Tanzania has since the 1990s attempted to embrace microfinance as an approach and a tool in the fight against poverty. Several institutions including commercial banks, and nongovernmental organisations have offered a hand to support microfinance. Micro financing relies on private and charity institutions. However, the sector has always been so much challenged to the extent that the poor majority rely on their own mobilizations, hence, the mushrooming of savings and credit cooperative societies and associations in the recent past. These, however, still have failed to a large extent and haven’t been able to save those who hardly have anything or very little to save. As a reaction to this situation, local arrangements, such as; revolving funds starting from little by little contributions (Kibati, upatu, WORTH -literacy, community banking, and small business development’, Village Community Banking – VICOBA etc) have been welcomed.
session in Moshi district council,
Kilimanjaro region Tanzania
with support from few men, use
drums, dance and theatre to
mobilize others
(Lingson Adam is Global South
Development Magazine’s Regional
Editor for East Africa and can be
reached at alingson@yahoo.com)
No comments:
Post a Comment