At just 29, Rukia is an experienced businesswoman. Between 1999 and 2003 she opened three businesses: one selling charcoal, one selling fish, and a shop/stall selling groceries. Rukia has already repaid two loans from SELFINA and now requires another to expand her first business, charcoal. These small, black and dirty pieces of dry earth are important not just to Sarah but to her customers who rely on charcoal to cook their meals. Many Tanzanians still use small coal pots, in which they arrange mkaa (charcoal) and add either paper, dry grass, old plastic bags or kerosene in order to light them. The fire requires constant fanning to ignite and maintain the flame and makes cooking quite a hot and laborious task. It may not be the easiest or most environmentally friendly form of cooking, but it is the only option many people can afford. Which is good news for Rukia, who requires a loan of $1075 in order to add to her stock of mkaa and continue meeting customer demand.
SELFINA is engaged in economic empowerment of women in Tanzania through leasing and leaseback facility as a practical way to achieve economic and social emancipation for women.
SELFINA has taken a lead role as a pioneer of micro-credit in Tanzania through Micro-Leasing. Customs and traditions in Tanzania normally make it difficult for women to own land and assets, thus they are termed not-creditworthy by financial institutions as they lack tangible collateral assets. This leads to poor financial support hence poor access to basic needs and services for women with low incomes.
SELFINA buys and leases equipment to women. Where a client needs working capital SELFINA buys equipment from said client extending a loan to her and then leases back the same equipment – a process called a sale and leaseback arrangement.
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Success!! The loan was 100% repaid