My money my foundation my future
What is BIG
Bengi Investment Group (BIG) is a community bank for the poorest people in the rural and peri urban areas of Kenya. It is aimed at accessing the poorest members of society with financial, investment and enterprise services.
Vision
Communities are in charge of their own development process and are able to meet their basic needs.
Mission
"BIG" exists to develop community financial, enterprise and investment systems for improved incomes and livelihood security of the poor.
Operating Principles
Focus on the poorest· Autonomy in selection of members· Reach scale· Promote gender equity· Provide demand driven services· Autonomy in choice of investment· Flexible terms and conditions· Enhance existing systems and structures· Bank on local resources for sustainability· Aim at long term sustainable service provision
Formation and Structure
All types of existing community groups come together to form the BIG. These community groups compose the general meeting of the BIG, which elects the governing body; made up of Board of Directors and Audit Committee. The Board establishes finance and membership committees. Each committee is composed of at least three members. At least one member should be literate; while at least 50% should be female.
Services and Products
Savings · Credit· Insurance· Money transfers· Collective investments in BIG shares and enterprise· Business development services· Other services as determined by members
Reaching the Poor
Bengi Investment Group model reaches the poorest through the following mechanism: · Targeting poor regions and communities· Recruiting partici
pants from a variety of existing community self help groups· Membership is open to all - young and old· Challenging members to identify and draw out poorest individuals in the village· Allowing members to design their own ways of identifying and drawing out the poorest· The poorest may offer labor in return for award of shares· Members contribution is determined by income level· Allowing members to set locally affordable share contributions and savings levels· Payments for purchase of shares is made on installments based on one''s financial ability· BIG offers a variety of financial and investment services that meets unique needs of members· Members set suitable prices for products· Initial loan sizes are maintained low enough to meet the needs of the poorest; and repayment amounts are small· Loan terms and conditions are flexible; and loan use is not restricted
Facts & Figures
In the last few years CIVS has established 16 BIGs and 48 sub branches in diverse districts in Kenya. We are currently reaching over 15,000 households. Many communities have since identified and established new enterprises that generate revenues, increasing their incomes and enabling them to meet their basic needs. Such enterprises include poultry, horticulture, rice, irrigation, handy crafts, trade in cereals, fruit and food processing, textile, wood and metal works, repairs services etc.