A striking 90% of Tanzanians live on less than $2 per day and 89% are either completely excluded from the financial system or only have access to informal financial services.
What is the issue, problem, or challenge?
By gaining the funding to open this branch and later satellite branches to reach surrounding rural areas, Opportunity Tanzania will provide loans, savings and crop insurance to poor entrepreneurs. Thereby, being able to assist them in opening and expanding their own businesses, creating a sustainable and profitable living with which to support their families and create jobs for others.
How will this project solve this problem?
Opportunity currently serves 3,625 active loan clients through the Dar es Salaam region. The average client loan size is $320. Clients use this money to start or expand their businesses.
Potential Long Term Impact
By opening the bank and providing microfinancing services, poor entrepreneurs in Tanzania will have the opportunity to work their way out of poverty. The microfinancing services allow the entrepreneurs to create a better life for their families.
Total Funding Received to Date: $4,207
Remaining Goal to be Funded: $793
Total Funding Goal: $5,000