Moreen is currently on her 1st loan with MicroLoan Foundation in Ngodzi, near Salima in Malawi. She took a loan of 100,000 Malawian kwacha (about $136.54 USD) to support her small business. Moreen sells clothes – trousers, dresses, fabric wrappers (like sarongs). She goes to the capital of Malawi, Lilongwe, twice a month to purchase stock. Then she sells the clothes at different markets in her area. She used the loan from MicroLoan Foundation to purchase wrappers and dresses. She sells one wrapper for 3500 MWK ($4.78 USD). In a good week, she can make around 15,000 MWK ($20.48 USD) in profit. She hopes to one day invest in buying a plot which she can use to sell her products, so she doesn’t have to move around to markets any more.
Microfinance Partner: MicroLoan Foundation
MicroLoan Foundation’s mission is to significantly reduce poverty and inequality in rural communities in sub-Saharan Africa. It does this through the provision of microfinance services: small loans; specialized business training and ongoing personal mentoring; whilst facilitating saving and financial planning to women who are completely excluded from financial services, the formal economy or employment.