In Zimbabwe, MicroLoan Foundation’s efforts have yielded remarkable results in 2023.
The macroeconomic situation in the country is challenging with hyperinflation, a rapidly depreciating local currency, and a volatile political landscape impacting financial regulation. Despite these challenges MicroLoan’s operations has grown dramatically in 2023, from a total of 234 active clients at the end of 2022 to an astonishing 1,800 female entrepreneurs accessing financial services at the end of June 2023.
This growth, is largely driven by the move to lend in US dollars, removing the exposure to the rapidly depreciating local currency. With a loanbook held in US dollars, the exposure to currency risk is removed.
Alongside a number of committed funders, Whole Planet Foundation’s unwavering support has been instrumental in MicroLoan Zimbabwe’s growth. By providing crucial financial resources, they have enabled countless women to access capital, build businesses, and forge a better future. This collaboration underscores the power of microfinance solutions in driving positive change.
Client testimonials offer a glimpse into MicroLoan’s success. Dadirai was in an abusive relationship, and the actions of her husband created a stigma for her whole family. She had no friends or family to offer help when her marriage ended, and she had three young children to provide for. Joining MicroLoan meant that she was able to take part in training about budgeting, business plans, savings and market research. Her group learnt through song, dance and role play so that members who were unable to read or write were included. Dadirai then took a small loan to diversify the stock for her small store and to purchase more textiles.
This story reflects the transformative potential of small loans and business training.
You can find out more about MicroLoan Zimbabwe here.
Published on: 15/11/2023