The 2nd seminar day was focused on microfinance as a development tool. We visited three microfinance NGOs in the morning: FINCA, AFREDA, and SACCOS Musoma. We learned how they work and who are their clientele. In the afternoon, we met with 19 women from various microfinance groups that work with AFREDA and UMABU to develop their businesses. The women own restaurants, sell vegetables, and cereals, and run shops. What we learned from the women is that they struggle very hard to pay back the 36-60% APY interest rates (this is not a misprint). The default rate is amazingly low because the group members have to make the loan repayment for a member who is sick or is away for a funeral and cannot make her payment. Still, they manage to make a profit even after paying back the loans. Some groups have moved past AFREDA loans and now have their own internal lending program. The picture above captures the presentation of one borrower explaining her circumstances to the NIU students and TDS volunteers.