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A loan helped to generate income to over 600 fishermen in Tanzania.
Simusolar Incorporated's story
Over 90% of SMEs in rural Tanzania miss out on income and growth opportunities due to lack of productive equipment, power,and financing.Solution
Simusolar provides a package that includes productive equipment and a stand-alone power source for off-grid applications beneficial to its customers. Simusolar provides smart credit to enable low income consumers to access energy products and pay for them in installments using mobile money. Simusolar has already saved their clients over $150,000, improved children education, reduced carcinogens inhaled in households, and increased household safety by replacing kerosene with solar lighting. Simusolar operates in the Lake Zone of Tanzania with plans to grow country-wide and regionally in a market estimated to be over $3bn. Simusolar is lead by Marianne, she has more than 25 years experience in solar development and distribution.Loan Use & Impact
Simusolar requires working capital financing to meet the growing demand for solar fishing lights in Tanzania.Solar fishing lights are used in night fishing of dagaa (small fish) around Lake Victoria. As Simusolar has been expanding its base, interruptions and last minute orders have been a challenge due to lack of WC financing. This loan will help Simusolar cater to more than 600 fishermen thereby creating income opportunities for them. In total, an incremental income of USD250,000 will be generated by the fishermen from this investment, a 5x multiple of impact.