FINCA Microfinance Bank | Media Coverage
• The TV competition program seeks to provide business and financial literacy to micro-business owners
• FINCA Microfinance Bank continues to be the bank that supports financial inclusion in the span of 20 Years of existence and more in Tanzania
Dar es Salaam, Sept 29th, 2018 – Tanzania’s fastest-growing Bank, FINCA Microfinance Bank has today premiered a business competition TV program which seeks to empower micro-entrepreneurs by providing business skills, knowledge and later pump over TZS 10 Million to the best business idea presented.
The competition, dubbed, ‘Kuza Ofisi na FINCA’, has initially been implemented in four of Dar es Salaam’s districts that include, Kinondoni, Ilala, Temeke and Ubungo. These districts are attached to the bank’s branches that are strategically located in Tegeta, Ilala, Victoria and along Pugu Road towards the Airport.
Speaking during premier of the TV program in Dar es Salaam, FINCA Microfinance Bank Tanzania’s Head of Marketing and Communications, Nicholous John said that the main aim is to give business and financial education to micro-business owners and entrepreneurs which will later be translated to the growth of their businesses. The winner out of the program and competition will be financially empowered to jumpstart their own micro-businesses.
“This is the second phase where 8 contestants have been handpicked by a panel of judges to participate in a reality TV show dubbed, ‘Kuza Ofisi na FINCA’ to be aired on TVE and hosted by TVE presenter Emmanuel Kapanga FINCA is determined to use this TV show to provide financial education to existing and potential micro-business owners and entrepreneurs for them to experience what it takes to come up with a practicable business idea, perfect it and readying ideas for execution,” said Nicholous, adding that the lucky winner will scoop the prize and other qualified participants will also stand a chance of accessing loans from the bank’s offerings.
On his part, FINCA Microfinance Bank’s Chief Commercial Officer, Emmanuel Mongella said: “The KUZA Ofisi na FINCA Campaign, is part of FINCA’s way to celebrate 20 Years of operations in Tanzania where the Bank has been best known to offer tailor made solutions through variety of Accounts, Credit offerings and other service which cuts across from individual to institutional needs”.
Mongella also added that “Financial Inclusion and Digital Innovations is at the core of our business, the competition is another pledge FINCA Microfinance Bank is instilling to Tanzanians that it is there to support them in financial assistance through education and empowering our clients so as to secure sustainable business development”.
Commenting on the preview John said “Things are looking up for everybody, there is a lot of anticipation and a lot to learn and be excited about. People should tune in on TVE and watch this!”
“I remember owning a poultry business only 18 years ago, look at me today, I run one of the most successful schools in Morogoro town with more than 900 pupils” explains Yustina Mdoe, owner of Top Star Primary School and FINCA’s renowned client who is also happy with financial solutions the Bank is offering her since she joined.
Yustina also praises FINCA’s quickness and effectiveness in processing Business Loans to its clients as well as high level of integrity and transparency the Bank has in serving them. “FINCA came at the right time when I needed a Loan to facilitate my school’s expansion, the Bank provided me a loan under the Educational Loan scheme, it was quick and straight forward ”, says Yustina.
FINCA Microfinance Bank Tanzania Limited which is part of over 20 subsidiaries owned by FINCA Microfinance Holdings Company LLC (FMH) and FINCA International LLC based in United States of America, Washington D.C. with a global operations in the Latin America, Eurasia, the Greater Middle East and Africa (Tanzania, Malawi, Zambia, Nigeria, Uganda and the DRC), serving over 1,000,000 clients.
FINCA being part of FMH, with initiative and dedication to deliver both sustainable financial performance and social impact, is highly supported by six outstanding shareholders who also share one mission being: International Finance Corporation (IFC) – a member of the World Bank Group, the German Development Bank (KFW), a Dutch Development Bank (FMO), Zurich-based – ResponsAbility Global Microfinance Fund, Triple Jump – a Netherlands Microfinance Investment Firm and Triodos Bank – Netherlands-based. As a joint force, the partnerships enables the Bank to serve well the below of the pyramid clientele base.
FINCA’s network of over 20 Banks and Community-Based Microfinance Institutions use fintech to expand financial inclusion. The networks also offers innovative, responsible and impactful financial services which supports low and middle income earners.
The Bank stands at the heart of providing Savings and Credit solutions with great value propositions to its clients like Yustina and others. The Bank’s products have been a catalyst and witnessed tremendous improvement of living standards and business growth over the years.
“Research done by FINCA Impact shows that our clients improve their living standard, meet their personal goals or aspirations and develop livelihoods that benefit their families while at the same time impacting the communities where they work.” explains Issa Ngwegwe – CEO, FINCA Microfinance Bank Tanzania.
Ngwegwe reiterate on how the Bank’s solutions not only helps FINCA clients but also contributes in creating new jobs through their clients which elevates the development and dynamic of local markets and yield to a stable economy to individuals in the country “The Bank’s mission is to help people build assets, create jobs and raise the people’s standards of living through what we offer in our products.”
In achieving its mission, FINCA Microfinance Bank also works closely with a number of reputable organizations in Tanzania who have all played a pivotal role in facilitating its efforts in serving the unbanked, including; The MasterCard Foundation, United States Department of Agriculture, Credit Suisse, Mercy Corps Agrifin, Financial Sector Deepening Trust (FSDT) and Viettel Tanzania (Halotel).
Ngwegwe also points out that despite the fluctuating market forces in the local Banking sector, FINCA Microfinance Bank has remained steadfast, strong and resilient, gaining the confidence of clients, partners and stakeholders – a factor that has enabled it to grow in leaps and bounds, with over 20 Branches strategically located across the country.
“The Bank is also proud of its exemplary services, resilience in the industry and unshakable adherence to its core values: Warmth, Trust and Responsible Banking”, adds Ngwegwe, expressing the bank’s gratitude to its clients for their unflinching support for 2 decades.
He explains that the Bank’s strong financial muscle that boasts a Loan portfolio of more than 67.7 Billion Shillings has enabled it to disburse to over 1 Million Tanzanians since its inception.
“At FINCA Microfinance Bank, we are fully committed to continue offering the best financial solutions to our customers by financing their businesses at competitive and negotiable terms while also catering for their needs in supporting their business growth”, Ngwegwe reaffirms.
You can access the original version published by Mwananchi Newspaper here.
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