Ngara, TZ – Employee finishes repaying loan, learns local market, prepares to save and invest – 26 Sep 2017

Shafan has finished paying off his loan for a small general store in the center of Mukibogoye village. The shop, along with his income working in SODAT’s organic gardening program, are helping improve life for Shafan’s family. He is getting ready to request another loan to further expand his shop. With a bigger shop and more income, Shafan plans to open a bank account and start saving money for his children’s future.

Shafan received his first shop loan in late 2016. He used the loan to stock a small inventory of sodas and staple goods. On average the shop had a net income of around 30,000 TZS (US $13.95) per month. The extra money helped cover basic expenses and, more importantly, gave Shafan a better idea of the products people in Mukibogoye buy the most. This knowledge encouraged him to begin planning for his next loan, which he hopes will be working capital for buying at wholesale prices. Now that he knows the items that sell in larger quantities, he can purchase them wholesale and sell retail.

Shafan is familiar with the Income Generation procedure of Earn, Save, and Invest. His ultimate goal is to be able to afford to send his children to school for as long as possible. If he can raise his income with a bigger shop he plans to open a bank account and begin saving money. If a good opportunity to invest comes along he will take advantage. If not, he hopes that by starting saving early he will have a good nest-egg to begin sending his children (Age 5, 3, and 1) to school.