Neema’s Journey to a Better Home: The Impact of Makazi Bora Finance Limited
Neema Erick Shoo, a small-scale business owner who operates a grocery store in Bunju, Tanzania, has experienced a remarkable transformation in her life, all thanks to the assistance provided by Makazi Bora Finance Limited.
In 2018, Neema moved into her partially completed home and commenced its gradual development. However, it was her encounter with Makazi Bora Finance Limited that truly turned the tide for her.
Makazi Bora’s Impact on Neema’s Life
Makazi Bora Finance Limited introduced Neema to a world of accessible and affordable loans specifically designed for homeowners. She first learned about Makazi Bora through her friend Juliana, who told her about the company’s loan options and the requirement of being part of a group.
Neema joined Juliana’s group and became the fifth member. Together, they applied for a loan and successfully acquired the funds needed for their individual projects. This opportunity allowed Neema to secure a loan of Tshs. 600,000, approximately USD 250, to make significant progress on her house.
Thanks to Makazi Bora’s financial support, Neema was able to buy vital construction materials like cement, sand, and timber for her roof, turning her dream of completing her home into a reality.
One thing Neema particularly appreciates about Makazi Bora is their competitive interest rates when compared to other lenders. In her case, she is required to repay Tshs. 624,000, around USD 260, over a six-month loan term.
The loan application process involved filling out forms and making an initial deposit of 30,000 Tanzanian Shillings, roughly 13 USD. Within a few days, a Makazi Bora representative visited her to verify her application, and after approval, the loan was disbursed within two weeks.
Repaying the loan is structured on a weekly basis, totalling four times in a month. For Neema, this amounts to 26,100 Tanzanian Shillings per week, or approximately 43 USD per month.
Challenges Faced and Future Suggestions
While Neema acknowledges that Makazi Bora Finance Limited has been a lifeline, she believes there’s room for improvement. She suggests that the loan repayment period should be extended, especially for larger loan amounts. She emphasizes, “Flexibility in choosing the repayment duration could make the process more manageable for borrowers.” Neema also recommends offering borrowers the choice of repaying the loan through mobile money or bank accounts.
Future Plans and Aspirations
As a single mother of three children and the primary breadwinner, Neema’s dreams primarily revolve around providing a better life for her family. Her aspirations include continuing to expand her home and adding finishing touches such as tiling, installing windows, and finalizing the roof.
Neema aims to achieve financial stability through her grocery business, where she earns approximately 15,000 Tanzanian Shillings, or 6.5 USD, per day. With diligent savings and prudent business management, she hopes to make her house even more comfortable and secure for her family in the near future.
Through the financial support and guidance offered by Makazi Bora, Neema has not only improved her home but also elevated her family’s quality of life. Her story underscores the positive impact of accessible and affordable microfinance initiatives in Tanzania, empowering individuals to build a brighter future for themselves and their loved ones.