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PRIDE Tanzania

Program

As a microfinance institution PRIDE Tanzania provides these services:

MEC Loan -This product is based on a modified Grameen model.
-To be eligible, a client must join a self-selected solidarity group guarantee of 5 members called an Enterprise Group
-10 Solidarity groups combined into one large group of 50 called a market enterprise group (MEC), for ease administration and enhancement of group mechanism.
- Compulsory weekly savings as part of loan insurance scheme and refundable upon exit.
- Involvement of the client in the administration of the program through elected leadership for weekly meetings.
-Half yearly bonus payout on compulsory savings.

Fahari Loan Product
- Solidarity groups of three to five self selected from among MEC loan clients.
- Near collateral items pledged as additional guarantee to reinforce security supported by formal legal agreement.
- Half yearly bonus payout on compulsory savings

Ajira Loan Product
- The product is targeting employees in the government and other reputable organizations.
- Employers must guarantee their employees.

Wholesale Lending- PRIDE Tanzania has entered into a strategic alliance with IFAD sponsored Rural Financial Services Programme based in Mbeya to provide access to financial services for the rural areas. The modality for collaboration with RFSP involves the provision of loans to rural based microfinance institutions such as SACCOS and SACAS, which in turn lend the funds to their members.
- The product is targeting registered SACCOS
- Board members guarantee the loan.
- Loan sizes range from $8,500 - $42,500 USD.
-Competitive interest rate.
-Flexible loan term between 6 - 12 months.

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