Fedrick has been selling food items at his shop for two years now. He works from 6 a.m. to 9 p.m. and is able to make a monthly profit of about $129.
This will be Fedrick’s second motisha loan from Tujijenge Tanzania. A motisha loan is a product offered by Tujijenge Tanzania that allows borrowers with good credit ratings to pay back their original loans faster and receive extra money before their original loan term has ended.
Fedrick used his previous motisha loan to improve his shop and he has managed to pay back the loan successfully. He hopes for a new motisha loan to buy more food items such as salt, sugar, flour and rice. His dream is to buy more products to increase the stock in his shop.
Fedrick will share this loan with his loan group, Classic, which totals eight members. The members of the group will hold each other accountable in paying back the loan.
About Tujijenge TanzaniaThis loan is administered by Tujijenge Tanzania, which was founded in 2006. It has operations in Dar es Salaam, the coastal region, and the Lake Victoria region. The organization aims to reach out to micro entrepreneurs and provide them with financial and social intermediation services because capital is one of the major barriers to development and success for micro-enterprise initiatives in Tanzania.
For more information on Tujijenge Tanzania, please visit its partner page, or join its lending team.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid