Structure and Regulations

 

Active Participation

Enactment Date: June 11, 2023

Participant Eligibility

To participate in La Tanda, individuals must meet the following eligibility criteria:

  • Be at least 18 years of age.

  • Have a valid government-issued ID.

  • Reside within the program's designated service area.

  • Demonstrate a commitment to financial responsibility and regular contributions.

  • Be willing to actively participate in program activities and adhere to its regulations.

La Tanda Structure

Group Formation:

  • Participants are organized into groups called "tandas," which typically have between 15 and 34 members. However, the exact number may vary depending on administrative factors. Each tanda is assigned a specific date for their auction, and members are given a numbered position within their tanda. On the auction date, members bid on loans in ascending order, starting with the member in the first position. The winning bid is determined by the highest interest rate offered, and the winner receives the loan amount in cash. The remaining members then have the opportunity to borrow the remaining funds at the same interest rate as the winning bid.

  • Groups are formed based on factors such as location, interests, and financial goals, age, and experience. Members can participate in discussions, share resources, and collaborate on projects..

  • The leader acts as a liaison between the group and the larger community, ensuring that the group's needs are met and that its voice is heard. The leader also plays a key role in resolving conflicts within the group and maintaining a positive and productive working environment.

Contributions:

  • Each member contributes 3,000 lempiras every two weeks, which adds up to 6,000 lempiras per

month. However, the exact amount can change based on the community's goals and needs.

  • Contributions are made through a designated payment method, such as bank transfer or mobile money.

  • Timely and consistent contributions are essential for the program's success. We encourage members to contribute regularly, even if it's just a small amount. Every bit helps us reach our goals and make a difference.

Investment and Distribution:

  • The pooled funds from each tanda are invested in projects chosen by the group through a voting process.

  • Investment options may include real estate, small businesses, or other ventures with the potential for generating returns.

  • Returns on investments are distributed equally among the members of the tanda, after deducting any necessary expenses.

Duration:

  • Each tanda has a duration of 1 year.

  • At the end of the program, the accumulated funds and any investment returns are distributed to La Tandas boards.

Flexibility:

  • Participants can initially join up to 2 tandas.

  • Individuals already involved in existing La Tanda programs may join a third tanda.

  • This flexibility allows participants to adjust their level of commitment based on their financial situation and goals.

Withdrawal Rules

  • Regular withdrawals are permitted at the end of each investment cycle, typically every 15 days.

  • Early withdrawals are allowed under exceptional circumstances, with a penalty fee applied to discourage unnecessary withdrawals.

  • The penalty fee will be determined by the group and communicated to all members before the start of the tanda.

Regulatory Framework

La Tanda operates in compliance with all relevant financial and legal regulations, including:

  • Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

  • Tax laws and regulations.

  • Consumer protection laws.

  • Data privacy and security regulations.

Transparency and Reporting

La Tanda is committed to transparency and accountability. The program:

  • Provides regular reports to participants on the program's financial and operational status.

  • Makes financial statements and audit reports available for review by participants upon request.

  • Holds regular meetings to discuss program performance and address any concerns.

Privacy and Data Security

La Tanda takes data privacy and security seriously. The program:

  • Collects and stores participant information securely.

  • Limits access to participant information to authorized personnel.

  • Implements appropriate technical and organizational measures to protect against data breaches and unauthorized access.

  • Complies with all applicable data privacy laws and regulations.

Dispute Resolution

La Tanda is committed to resolving disputes fairly and efficiently. The program:

  • Has a clear and transparent dispute resolution process.

  • Provides participants with an opportunity to voice their concerns and seek resolution.

  • Strives to resolve disputes amicably and through mediation whenever possible.

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