Gender bonds impact on SME finance: Maggy Dress-Up’s Business Growth with Jasiri Loans

FSD Africa Impact

Jasiri Gender Bond

The Jasiri Gender Bond plays a crucial role in stimulating economic growth and empowering women in business.

Financing have played a key role in strengthening the agricultural sector, where women comprise over 65% of the workforce. The support has strengthened traditional female-led businesses in areas like retail and education and facilitated women’s entry and growth in male-dominated sectors like mining, energy, and spare parts. This has led to heightened employment, expanded inventory, and increased trade activities. By enabling women to grow their businesses, the bond contributes to improved livelihoods, education, and health outcomes for entire communities, thereby amplifying its impact.

Jasiri Gender Bond

The Jasiri Gender Bond plays a crucial role in stimulating economic growth and empowering women in business.

Gudila Kimati, the woman behind Maggy Dress-Up, embarked on a mission to tap into the plus-size clothing market in Tanzania. She launched her business focusing on inclusivity and style by identifying a gap in the market for well-fitting, stylish apparel for plus-size women, particularly in official wear.

“I identified an opportunity to initiate this business, especially after noticing the challenges plus-size women faced in finding well-fitting clothes. Knowing that Turkey manufactures such clothing, I thought, ‘Let me do this’.”

Since then, Maggy Dress-Up has witnessed substantial growth, expanding to two shops with plans for further expansion.

“My target market consists of officegoers, which is why I specialise in selling suits. Since they leave the office around 6:00 pm, this location is ideal for me as I can stay open until 9:00 pm.”

Initially, the limited product range posed a challenge, but Gudila’s determination led to diversifying her offerings.

“One of the significant challenges I faced as a small-scale business was the inability to offer a variety of products, which limited customer purchases. However, upon obtaining a loan from NMB Bank, I was able to diversify and bring in more options for our customers.”

The expansion of the collection included adding shoes, handbags, and children’s clothing to her product line, transforming Maggy Dress-Up into a one-stop shop for her customers.

Gudila’s introduction to NMB loans and the Jasiri Bond became a game changer, offering her business the boost it needed. The favourable terms of the bond, allowed her to develop her shop further and venture into new business lines, significantly enhancing her sales and customer base.

“I attended the NMB Business Club, where they explained the Jasiri Bond, and my interest was piqued, prompting me to follow up on the opportunity.”

Looking ahead, Gudila aspires to broaden her business’s reach by adding uniforms and securing tenders from various organisations, aiming for exponential growth. She encourages other women in business to leverage opportunities like the Jasiri Bond, emphasising discipline and the strategic use of loans for business growth.

As Maggy Dress-Up Collection prepares to celebrate its achievements on International Women’s Day, Gudila reflects on the journey and NMB’s role in her success.

“This coming International Women’s Day, I will celebrate achievements in my business because it has grown and we are on top of the competition chart. I will be proud of my business, and I will thank NMB for assisting me,” she shares with gratitude.

Through strategic planning, diversification, and the support of the Jasiri loans, Gudila has transformed Maggy Dress-Up into a beacon of success in the plus-size fashion industry, inspiring other women entrepreneurs to pursue their dreams with confidence and resilience.