FINCA Microfinance Bank, one of 20 subsidiaries of FINCA Impact Finance, started its operations in 1998 in Mwanza. It has since then extended throughout the country, currently operating 24 branches in 17 regions in the country. FINCA Microfinance Bank now serves more than 120,000 active clients countrywide who are served by over 700 staff countrywide.
Transformation to deposit-taking entity
In January 2013, FINCA Microfinance Bank began offering savings products to the public. This followed a historical event in the Tanzanian financial sector as FINCA became the first Microfinance to be granted a license by the Bank of Tanzania allowing the institution to accept deposits from the public and to carry out banking services as a microfinance institution. Prior to that, FINCA was an organization providing credit facilities to small entrepreneurs particularly in rural areas. The issuance of a license by the Central Bank was indeed an important step toward financial inclusion as FINCA brought over 72,000 clients then, mainly from rural areas of Tanzania into the formal banking sector. This transformation from a non-regulated entity into a Microfinance company regulated by the Central Bank also saw a saving culture growing within our core market as more people benefited from our simplified account opening and management procedures.
Through our financial services, we aim to reach out to the public and offer assistance in achieving development goals. In addition, our business, agriculture and education loan products target industrial sectors that are a primary source of income for many Tanzanians. Our multiple delivery channels including mobile and agent banking business models are designed to put the convenience and satisfaction of our client first.
FINCA Microfinance Bank has been a trusted financial services provider in Tanzania for the last 17 years and plans to maintain its responsible banking standards as it continues to serve and empower Tanzanians as a whole.