Covid-19: Vicoba women loan pain

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Many women who are members of thriving Village Community Banks (Vicoba) and other small financial groups fear that they would not be able to repay loans if the outbreak of coronavirus that has hit hard microfinance institutions continues.

“We are consulting other leaders to see how we can reduce interest rates on those who delay repaying the loans because it is true people are currently facing genuine financial problems,” he said. The Treasurer for Jikomboe Women Group of Kinondoni, Ms Hamida Yusuph, says nowadays they are experiencing many of their members struggling to service their loans or purchase shares. She fears that if the situation continues until June, their profit will decline drastically. “This means a member who is supposed to get, let’s say, Sh3 million at the end of the year when we wind up business, may end up getting less money,” she said A member of the group, Sarah Poa, says she had planned to complete her house through Vicoba loan but there were all indications that would not be possible. “I am a food vendor and most of my customers were students, unfortunately the university has been closed. This mean I cannot take a loan because I will not be able to pay the debt,” she said. She added that Vicoba have empowered many women as they previously could not take care of their families without depending on men. The owner of a microfinance, who asked not to be named, said Vicoba have served many women as she asked for authorities to intervene and protect the institutions.

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Covid-19: Vicoba women loan pain

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