FSD Africa Impact Ground-breaking Jasiri Gender Bond in Tanzania

This case study describes the impact of the Jasiri Gender Bond, launched in February 2022, on women entrepreneurs in Tanzania, specifically highlighting the expansion of Mkajungu Hardware.

• The Jasiri Gender Bond was launched in February 2022 and became the first Sub-Saharan Bond listed on the Luxembourg Green Exchange. It mobilised USD 32 million with an oversubscription of 197% and an annual return of 8.5%. The investor base was 69% Tanzanian and 31% foreign, with 52% female and 48% male investors. Notably, 99% of investors were retail investors, contrasting with the corporate bond market's reliance on institutional investors.
• The bond supports women in business across various sectors, including traditional female-led areas like education and retail, as well as male-dominated sectors such as energy, mining, and spare parts. It has been particularly influential in the agricultural sector, where women make up more than 65% of the workforce.
• For Mkajungu Hardware, founded in 2011 in Dar es Salaam by Naima Abdunur Athmani, Jasiri loans provided a low interest rate of 14% and required no upfront deposit. This was a significant reduction compared to market lending rates that can reach 25%, allowing the business to reduce costs, increase stock, and diversify its product range.
• Supported by the Jasiri Gender Bond, Mkajungu Hardware is expanding its operations to Kagera and plans to open several branches in developing areas, with future goals to expand into neighbouring countries and reach revenues of one billion.

APA

FSD Africa (2023). FSD Africa Impact Ground-breaking Jasiri Gender Bond in Tanzania. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Mkajungu-Hardware-23.02.24.pdf

Chicago

FSD Africa. FSD Africa Impact Ground-breaking Jasiri Gender Bond in Tanzania. 2023. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Mkajungu-Hardware-23.02.24.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=FSD Africa Impact Ground-breaking Jasiri Gender Bond in Tanzania |date=March 2023 |url=https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Mkajungu-Hardware-23.02.24.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2023fsd, author = {{FSD Africa}}, title = {{FSD Africa Impact Ground-breaking Jasiri Gender Bond in Tanzania}}, institution = {FSD Africa}, year = {2023}, month = mar, url = {https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Mkajungu-Hardware-23.02.24.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }