Africazine:
The micro-credit and saving program in Teseney sub-zone is transforming lives by providing essential financial support.
Last year, the program disbursed 24.7 million Nakfa to 1,350 customers, aiming to enhance livelihoods in remote areas. With 11,498 beneficiaries across 51 administrative areas, it supports small trade, agriculture, and livestock development.
Empowering Communities Through Micro-Credit
The micro-credit and saving program in Teseney sub-zone is designed to enable citizens in remote areas to access loans and improve their livelihoods. The initiative has reached about 200 villages in Teseney, Golij, Haikota, and Forto-Sawa, focusing on small trade, agriculture, and livestock development.
Mr. Tadese Mebrahtu, the program head, highlighted that 68% of the loans have been repaid, emphasizing the importance of timely repayments. He urged area administrators to bolster their support for the program, ensuring its sustainability and reach.
Eritrea: Key figures on Micro-Credit and Saving Program
- 24.7 million Nakfa disbursed
- 1,350 customers served
- 11,498 beneficiaries
- 51 administrative areas covered
- 68% loan repayment rate
Financial Training and Community Development
The program also emphasizes financial training, equipping customers with skills in financial and material management. Mr. Lenin Okbaselasie, a program member, encouraged more individuals to take advantage of the opportunities presented by the initiative.
Micro-financing initiatives like this one are crucial for empowering individuals economically, particularly in developing regions. They not only facilitate access to financial resources but also promote responsible financial practices within communities.
Next Steps for the Program
- Encouraging timely loan repayments among customers
- Strengthening contributions from area administrators
- Expanding financial training programs for beneficiaries
The micro-credit program in Teseney is a vital tool for economic empowerment in Eritrea.
