The first clients @ Goodlife Finance ltd earlier January 2015 posed with M.D in yellow

The second group @GFL as at January 2015

GOODLIFE FINANCE STAFFS

ABOUT GOODLIFE FINANCE LTD

Goodlife finance ltd (GFL) is a Micro Finance Institution established in 2014 as limited company by shares.

Goodlife finance ltd operates in Tanzania with registration no.111123

Goodlife finance ltd (GFL) services enterpreneurs women and men with low income who can not served at commercial banks. Currently serving more than 800 clients in Iringa region Tanzania.

Vision and Mission

OUR VISION

To improve the living standard of the community by meeting both economic and social needs.

OUR MISSION

To be a sustainable Microfinance Institution(MFI) with a focus on up-lifting the living standards of communities in urban and rural areas in Tanzania and Africa in general by: .Providing financial services, mainly credit .Promoting entrepreneurship and business development through linking clients of microfinance services to service providers .Providing information on business opportunities .Networking with other development partners.

Approach

·         We have adopted strict internal standards and policies to help ensure that clients do not become over-indebted and that they are always treated fairly and ethically. One of the keys to this is education. GFL offers financial literacy classes in our centers to teach people how to budget, save and invest wisely in their micro businesses.

·         GFL is leading the way in expanding access to social responsible financial services in underserved and low-income communities. Access to credit, allow people to be more productive in their small businesses and to have more control over their lives.

OUR CORE VALUES

Reaching the communities with low income with

·         Trust

·         Accountability

·         Respect

·         Teamwork

·         Effectiveness and Efficiency

GFL SERVICES (WHAT WE DO)

Currently we have 2 products and these are, group loans and trainings. The main product is business loan, this is provided through trust group modified from Grameen Lending methodology depends on the needs of our clients. The following are the procedures and conditions to follow in order to access loans:

GFL groups are formed in accordance with the three basic pillars:

        Members should know each other.

        Members should trust each other.

        Members should love each other.

Rules and Regulations to be followed in order to form a solidarity group:

   A group should be formed with five members.

   All members of the group must be inhabitants or resident of the targeted area/village.

   A group shall be formed with people. Who are like-minded, have mutual trust and confidence among themselves.

   All members of the group must be self-employed and don`t have any wage earning jobs.

   There shall not be more than one member from the same family in one group, if more than one member of the household intends to join the program then they should be in different groups.

After forming a group the following are the basic member requirements.

 Each member should have an active business.

 Applicant must be guaranteed by fellow group members and she is also willing to guarantee her fellow members.

 Applicant will have to undergo orientation training for a minimum of 2meetings to be aware of GFL procedures and requirements.

 The applicants will have to save compulsory savings of 25% as pre-loan saving for loan of atleast 100,000.

 Must 18 years of age and above.

After accomplishing all above conditions, a member will fill an application form and complete collateral requirements before submitting the form to respective credit officer for approval. Then credit officer will visit client business as well as having an interview for PPI (progressive out of Poverty Index)

Loan Disbursement

Usually it takes 7 days from the time they have filled in the loan application from. Disbursement is done through TIGO-PESA or cash depending on the prevailing situation.

Loan repayment

Loan repayment will take place at the GFL centers. GFL Credit officer will attend all group meeting and organize the group through the following agenda such as attendance, training and loan repayment.

OUR IMPACT

How we measure social impact

Microfinance is often touted as a double bottom-line activity, where microfinance institutions can earn a profit and at the same time have a positive social impact on their clients. While the financial bottom line is well measured and understood, exactly how lives are improved, or socially impacted, is not always so clear. GFL created its own specific, comprehensive tool for measuring social impact, by which we will be able to assess outreach and measure change—and improvements— over time.

Boost Local Economies & Jobs

GFL’s loans and other financial services help local economies grow.

Our clients are employing themselves and providing goods and services to their communities, while building assets for their own families. They are also generating jobs that pay a living wage.