FINCA Microfinance Bank | News


FINCA Microfinance Bank Premiers ‘Kuza Ofisi na FINCA’ Reality TV Show


29 Sep 2018

• 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!”

FINCA Microfinance Bank to give out more than 10 Mil to Micro-business owners through ‘Kuza Ofisi na FINCA’ Competition


26 Jun 2018

Dar es Salaam, June 26th, 2018 – Tanzania’s fastest-growing Bank, FINCA Microfinance Bank has today announced the launch of a three-month program and competition 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’, will initially be implemented in four of Dar es Salaam’s districts that include, Kinondoni, Ilala, Temeke and Ubungo. These districts will be attached to the bank’s branches that are strategically located in Tegeta, Ilala, Victoria and along Pugu Road towards the Airport.

Speaking during the launch 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 which will later be translated to the growth of their business. The winner out of the program and competition will be financially empowered to jumpstart their already existing micro-businesses.

“The competitions is for both FINCA clients will accounts and those who wish to participate will be required to open a FINCA Account, one will also have to deposit TZS 20,000 shillings (new money to their accounts). They will be required to fill a form in the branches where they will highlight in the form on what they are going to do with the Grand Prize for their business if one emerges as a winner. The form will then be submitted to our Branch officers and that will automatically make them eligible for the first phase of the competition.”

“In the second phase, 8 contestants will be handpicked by a panel of judges to participate in a reality TV show dubbed, ‘Kuza Ofisi na FINCA’ to be aired on TVE. At the end of the competition, one lucky winner will go home with a grand prize of more than 10 million shillings”, said Nicholous, adding that 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 Zambi said: “The KUZA Ofisi na FINCA Campaign, is part of FINCA’s way to celebrate 20 Years of operations in Tanzania where the Bank have been best known to offer tailor made solutions with varieties of Accounts, Credit offerings and other service which cuts across from individual to institutional needs”

Zambi 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”

“We therefore, invite all micro-business owners in Dar es Salaam to register and participate in the competition as this is this is for them. All FINCA Microfinance Bank clients and non-clients should visit our Dar Branches for more information where they will also be assisted with all requirements during filling the forms.

John also finalized that “This is a chance for Dar based micro-business owners to seize this rare opportunity and come and open bank accounts and participate in the challenge so as to be the lucky winners of the coveted prizes that will boost their businesses”

FINCA Microfinance Bank Strong Foundation Fosters Entrepreneurial Growth


27 Apr 2018

“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.

Customers Hail FINCA’s Financial Inclusion Drive


27 Apr 2018

Hundreds of thousands of low-income people in Tanzania have gained access to financial products including Savings, Credit and Money Transfers, locally and international through leveraging on technology which brings Financial Services closer to the unbanked, particularly in peripheral areas of

FINCA Celebrates 20 Years of Impacting Tanzania


03 Mar 2018

Dar es Salaam, March 2nd 2018: FINCA Micro-Finance Bank, a leading financial institution in Tanzania is marking its 20 years of serving and creating impact in Tanzania. The bank was established in 1998 as a microfinance institution providing loans to SME’s and entrepreneurs and has now evolved into a full-fledged bank that offers innovative products and services.

The celebration that was attended by over 300 guests who included FINCA Board of Directors, management, staff and the top management from FINCA global network kicked off with a colorful Dinner Gala at the Dar es Salaam’s Serena Hotel where FINCA re-affirmed its commitment to continue being a leading force in driving financial inclusion in the country.

The President and CEO of FINCA Impact Finance, Andree Simon congratulated FINCA Tanzania for its eventful journey that has culminated to 20-years of progress and transformation, enabling the institution to morph from a humble background as a micro-lender to the Microfinance bank that it is today. “FINCA’s shareholders are committed towards providing responsible financial services to low-income individuals and their communities, helping people to build assets, create jobs and raise their standard of living” Said Simon.

“Their investment has helped expand FINCA’s lending to clients and has supported the ongoing transformation of FINCA’s microfinance subsidiaries into licensed financial institutions that can offer a full range of essential financial services. Our aim is to put financial power in the hands of or around the corner from our customers, no matter where they live.” Further stated Simon.

FINCA’s Board Chairman Mike Gama-Lobo thanked fellow board members and the top management of the bank for their exemplary efforts that had led to the meteoric rise of FINCA, achieving incredible milestones in the otherwise challenging business environment. He said “We are living in challenging times that provides opportunities for disruptions across the board. Our business model needed to change. We will be rolling out our new high breed digital business model that will bring banking services to customers throughout the country reaching the underserved and rural communities.”

Mr. Gama Lobo highlighted that “Digital technologies have spread rapidly in Africa and FINCA is at the forefront in leveraging these technologies in order to provide financial services to more people and support the continents financial inclusion drive.”

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On his part Chief Executive Officer of FINCA Microfinance Bank Tanzania, Issa Ngwegwe said: “This 20-year breakthrough is a testimony of FINCA’s motivation to provide secure, impactful monetary services to empower the deserving small entrepreneurs in Tanzania”.

Explaining on FINCA’s credit portfolio, Ngwegwe added “Since FINCA’s inception in 1998, we have provided over billions in credit to millions of clients including micro entrepreneurs, growing their businesses, creating jobs and improving living standards. In the coming years, we will continue to play a major role in improving access to financial services for SMEs which are the cornerstone of our country’s micro-economy”.

He further said that FINCA is committed to its mission of alleviating poverty through lasting solutions that help people build their assets, create jobs and raise their standards of living.

