WOMEN ex-prisoners including other people across the country have been advised to invest in various sectors to avoid having a single source of income.

Lucas Mwimo, Tanzania Prisoners Hope Foundation (TPHF)’s executive director said this recently  when speaking to 29 women ex-prisoners   attending a one- day training session aimed at forming  a platform for women who have been released from Segerea and Ukonga prisons.

The event   took place at the Nendiwe Feminist Wellness and Coaching Centre with funding from the Women Fund Tanzania Trust (WFTT.

“You can invest in short –term Treasury bills and long-term treasury bonds ranging from 5-25 years, that offer  investors an interest of  15.95 percent,” he says

Additionally, they can purchase shares in various companies currently listed on the Dar es Salaam Stock Exchange (DSE) through brokers to raise their capital.

They can also invest in the Unit Trust of Tanzania (UTT-liquidity) which offers returns ranging from 11-12 percent, and INUKA that was established two months ago and involves other East African countries.

He advised them to establish small financial institutions for lending (not those with high -interest rates, commonly referred as ‘Kausha Damu’ to allow more people with access to loans services, boost their businesses and transform their livelihoods.

Other areas where  women ex-prisoners including other people can invest in small and medium businesses include  hard ware stores, super markets, pharmacies, retail shops, building rental houses, hotels and  buying and selling plots,  depending on the research and expertise of the person involved  in the business.

Additionally, they can also invest in Village Community Banks (VICOBAs) and Savings and Credit Cooperative Societies (SACCOs). If you have a profitable business, you can borrow to develop your business or project because their interest rates are very low.

He also advised them to reject fear when they see that their economy or businesses are not performing well.

During the event, women ex- prisoners had the opportunity to learn various principles of micro-economics that will help them achieve a strong economy.

Currently, the economy of many people is poor due to a lack of sufficient knowledge about the micro- economic principles that could help them succeed in their daily activities.

Additionally, participants received training on financial and economic principles designed to help them succeed and thrive in both their businesses and personal lives.

“If you want to succeed in personal economy, you must follow these principles, change your perspective and your idea about the concept of success,” he says

Mwimo says, your success or failure in life depends on the ideas and decisions you make every day, because everything begins with your ideas or thoughts.

He lauded WFTT for their financial support that helps women ex-prisoners receive training and establish a new platform dubbed: Tanzania Women ex-prisoners Platform. Its aim is to help them speak with one voice, advocating for their needs from the government, policymakers and the community

He also advises participants to have a clear vision of the life they want to live or achieve in the future and to work hard with quality and integrity.

Money and wealth are obtained by working and involving in legitimate economic activities, he says

“Do your job or business with quality, let’s not do work just for the sake of doing it,” he advises them

Additionally, the things that will help them obtain customers and approval are the quality of the products they produce.

“Also the quality of the work you do will help you get a promotion at work,” he says.

Mwimo says, business is one of the key drivers that uplift our economy, especially when it is conducted according to business and economic principles.

He named some of the key principles for succeeding in business as :  Before starting a business, conduct research to determine if the business will be profitable, ensure you have a stable market or permanent customers who will consistently purchase your products or services.

Mwimo advised participants to ensure their business is located in a convenient area. “For retail businesses, it's crucial to choose a location with high foot traffic,” he stated.

Additionally, make business decisions based on the needs and preferences of your customers.

“If customers are asking for a product you don’t have, make an effort to find it, and maintain financial discipline for the business or services you provide,” he says

Factor that causes many people to fail in achieving their economic goals and life dreams is the mismanagement of money.

Mary Rusimbi, Co- Founder of the Women Fund Tanzania Trust (WFTT) encourages women ex-prisoners to collaborate with educational institutions and other networks that advocate for women’s rights in the implementation of their activities.