Said Nolasco, a proud Mbagala resident and a fruit vendor at Ilala market, recalls the days when darkness cloaked his home, lit only by a kerosene lamp, due to the absence of a connection to the national power grid. Today, thanks to a loan from HP Finance, a renowned microfinance institution under TAMFI, he revels in the light and reliability of a solar panel system installed in his abode.
With this significant shift to solar power, Said not only enjoys consistent electricity but also basks in the savings accumulated from no longer purchasing pricey, environment-damaging kerosene. “It’s a relief not to be burdened by the kerosene expenses,” Nolasco remarked.
The addition of this solar system serves a dual purpose. Beyond illuminating his home, it powers his phone – a vital tool in his fruit business at Ilala market. Enhanced communication with clients and suppliers is now at his fingertips.
Expressing gratitude, Said praises HP Finance for granting him access to green energy. Though he has cleared the loan, which cost him 9,000 Tanzanian shillings weekly, he remains hopeful that many more Tanzanians can benefit from similar, even larger, solar panel setups through this microfinance.
While Said’s day-time business remains distant from his home, he envisions a future where he can harness solar energy for its operations, leading to further growth and eco-friendly practices.
On reflecting about the loan, Said appreciates its no-collateral nature. A simple identification, in his case, his voter ID, sufficed. The ease of securing the loan, its feasible repayment structure, and the convenience of in-house solar panel installation complemented with training, made his journey smooth.
Nolasco’s story is a beacon of hope for many Tanzanians seeking an alternate energy source. These invaluable loans pave the way to steady electricity, thereby bolstering their life quality and economic prospects.
Yet, the challenge of energy accessibility persists in Tanzania. However, microfinance institutions, like the one aiding Said, are progressively bridging this gap. By funding solar solutions, they play a pivotal role in disrupting the poverty cycle.
As articulated by Winnie Terry, the CEO of TAMFI, Said’s journey epitomizes the transformative potential of renewable energy. “His progression sheds light on the manifold advantages of solar energy access, from financial savings to health benefits by eliminating the risks linked to kerosene usage,” she emphasized.
Highlighting the initiative, she added, “Said’s success forms an integral chapter in the ‘Energy Access: Building an Innovative Financial Ecosystem for Enterprises and End Users’ campaign, steered by TAMFI and graciously backed by the C.S. Mott Foundation. This mission strives to sensitize financial entities and stakeholders about the unparalleled merits of decentralized renewable energy (DRE) – an avenue to elevate reliability while curtailing production costs.”