Speaking at the event, Deputy Governor, Bank of Tanzania, Financial Stability and Deepening, Dr. Bernard Kibesse underscored the important contribution made by FINCA in driving financial inclusion in Tanzania. He further said “the government of Tanzania continues to strengthen policies and the regulatory framework aimed at promoting inclusion and responsible banking services.”

FINCA Trailblazes Digital Financial Inclusion Drive in Tanzania


17 Feb 2018

 Dar es salaam, Tanzania, February 16th 2018, Efforts to bolster digital financial inclusion in Tanzania and indeed other countries in Africa have received a shot-in-the-arm following a productive conference organized by FINCA Micro-Finance Bank Tanzania in partnership with and the Mastercard Foundation.

Bringing in experts, institutions and other players in the financial sector, the conference, held in Tanzania’s commercial capital, Dar es Salaam, culminated in a pledge by the participants to work more closely in collaboration with governments, telecoms and other financial sector players to come up with innovative and effective means of providing financial services to the base of the pyramid at scale and low cost.

To achieve its objectives, the conference underscored the instrumental role played by collaborative efforts by all sectors through leveraging rapid development in the MNO space, especially mobile money.

Riding on its wide-ranging theme, ‘Driving Financial Inclusion Through Digital Solutions; Implications for Sector Players’- the event, drawing more than 100 participants, provided a most ideal platform to share key lessons and insights learned over the past 5 years through the FINCA – Mastercard Foundation partnership to  scale financial services to the unbanked communities in Tanzania, Zambia and Malawi.

“Digital technology models are catalysts to financial inclusion and the development of the digital ecosystem is key to increasing access to finance”, said FINCA’s Chief Executive Officer, Issa Ngwegwe, in his opening remarks.

Ngwegwe extolled FINCA’s rigorous efforts in driving financial inclusion through various products and services over the years, including partnerships with mobile network operators in bringing financial services and products to communities particularly in peripheral areas that would otherwise miss out from banking products and opportunities they bring in developing businesses and raising standards of living.

He further continued to explain: “Digital platforms, such as mobile and agency banking are key in reducing the cost of reaching the millions of Tanzanians who are still unbanked. Partnerships with mobile network operators show great potential in scaling financial services more efficiently”.

Speaking on the partnership between FINCA and the Mastercard Foundation, FINCA Canada’s Executive Director, Stephanie Emond said that this partnership had helped FINCA lay a firm foundation for growth through leveraging financial and learning technologies to improve services and build FINCA’s capacity, while also improving its ability to better understand the needs of its clients and the impact that its financial inclusion efforts had on them.

“We hope that through this conference, we can share some of the lessons from our recent journey and foster more collaboration amongst the space to better address market constraints and help create an enabling environment for accessible and responsible financial services”, Stephanie said.

Available statistics show that collaboration by various financial services and telecommunications sector has had positive and impactful result as evidenced by the increase in the usage of financial services throughout Tanzania from 58 per cent in 2013 to 65 per cent in 2017. However, despite these impressive statistics, a lot more needs to be done in order to ensure a more productive inclusion.

Key takeaways from the conference included:

  • A call to the government to create an enabling environment for financial access by having supportive laws and regulations.
  • Having a collaborative approach among the government, the private sector and civil society organizations.
  • Embracing technology that lowers costs and extends services into areas where bank branches may not exist.
  • Active efforts to assist the newly included people to take advantage of the services placed at their disposal.
  • A call for more collaboration among stakeholders from various sectors and in particular the telecommunication sector to address challenges of access to financial services and share best practices and encourage policies that enable more people to take advantage of the opportunities to improve their lives.

The chief guest at the event was Dr. Ashatu Kijaji, Tanzania’s Deputy Minister for Finance and Planning who underscored the government’s commitment to supporting financial inclusion to the poorest and most excluded while also ensuring proper rules and regulations to protect consumers.

 

Speaking at the event, the Deputy Governor of Bank of Tanzania (BoT), Yamungu Kayandabila said that the Bank had put in place robust regulatory framework and policies aimed at supporting financial inclusion efforts in Tanzania.

FINCA accelerating financial inclusion through FinTech innovation in Tanzania!


18 Oct 2017

18th October 2017 – Dar es Salaam, Tanzania. According to the 2014–2016 Tanzania National Financial Inclusion Framework the level of formal financial access in the rural areas of Tanzania is 8.5% compared to 23% in the urban areas and totally

HALOTEL, FINCA Introduce an Innovative Mobile Banking Solution


05 Sep 2017

5th September 2017, Dar es Salaam: Access to financial services in rural areas has become increasingly challenging, with various stakeholders including the government seeking various ways to ensure reliable financial services reach targeted audiences. Recently, financial services through the telecommunication

FINCA Tanzania wins 2nd place in International Trade Fair, Sabasaba


02 Aug 2017

FINCA Tanzania has won 2nd place in the Trade and Investment support category in the recently concluded 41st Dar es salaam International Trade Fair famously known as the Sabasaba Trade Fair. The Trade fair is also an UFI approved event

Microfinance Bank, Dar City Football Club ink key sponsorship deal

Microfinance Bank, Dar City Football Club ink key sponsorship deal


01 Aug 2017

Last year, the Bank in Tanzania signed a one year sponsorship deal contract worth of over TZS 5 Million with Dar City Football Club (Dar City FC),  champions of the 2016/2017 Second League Division in Tanzania. The sponsorship was mainly

 
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