Bank of Tanzania partners Citibank to Promote Micro-Entrepreneurship

MICROFINANCE Institutions play an effective role in poverty alleviation, social empowerment and economic development within the broader context of financial inclusion.

According to Bank of Tanzania (BoT) Deputy Governor, Financial Stability and Deepening, Dr Bernard Kibesse, made an assertion during the event where 18 winners of the 3rd Citi Micro-entrepreneurship Awards (CMA) in Tanzania and collectively pocket 37,500 US dollars (some 86.3m/-).

Dr. Bernard Kibesse declared that the awards funded by Citi Foundation and managed by the Association of Microfinance Institutions in Tanzania (TAMFI), provided an appropriate platform to celebrate extraordinary entrepreneurs in Tanzania.

The deputy governor explained saying that microfinance industry played a larger role in deepening the financial markets, expanding access to affordable and appropriate financial services and products to MSMEs and low-income households.

In a statement by the Chief Executive Officer, Citibank Tanzania, Mr Joseph Carasso, he said that the awards were in recognition of the fact that micro-entrepreneurship is a major contributor to economic growth in the country through job creation in service and industry economic sectors.

“Through the Micro-entrepreneurs, we are re-assured that micro-entrepreneurship is a viable option for every entrepreneurial Tanzanian. “Citibank is therefore proud to contribute to the development of micro-entrepreneurship and ultimately better livelihoods for the community where we live and work,” he noted.

The Vice Chairman, TAMFI , Mr Altemius Millinga who is also the Managing Director of Yetu Microfinance Bank Plc, was pleased and showed appreciation to BoT for its recognition of entrepreneurs and the partnership between the Citibank and TAMFI, as being a catalyst of encouraging entrepreneurship development.

Mr Millinga promised that TAMFI will continue to work closely with BoT, to ensure policy and business environment for microfinance institutions; favours perpetuation of entrepreneurship development for the general good of mother Tanzania.

The beneficiary includes; Mr. Farouq Hassan , an innovative Morogoro based palm oil processor, who also owns a “power plant” and recycles waste from his operations into charcoal. He won the topmost prize as Citi Micro-entrepreneur of The Year Award, which bagged him 7,500 US dollars (17.25m/-) which he took home.  In addition, Sido- small Industries Development Organization gave him his first loan of 500,000.