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FUND THEIR FUTURE - News & Updates

Mobile microfinance

1 in 3 Kenyan adults have a mobile phone and coverage is 85% of the country. Vodaphone have developed M PESA, a bank on a mobile phone. It enables users to deposit and transfer money via their mobile. If they want to withdraw cash, they simply go to a local agent, say a petrol station, and transfer money from their phone to the agents account; the agent hands over the cash.

 FTF is funding Mobile Microfinance Ltd, a not for profit consultancy, to map out and implement the introduction of M PESA in MFIs in Kenya and Tanzania. This has the potential for large cost savings and increased efficiency as payments and receipts can be tracked on a PC in real time by the MFI, so cutting out the need for paper transactions in the Management Information System. This should improve management, audit and reduce fraud and bad debts.

Working Capital Loan for Tujijenge

A small working capital loan is helping Tujijenge , a Tanzanian start up MFI to grow. Tujijenge is only 9 months old but has already secured substantial commercial funding from a major local bank. It already has 2,000 borrowers and is growing fast. It is building its loan portfolio in the suburbs of Dar Es Salaam using primarily commercial funding and at the present rate of growth will cover it's costs by the end of the year.

Support for the Microfinance Club UK

Along with other sponsors, FTF have enabled the excellent work of the Microfinance Club to continue. The Club, www.microfinanceclubuk.org  acts as a forum for networking and taking action. It hosts talks by high quality speakers who are at the cutting edge of development of the MF industry. These talks are open to all, why not come along?

FTF invest in Oikocredit