Home Furnishing and Education Made Possible with Microfinance
Elizabeth Moyo is 38 years old and married with three children, all of whom are girls. When she heard that The Hunger Project-Malawi was lending to members of the Microfinance Program (MFP) in Champiti Epicenter, she was compelled to join. She became a member of the Mgwilizano group from the village of Kaothensiki.
Elizabeth took out her first loan of K10,000 (about US$66) in 2008 and repaid it on schedule. She used the loan to engage in a moving restaurant business, selling cooked rice at Kampepuza market every Friday. She also invested in a grocery business, which she is running together with her husband. She has since taken and paid-off a second loan of K14,000 (about US$92) in 2009 and begun a third cycle loan of K40,000 (US$260). In addition to successfully paying off her loans, Elizabeth has made profits amounting to K300,000 (about US$1,990) and maintained a savings of K15,000 (about US$100).
With profits from the two businesses Elizabeth and her husband are able to pay school fees for their children and furnish their home.
“Before I started taking loans my house was empty, we did not have furniture.” Elizabeth’s house is now full of furniture and even has three new mattresses for her children.
Elizabeth’s husband has also been active in the community and occasionally works at the village trading center to operate a maize shelling machine they had just bought. Elizabeth praises her husband for being very supportive and encouraging her to participate in the Microfinance Program.
Her vision for the future is to build a good house in her home village for herself and her family.
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