Bonus credits for Volunteer Mentors now live in beta

Discussion in 'Announcements' started by Julia Kurnia, Mar 30, 2014.

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  1. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Dear all,

    Today we began beta testing bonus credits for Volunteer Mentors. Here is how it works for the time being:
    • Each Volunteer Mentor is receiving an additional credit limit increase for each assigned member who is current with due repayments.
    • The VM credit is equal to the new member invite credit amount in each country. For most countries, this is roughly equal to $25 - for example, in Kenya, it is KSH 2000.
    • Unlike new member invite credits, the VM bonus credit is awarded for all assigned members who are currently up to date with due repayments, regardless of their historical on-time repayment score. If a VM helps any member in arrears become current again with repayments, the VM will receive a bonus credit as long as that member remains current with payments.
    • The maximum total amount of bonus credit anyone can receive, for invite credits plus VM credits, is capped at $1000.
    • In order to receive the bonus, a member must currently hold VM status. If VM status is rescinded, then the VM bonus is also rescinded.
    • In order to retain VM status, VMs are expected to fulfill the following criteria:
    1. Uphold our Code of Ethics
    2. Remain current with all due payments (rescheduling if financial constraints prevent payment of the expected installment amounts)
    3. Make a good faith effort to contact any assigned members who fall into arrears, and either help them to catch up or reschedule, or if they cannot, post a reasonably detailed update on the members' profile pages to inform lenders of their situation.
    We will likely adjust the bonus amounts and criteria somewhat as we see how it works out in practice, but we fully expect to retain the principle of substantial credit limit increases for VMs who make positive contributions to the Zidisha community.

    Best,

    Julia
     
    Last edited: Mar 31, 2014
    KirstenShute, JAWABU, Cris and 3 others like this.
  2. Wiredfox

    Wiredfox Gold Member

    I'm very pleased to see good VMs duly rewarded for the value they bring to Zidisha. However I did expect to see that VM's themselves should be in good standing, with 95%+ repayment rate. There are many VMs with rates far below what should be considered acceptable.
     
    K M and Cris like this.
  3. Paul Gitau Kamande

    Paul Gitau Kamande Gold Member Volunteer Mentor

    Thanks Julia, indeed this will go a long way in mending the repayment rate for all of us Vm's and Borrowers.
     
  4. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Hi Wiredfox, thank you for pointing that out. In fact, remaining current with repayments is an important requirement to remain a VM in good standing, and I had omitted to include it. I have revised the announcement now.
     
  5. Sverre

    Sverre Forum Member

    I think this is a very good move , and I am positiv to that this can lead to an even better experience for both borrowers and lenders. I can also lead to that more people will want to be a VM, especially if Zidisha should decide to remove the invite credit bonus later for some reason.
     
  6. Jen V

    Jen V Forum Member

    I think this is a great idea. In addition, would it be possible to feature the VM's loan applications on the homepage, or have a feature to allow lenders to sort to search for VMs?
     
    K M, Paul Gitau Kamande and Shehi like this.
  7. Sverre

    Sverre Forum Member

    A VM profile should show status of the assignes borrowers ( % on time etc)
    This VM doesnt respond himselves and doesnt repay, so its an open question if he is able to perform his VM duities @Julia Kurnia
     
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