A loan of $275 helped to buy additional inventory.

Honesta's story

Mambo from Tanzania! Honesta is a 42-year-old married woman with two children, aged 16 and 12. Additionally, she supports two other dependents: an orphan who is a relative as well as a boarder who studies in her neighborhood. Honesta runs a small soda shop cum bar in the Mabibo area of Dar es Salaam. She started the shop in 2006 and is assisted in its running by her children. It is said that Coca Cola® is one of the most recognized symbols in the world. And it’s true. Even in the most remote villages in Africa, there is usually some kind of ‘bar’ selling Coke, Fanta, and Guiness. The hot weather makes soft drinks all the more appealing, a very cheap marketing tool! All of which explains why selling soft drinks is such a popular venture, whether you’re the CEO of Coca Cola Ltd. in the United States or a micro-entrepreneur in Tanzania! Additionally, Honesta’s bar is a good spot to relax over a beer if you manage to finish work early on a Friday afternoon. It’s the kind of place where you kick back on a plastic chair under a tree, with a local beer in hand, the aroma of roasting ‘mishikaki’ (kebabs made on an open fire) wafting around you, and talk to anyone and everyone who happens to wander by.

Honesta puts the $US300 per month that she earns from the store towards her family’s needs and into the maintenance of her business. She is requesting a loan of $275 in order to purchase additional stocks of soda and beer. She intends to repay this loan in 12 months. With the profits from this loan, Honesta hopes to expand her soda shop cum bar in the future.

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.

Loan details

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Loan details