Providing Microloans for the Poor in Tanzania

Opportunity International’s impact in Tanzania is growing. Financial Literacy training is now offered in Swahili to impact a wider audience. The training teaches clients valuable skills including how to evaluate financial products, manage credit and save for the future. Informed clients continue to benefit from both individual and Trust Group loans, and Opportunity has recently expanded loan services with the launch of the Education Finance initiative in Tanzania. Families now have access to School Fee loans to ensure that children can stay in school despite financial instability. Additionally, Opportunity has designed School Improvement loans to support school proprietors in their endeavors to gain access to better educational resources and facilities. In order to provide access to these valuable services, Opportunity has hired and trained staff and designed a marketing strategy for these products in Tanzania.

Short-cycled and branch-based loans that empower entrepreneurs and families are not sufficient for rural, smallholder farmers who require longer loan cycles and virtual access to banking services. To cater to farmers’ financial needs, Opportunity recently launched a branchless, Agricultural Finance pilot that targets smallholder farmers in the Southern Agricultural Growth Region of Tanzania. This program exists to provide agriculturally tailored loans and savings services to farmers via mobile banking. To date, nearly $138,000 has been disbursed in 363 loans to farmers, and Opportunity continues to experiment with products, technology and partnerships to learn how to improve financial services for the small-scale agricultural sector.

Links:

• Opportunity Website