Elizabeth Phiri from Nkhata Bay in Malawi is an inspiring woman! She is a single parent raising 3 children and her mother who is a widow. Elizabeth epitomises the courage and resilience that characterizes many of the women we work alongside.
A few years ago, Elizabeth decided to start a poultry business and took a loan of approx $100 from a microfinance organisation to establish the business. However, she had not been alerted to the fine print when taking the loan and ended up having to pay close to 100% interest on this loan. While she managed to pay back the loan, her business almost collapsed due to this debt burden. She is but one of many that are duped through predatory lending practices. Often taking advantage of trust and low levels of financial literacy.
As for Elizabeth, her story has taken a positive turn! Her business is starting to thrive and she is the Treasurer of the Timbiri Savings and Credit Cooperative. She is passionate about enabling opportunities for women to improve their livelihoods and take control of their lives.