• Home
  • NEWS
  • Bank of Tanzania, Citibank joins hand to Promote Micro-Entrepreneurship
Image

Bank of Tanzania, Citibank joins hand 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.

Speaking in an event, 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/-

Releated Posts

X3M Ideas’ ‘Blood Sacrifice’ Campaign shines at ACT Responsible, Cannes Lions 2025

In a year already marked by global recognition, X3M Ideas has added yet another accolade to its growing…

Mouka shines at Pitcher Awards 2025, bags silver and bronze

Mouka, Nigeria’s leading brand of sleep solutions, proudly announces its double win at the prestigious Pitcher Awards 2025,…

Three Crowns launches national campaign for World Milk Day

Three Crowns, a leading Nigerian milk brand under FrieslandCampina WAMCO, launched its “Treasure that Nourishes Our World” campaign…

Anietie Udoh calls for ethical storytelling in African brand campaigns

Anietie Udoh, a respected creative marketing strategist and Divisional Director at Marketing Edge Nigeria, has called on African…

Leave a Reply

Your email address will not be published. Required fields are marked *