Finance and Economic Affairs Deputy Minister, Mr Mwigulu Nchemba, who graced the event said the government was fully supporting the initiative to spread out its wings to various parts of the country.
The event was also attended by directors from various institutions, companies and entrepreneurs. In one year period, UTT Microfinance is already offering eight different loan products, insurance and banking brokerage and mobile money super agent.
The branches were launched in Dar es Salaam, Arusha, Dodoma, Mbeya, Mwanza and
"One of the conditions that most commercial lenders demand from borrowers are collateral, in particular, immovable assets like house or plot, which have been difficult for small scale entrepreneurs to possess," he said.
"The UTT Microfinance services will contribute immensely in empowering Tanzanians, thus complimenting government efforts to improve livelihood and alleviate abject poverty."
The UTT MFI Board Chairman, Ambassador
"We appreciate the government support, which is a challenge for the microfinance to surpass the setup targets. We request the government to continue linking us with various stakeholders in order to expand the UTT Microfinance network to reach more people," The UTT MFI, James Washima, said,
"The one year experience shows that there is great need for financial services, particularly loan accessibility to small scale entrepreneurs. Thus the establishment of the UTT MFI was a right decision and will provide solution to the problem."
He said of the 10 branches, four are found in Dar es Salaam --
One of the achievements in one year period, he said was to increase the institution capital to 12bn/- by June this year from 5.4bn/- last year. Also the institution managed to disburse loans worth 5.316bn/- to 6,102 people, of whom 84 per cent are women.
Other tailor made services established included health insurance; contract financing loans, group loans, SACCOS loans, value addition loans as well as loans targeting government employees.
One of the challenges, he said, was the emerging fake microfinance institutions with the name of providing loans to small scale entrepreneurs, which instead of helping them, it leads them to poverty.
Most Popular Stories
- Pickup Discounts Boost September Auto Sales
- Kurdish Militia Still Lack Weapons, Training
- Lexus Luxury Compact Sedan Wins Buyers
- Review: Pay by Phone or Just Keep Using Plastic?
- N.Y. Ups Awards of State Contracts to Minorities
- Ebola Victim Was Sent Home by Dallas Hospital
- Group Offers Online Help for College Students
- Dallas Parents Fear Students Exposed to Ebola
- Why the Bond Market Isn't as Safe as You Think
- Baker Hughes to Disclose Fracking Chemicals