Background: Amina, a Kenyan immigrant in Canada, struggled to secure a mortgage due to her limited credit history.

Solution: Amina joined a Coterie rotating group savings room dedicated to homeownership. This group, consisting of 10 members, committed to contributing $500 each month. Every month, one member would receive the total pool of $5,000, ensuring everyone received a substantial lump sum by the end of the cycle.

Steps Taken:

1. Commitment: Amina committed to the monthly savings plan and set up automatic transfers to ensure consistency.
2. Credit Reporting: Coterie reported her consistent savings to credit bureaus, improving her credit score.
3. Lump Sum Payment: In the 8th month, Amina received her lump sum, which she used as a down payment.

Outcome: Amina successfully purchased her first home, having built a strong credit profile and accumulated the necessary funds through her community’s support.