Challenges facing Women Involved in Informal Financial Groups at Majengo and Sabasaba Markets in Dodoma City, Tanzania.

Abstract

Since the bulk of the women in Dodoma who participate in community saving organizations are impoverished, they are not expected to have an impact on decisions made at all levels of government, from the domestic to the international. This study evaluated the difficulties faced by women in Majengo and Sabasaba markets in Dodoma city's informal financial groupings. By employing a questionnaire and an interview, 88 beneficiaries' women from the Majengo and Sabasaba marketplaces provided information for a cross-sectional research design. Findings showed that the biggest obstacles for women seeking loans from informal financial groups include collateral, loan delays, high interest rates, and loan requirements. The study came to the conclusion that women's levels of economic well-being differ from one another when they have access to larger loans. In order to increase and improve their economic wellbeing, the study advises women to take charge of their own self-efficacy through economic mobilization and group building. This will make it simple for them to get loans.