Tumaini Micro Finance revolving fund
Tumaini is a non-profit organisation and we work with revolving funds.
Our system is easy: we give our members small capital to start or improve their businesses. We provide them with an individual follow up and help them to access to business training. They give back the loan with interest which enable us to give new capital to more women. All the money we generate goes to our activities and promote small project.
TFEDI microfinance program aims at creating self-employment, in an economy in which unemployment is very high. We mobilize small business operators and those who would like to start small business into self help groups of five people and train them on pulling contributions together and borrow from the same to finance their business. This forms a revolving fund account.
The services involve provision of cash on credit terms to small business operators through their self help groups. Any business operator can access the loan service after registering as a member of one of the branches affiliated to TFEDI. The members are required to contribute periodically an amount of money agreed upon to his or her branch.
TFEDI has a over 1500 members of whom over 500 active members have received loans since TFEDI established and are usefully operating small enterprises both in rural and urban areas. We have nearly 30 branches country wide and so far Arusha, Tanzania is the first country to expand our branches into outside Kenya.
Currently, TFEDI provides two types of loan products. Depends on their experiences in TFEDI, members can access to the loan services which amount is Kes 1,000-5,000 and Kes 5,000-40,000.
We are in the process of upgrading our loan leading amounts so as to also attract more membership and clientele.