Mt Kilimanjaro, TZ – Kirua-based VICOBA celebrates 4,000,000 TZS lending milestone – 2 Dec 2016

Lishe Bora’s Kirua-based VICOBA group celebrated a milestone in November: over 4,000,000 TZS (US $1,904) in loans distributed since beginning to lend on 12 March 2016. All 17 members of the groups have now received at least one loan, with loans ranging from 50,000 TZS (US $23) to 300,000 TZS (US $143).

Lishe Bora has organized its members to create two VICOBA groups to facilitate savings and loans. The Kirua-based group was the second group Lishe Bora started. The group is relatively small with just 17 members (VICOBAs typically have 15-30 members). However, they have already surpassed the larger and older Mkyashi-based group in total capital invested by members and total loans distributed.

The 17 families in the VICOBA had invested a total of 2,249,000 TZS. The money circulates quickly as most loans are repaid in 3-6 months. Remarkably, even with over 4,000,000 TZS in loans distributed the group does not have a single member with either a late or a failed loan.

The group is looking forward to compiling their End of Year Report after 12 March 2017. The report tells the group how much profit they earned for the year. They can choose to reinvest the profits in more loans, distribute profits among group members, or invest in cooperative businesses together.