SACCOS™ members graduated to banks clients
A good case of a customer who graduated from a SACCOS to a bank customer is that of Mr. Elisa Dickson Mnguruta who in August 2000 borrowed from SACCOS a loan of Tshs. 500,000/= and bought 7 acres of land. In December 2002 Mr. Mnguruta borrowed another loan of Tshs. 7,000,000/= and used to cultivate a total of 100 acres. Having applied all the best practices in sugarcane farming the production per tone rose from 20 to 40 per acre. From 2003 to 2009 he secured loans worth a total of Tshs. 80,000,000/=. That enabled him to expand his farming area to 206 acres, Increase production per acre to 45 tones, employment 546 employees (with 100 farm casual laborers, 400 cane cutters, 18 drivers, 16 chain boys, 6 watchmen and 6 office clerks including manager, accountant and others). Managed to form and register his company MSHIHWI AND FAMILY COMPANY LIMITED which now owns a fleet of cars including 16 trucks for cane transportation, 2 minibuses for carrying passengers, one double cabin, 3 tractors, 2 Cane loaders each worth Tshs. 100.0 milion. Three hostels for cane cutters with 48 rooms. He owns and cultivates 150 acres of paddy and 80 acres of sisal and maize. Has obtained a contract from Kilombero Sugar Company for cutting and transporting cane from out-growers to the factory for 4 years. As a result sales turnover has increased from a mere Tshs. 2,000,000/= to Tshs. 800,000,000/= per annum in 2008. He has succeeded to graduate from borrowing from SACCOS to commercial Bank.
Last Updated: Tuesday, 21 September, 2010