card following the putting of the member. She then handed the card to the owner (tontine member). It also fills in the payment slip, returns the slip to the Supervisor for verification and pays the collected amounts to the Fonsdev fund.

Before withdrawing the money saved at the end of the month, the member must bring his / her card with the supervisor. The supervisor receives from the promoter the list of members of the tontine savings for the month in question. It controls the bets of the card in relation to the amount that is in the slip. He looks at the card if the promoter has validated it by a mention, endorsed and signed the last square of the card presented. It compares the totals of the payment slips to the cash register and the end-of-month list to draw the difference if there is one and to harmonize with the promoter the list in relation to the vouchers. It is after all these checks that the supervisor pays and returns the card to the cashier. The credit union pays the amount to the investor and a daily deposit is retained by the fund. The paid card is kept in the caisse’s archives.

As of April 2010, the activity of tontine savings began to expand markedly by the increase in the number of members and promoters, as well as by the granting of tontine credits and the daily wage Of savers which currently fluctuates between 500 FC to 40.000FC, whereas it varied between 100 FC to 500 FC at the beginning.

To date, the Fonsdev Bumba has more than 1500 tontinier members who have saved more than $ 81,000. Fonsdev Bumba recruited 12 promoters (including 10 women) and a supervisor for supervision and daily follow-up of promoters, since tontine is a high-risk product. The Fonsdev Bumba has also granted tontine credits to more than 500 tontinier members for a value of more than $ 54,000.

Thanks to tontine savings, the culture of savings spread to the city of Bumba, and attendance at Fonsdev Bumba increased.

With access to tontine credits, the poorest people increase and diversify their income-generating activities and have the capacity to provide for their households.

The official launching of Fonsdev Bumba’s activities took place on 14/11/2009, as part of the “project to strengthen the socio-economic capacity of the peasants of the territory of Bumba”, financed by AECID / ALBOAN. Initially, more than 250 solidarity members mobilized solidarity savings of more than $ 5,000, thus constituting the social capital of their Fonsdev. This has allowed Fonsdev Bumba to start granting credits to those who need it.

The activity of tontine savings was launched in Bumba in January 2010. The work began with the feasibility study, the identification and awareness of neighborhoods with high economic activity that constitute areas of collection of savings tontine. The promoters were trained and they began to go to these identified areas to interest the sellers of the displays, the shops, the sellers of the empty bags, the shoemakers … to accept to join the tontine. As soon as the person has agreed to spare, the promoter goes to him daily to recover his bet. There it fills, signs or codifies the card following the putting of the member. She then handed the card to the owner (tontine member). It also fills in the payment slip, returns the slip to the Supervisor for verification and pays the collected amounts to the Fonsdev fund.

Before withdrawing the money saved at the end of the month, the member must bring his / her card with the supervisor. The supervisor receives from the promoter the list of members of the tontine savings for the month in question. It controls the bets of the card in relation to the amount that is in the slip. He looks at the card if the promoter has validated it by a mention, endorsed and signed the last square of the card presented. It compares the totals of the payment slips to the cash register and the end-of-month list to draw the difference if there is one and to harmonize with the promoter the list in relation to the vouchers. It is after all these checks that the supervisor pays and returns the card to the cashier. The credit union pays the amount to the investor and a daily deposit is retained by the fund. The paid card is kept in the caisse’s archives.

As of April 2010, the activity of tontine savings began to expand markedly by the increase in the number of members and promoters, as well as by the granting of tontine credits and the daily wage Of savers which currently fluctuates between 500 FC to 40.000FC, whereas it varied between 100 FC to 500 FC at the beginning.

To date, the Fonsdev Bumba has more than 1500 tontinier members who have saved more than $ 81,000. Fonsdev Bumba recruited 12 promoters (including 10 women) and a supervisor for supervision and daily follow-up of promoters, since tontine is a high-risk product. The Fonsdev Bumba has also granted tontine credits to more than 500 tontinier members for a value of more than $ 54,000.

Thanks to tontine savings, the culture of savings spread to the city of Bumba, and attendance at Fonsdev Bumba increased.

With access to tontine credits, the poorest people increase and diversify their income-generating activities and have the capacity to provide for their households.