Many people living in rural areas of Tanzania are unable to obtain even small amounts of money in the form of bank loans due to their lack of collateral. This is one of the biggest obstacles to development in the region. The so-called "Village Community Banks", abbreviated to "VICOBAs", are committed to providing these people with greater financial stability and economic independence by self-managing and distributing available funds within a group or village community in the form of microcredits. Each group consists of 25 to 30 members living in the same village or neighborhood. The membership is not limited to women, but about 95 percent of the members in the Kilimanjaro region are female. The concept of VICOBA has three main advantages: The members of a VICOBA group can implement entrepreneurial ideas or projects through access to micro-credit, e.g. Farming (such as growing corn or vegetables, horticulture, keeping livestock and cattle, or beekeeping), opening a small shop / restaurant / food stall, manufacturing craft products, etc., creating a source of income for themselves and their families. In addition, microcredit can provide access to education, e.g. to pay school fees or incidentals such as school uniforms and books.VICOBAs increase self-confidence: Through regular meetings and training, the involved women and men can expand their knowledge of finance, administration and entrepreneurship, becoming active members of their community.VICOBAs provide their members with an insurance fund to cover basic healthcare costs or other unavoidable difficulties that require rapid availability of funds.
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Keywords: non-profit organizations