In many parts of the world, accessing basic financial services is a luxury. This is especially true in pastoralist communities in northern Tanzania, where Engishon Microfinance Limited (EML) is working to expand access to credit and savings products. EML is a social enterprise with a mission to deepen and expand access to financial services in these marginalized communities. By doing so, they hope to improve the livelihoods of pastoralists and their families.
Access to financial services is important for many reasons. First and foremost, it provides people with the opportunity to save money. This is crucial for unexpected expenses or emergencies. Having access to savings also allows people to invest in themselves and their families, which can lead to improved livelihoods and quality of life.
Second, access to financial services gives people the opportunity to take out loans. This can be helpful for starting or expanding a business, paying for medical treatment, or funding education. Loans can also be used for investments that will generate income, such as livestock or farmland.
Finally, access to financial services can help people insure against risks. For example, many financial institutions offer health insurance policies that can help cover the cost of medical treatment. Insurance can also be taken out against the risk of drought or loss of livestock, which are common risks in pastoralist communities.
EML’s work is important because it gives marginalized communities in Tanzania greater access to financial services. By doing so, they are helping improve the livelihoods of pastoralists and their families. Access to financial services is crucial for many reasons, including the ability to save money, take out loans, and insure against risks. EML’s work is making a difference in the lives of pastoralists in Tanzania.
