In 2016, Reefy introduced group lending, a building block of micro finance. The offering, whose main target group is women, presents a vital access opportunity to this unpenetrated segment.
This microfinance solution allows groups to borrow collectively, as well as provide collateral or loan guarantee through a group reimbursement pledge. Peer pressure is a key incentive to repay the loan; if one group member defaults, the other group members are held accountable and make up the payment amount.
Group lending is mainly geared towards enabling and empowering women for sustainable development in order to participate in all sectors, building stronger economies and improving the quality of their lives.