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Mary
Mambo from Tanzania! Mary is a 40-year-old married woman with three children. She owns and operates a beauty salon that she just established four months ago. By working 13 hours a day for six days every week, she is already showing a monthly profit of $US200 from the salon! Hair, hair and more hair! This is the place where you can buy long hair, short hair, curly hair, straight hair, red hair, blue hair, and then have it attached to your head, woven, cut, or braided, and made to look like your own.

Mary is requesting a loan $US275 to buy additional supplies such as hair dryers and other hair products for her store, which will allow her to serve more customers and generate additional income.

SELFINA has taken a lead role as a pioneer of micro-credit in Tanzania through Micro-Leasing. The organization is engaged in the economic empowerment of women in Tanzania through the provision of a leasing and leaseback microfinance facility as a practical way to achieve the economic and social emancipation of women. Customs and traditions in Tanzania normally make it difficult for women to own land and assets, thus they are termed non-creditworthy by financial institutions as they lack tangible collateral assets. This leads to poor financial support hence the poor access to basic needs and services for women with low incomes. When a client needs working capital to buy a specific item, SELFINA buys the equipment for said client and extends a loan to her. The same equipment is then leased back to the client so they can use it while in process of paying back their loan – a process called a sale and leaseback arrangement. Once the loan has been repaid, SELFINA transfers the ownership of the equipment to the client. The advantage of microleasing over traditional microfinance loans is that is allows clients to use the equipment as collateral for future loans with SELFINA, thus enabling them to borrow larger sums in the future.

About Tanzania

  • $1,900
    Average annual income
  • 35
    View loans »
    Tanzania Loans Fundraising
  • $14,897,325
    Funds lent in using Kiva
  • 1,158.0
    Tanzania Shillings (TZS) = $1 USD

Success!! The loan was 100% repaid

A loan of $275 helped Mary to buy additional supplies for her beauty salon.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Disbursed:
Sep 2, 2008
Listed
Aug 17, 2008
Currency Exchange Loss:
Covered
Ended:
Aug 15, 2009