Elias Financial Services Company Limited (EFL), a fast-growing microfinance institution, is making a significant impact on the lives of farmers and small scale traders in Kongwa District by offering low-interest loans and reliable market access for agricultural produce.
During a media briefing at the company’s Matongoro office, Executive Secretary Elias Johny Mdao explained the innovative approach EFL uses in supporting farmers.
“Before buying crops, we first assess the market selling price,” said Mr. Mdao. “This helps us set a fair purchasing price for farmers.
We store the produce in warehouses and sell it later at affordable rates during the dry season when food scarcity hits.”
EFL’s model not only provides farmers with immediate financial relief but also contributes to food security in the region.
“Our mission is clear,” Mr. Mdao continued. “We want to ensure that farmers and small business owners in Kongwa and surrounding areas have access to the capital they need to grow and the markets they need to thrive.”
So far, the company has issued loans to more than 500 farmers in the Kongwa District. This access to affordable financing has allowed many to expand their agricultural activities, improve productivity, and enhance their standard of living.
One such beneficiary, Ms. Jane Yohana Sangara, shared how EFL changed her life.
“It used to be nearly impossible for us to get loans from traditional banks,” she said. “But with EFL, I’ve been able to invest in my farm and even support my children’s education. It has brought real change.”
Mr. Mdao reaffirmed the company’s commitment to economic growth in rural communities.
“We are not just offering loans,” he said. “We are building a future where local farmers are empowered, self-reliant, and thriving.”
As EFL continues to expand its services, it aims to support even more farmers and help drive economic transformation across central Tanzania.
