Life for Peter and his family was difficult. He and his wife have two children, and his only source of income is a retail shop that sells only sugar and salt. From this business, he earned around TZS 500,000 ($203) a month. It was a daily struggle for survival.
“We only had one meal per day,” Peter says.
In 2020, things began to change when a friend in his village told Peter about VisionFund, the financial inclusion arm of World Vision. He then decided to take his first loan of TZS 1.5 million ($608) from VisionFund Tanzania, which he used to add more stock to his small shop. Along with the loan, he received financial education that helped him manage his finances, save, and plan better for his family.
Step by step, his hard work and the loans paid off. He then decided to take another loan, which he used to buy seeds and agrovet products, such as cattle medicines and injections. By his fourth loan, Peter could pay off his debts and his eldest child's school fees. He eventually managed three businesses: an agrovet shop and two retail shops.
Unfortunately, a disaster occurred in December 2023, heavily impacting Peter’s business. Heavy rainfall caused flooding and landslide from Mt. Hanang which struck Peter’s village in Tanzania’s Hanang district. The floods carried not only water, but also sand, logs, and stones. The tragic incident caused the loss of lives, homes, and properties, including Peter's business.
“It was a nightmare,” Peter recalls.
The disaster destroyed Peter’s shop, which he had worked so hard to build. After years of building a sustainable livelihood with VisionFund's support, he suddenly faced a complete loss.
Two days later, a VisionFund staff member came to see him. That was when Peter learned that his loan included insurance, something he had not expected. This insurance was bundled with his loan for moments just like this: when calamities destroy businesses, homes, or even lives.
,Soon after, VisionFund paid off Peter’s outstanding loan balance of TZS 3.5 million ($1,400). This meant Peter could start again without falling into crippling debt.
“Without the insurance, I would have lost everything,” Peter says.
The insurance that came in the most unexpected moment did not leave Peter at zero. Although his small retail shop could not be saved after the floods, his agrovet shop remained strong. Now, he has recovered from the disaster and employs three people at his agrovet shop. With discipline and sound financial management, he also built his savings, which are now worth TZS 107 million ($43,000).
Peter’s life and his family have been transformed. His eldest child is now in nursery school, and the family no longer worries about hunger. Instead of one meal a day, they now eat more than three times daily. His wife, Linda, who used to run the retail shop, now stays home to take care of their two children.
Peter dreams of building his own home by 2026, as the family is still renting today. He also hopes to expand and own several larger agrovet businesses in the future.
Through it all, he remains loyal to VisionFund. He says the reason is simple: better service, cheaper interest rates, the financial education that taught him to manage his loans and savings—and above all, the insurance that saved him when disaster struck.
“Insurance will help you in times of disasters,” Peter says. And for him, that truth is personal.
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