Loan Disbursements
Aminata announced the names of the three women receiving loans. Each walked toward the cashier, who announced the amount as she handed the money over. She calculated the 10 percent monthly interest on the loan, to be paid each month until the end of the loan, when the principal is due.
Bintou pledged the amount aloud to the group: “I am taking a loan of 7,500 CFA for one month. I am going to pay the loan and 750 CFA in interest at the loan meeting next month.” Bin- tou’s helper repeated the message, committing it to memory.The other borrowers went through the same process, though Kadija’s loan had no interest and it was understood that her payback date could be extended if need be. It was expected that she would do her best to pay back the loan before the group’s annual share-out. At the share-out, they would collect all outstanding loans and disburse the entire sum, including savings, interest, fines, and earnings from collective income-generating projects such as working as a group on a neighbor’s field for a day.
Once the loans were handed out, the cashier recounted the money left in the box and announced the total. Everyone joined hands and repeated the number together before the cashbox was closed and locked by Aminata. The money management portion of the meeting was over.