The first activity of Deep Sea Simama Community Based Organisation is to provide the inhabitants of the slum with monthly loans in the amount of $ 10, 20 or 50 at an interest rate of 10 and even 15%. The repayment of the loan is guaranteed by the presence of at least two voluntary guarantors who offer to repay the sum in the event that the debtor turns out to be insolvent. The principles of micro-credit that we adopt are those formulated by Muhammad Yunus. Earnings are redistributed among the members of the community taking into account the number of shares they own. Each share costs approximately $ 0.50. No bank would provide the people of the slum with access to credit. Thanks to Deep Sea Simama, not only can the poor of Deep Sea receive loans in the most difficult times (for example at the beginning of a term when school fees have to be paid), but they can also have a small source of income and keep their own savings. The poor always come to live in Nairobi from the countryside with the hope of returning there with a small sum of money and build a house, which is why promoting savings activities can help them to reach the crowning achievement of years of life spent in inhuman conditions. The members of the community also offer themselves as volunteers in taking care of the elderly and the abandoned sick of the slum together with disabled people, for this reason Pepea project also includes the construction of some rooms to accommodate those who can be considered as the poorest among the poor.
Deep Sea Simama