Microfinance Business Opportunities in Tanzania

A detailed overview, types of microfinance businesses, opportunities and risks [in progress]

Microfinance Business in Tanzania entails Business that Provides Microfinance Services. These are the banking services provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.

Microfinance services can also be construed to refer to the financial services provided to low-income individuals or groups who are typically excluded from traditional banking.

So in general, microfinance refers to the provision of basic financial services such as loans, saving accounts and insurances for low-income but economical active people.

Note that, in most cases the term microfinance refers to the provision of small loans (=micro credits) for micro-entrepreneurs.

A: Microfinance in Tanzania – Introduction

The banking industry in Tanzania is relatively young and limited in scale. Consequently, only a small portion of Tanzania’s population has access to mainstream banking services. And because of that, most banks started targeting the poor by extending collateral-free and low interest microcredit and loans.

Due to lack of skills and experience within the market these efforts are not widespread and mostly favor borrowers in urban areas, leaving the rural areas largely underserved. Most of the banks are reluctant to move into rural areas due to the poor national infrastructure, perceptions of high risk and due to the higher expense of operating costs.

Since 2003, there have been positive developments in Tanzania’s microfinance industry as numerous banks and financial institutions have provided increased funding either directly to beneficiaries or through intermediary institutions. Despite this progress, it is estimated that microfinance service providers have a combined outreach of approximately 5% of the estimated total demand.

B: Regulation of Microfinance in Tanzania

Microfinance is a regulated business sector in Tanzania, the main regulator being the Central Bank, that is, the Bank of Tanzania. For the purpose of regulating the sector, the Microfinance Act was enacted.

The Act categorizes microfinance into four tiers. That is, Banks and Microfinance Banks, Credit Companies and Financial Organizations, SACCOS and Community Microfinance Groups.

In summary, the four tiers are as shown in the table below:

DescriptionCategory
Banks and microfinance Banks (Deposit Taking Microfinance institutions)Tier 1
Credit companies and financial organizations (Non-Deposit Taking Microfinance Service Providers).Tier 2
Savings and Credit Cooperatives Societies (SACCOS).Tier 3
Community microfinance groups.Tier 4

C: Microfinance Business Opportunities in Tanzania

Because of the limited access to the mainstream banking services, opportunities in the microfinance sector are vast. Note that, this post is specific for microfinance business. For this purpose, Tier 3 and Tier 4, that is SACCOS and Community Microfinance Groups are not taken as microfinance businesses. These are rather cooperatives aimed at helping their members.

So the discussion will focuss on Tier 1 (Deposit Taking Microfinance Businesses) and Tier 2 (Non Deposit Taking Microfinance Businesses. Discusson about Tier 3 (SACCOS) and Tier 4 (Community Microfinance Groups) is reserved for a separate post.

D: How to Start a Microfinance Business in Tanzania (Tier 2)

Note that, a microfinance business can be started by an individual lender (sole proprietorship), or a company.

D1: Procedures to Start a Microfinance Business as Individual Lender

  1. First prepare the minimum required capital. This is Tshs 20 million for individual lender. Deposit into your account and take bank statement.
  2. Then register business name as a sole proprietor at BRELA under the Business Names (Registration) Act. Click here to learn how to register business name in Tanzania using BRELA ORS. Note that the business name must include either of the following words “microfinance”, “finance”, “financial services”, “credit” or “microcredit”.
  3. Then arrange for the premise and get rental agreement for it.
  4. Then register for Tax Identification Number at Tanzania Revenue Authority (TRA). Here you should get TIN certificate and Tax Clearance Certificate. Both will be required.
  5. Then Pay Tshs 300,000 application fee. Get details at the Bank of Tanzania. (as we write this post, the details are Account No at BOT: 9924DDBGHQT and Account Name: Intermediary Account Banking). The payment can be by Cheque, Cash of Transfer. Keep the slip, will be required.
  6. Then prepare the required documents which are:
    1. Letter of application in the prescribed form.
    2. Proof of payment of application fee.
    3. Certified copy of certificate of a business name registration.
    4. Proof of availability and source of capital of the proposed microfinance service provider.
    5. Certified copies of academic and professional certificates of the Chief Executive Officer.
    6. Copy of latest audited financial statements including balance sheet, income statement and cash flow statement for an existing microfinance service provider.
    7. Certified Copy of TIN certificate.
    8. Certified copy of tax clearance certificate for the applicant.
    9. Lending policy.
    10. Certified declaration that the funds invested or to be invested have not been obtained criminally or associated with any criminal activity.
    11. Proof of citizenship of the Chief Executive Officer/individual money lender including curriculum vitae, two recent passport size photographs and certified copy of either:
      • Page of passport which contain personal information or
      • National ID or
      • Birth certificate.
    12. Dully filled Questionnaire for Chief Executive Officer/individual money lender contained under the Fourth Schedule to the regulations.
    13. Credit report from Credit Reference Bureaux.
    14. Details of the Contact Person including Name, Postal Address, Telephone Number and E-Mail Address.
  7. Apply for business license at the local authority.

D2: Procedures to Start a Microfinance Business as a Company

  1. First prepare the minimum required capital. This is Tshs 20 million for individual lender. Deposit into your account and take bank statement.
  2. Then register company at BRELA under the Companies Act. Click here to learn how to register a company in Tanzania using BRELA ORS. Note that the company must include either of the following words “microfinance”, “finance”, “financial services”, “credit” or “microcredit”.
  3. Then arrange for the premise and get rental agreement for it.
  4. Then register for Tax Identification Number at Tanzania Revenue Authority (TRA). Here you should get TIN certificate and Tax Clearance Certificate. Both will be required.
  5. Then Pay Tshs 500,000 application fee. Get details at the Bank of Tanzania. (as we write this post, the details are Account No at BOT: 9924DDBGHQT and Account Name: Intermediary Account Banking). The payment can be by Cheque, Cash of Transfer. Keep the slip, will be required.
  6. Then prepare the required documents which are:
    1. Letter of application in the format prescribed in the Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2019.
    2. Proof of payment of non-refundable application fee.
    3. Proof of availability and source of capital of the proposed microfinance service provider.
    4. Certified copies of academic and professional certificates of members of the Board and the Chief Executive Officer.
    5. Certified Copy of TIN certificate.
    6. Lending policy.
    7. A certified declaration that the funds invested or to be invested have not been obtained criminally or associated with any criminal activity.
    8. Proof of citizenship of the Chief Executive Officer/individual money lender including curriculum vitae, two recent passport size photographs and certified copy of either:
      • Page of passport which contain personal information or
      • National ID or
      • Birth certificate.
    9. Dully filled Questionnaire for Directors, Owner(s) or Chief Executive Officer contained under the Fourth Schedule to the regulations.
    10. Certified copy of certificate of incorporation
    11. Certified copy Memorandum and Articles of Association, constitution or by laws.
    12. Board resolution authorizing application for licence.
    13. List of subscribers, members of the Board and Chief Executive Officer.
    14. Credit reference reports for every subscriber with ownership of 5% or more, member of the Board and Chief Executive Officer.
    15. Certified copies of tax clearance certificates for the applicant, subscriber with ownership of 5% or more, member of the Board and Chief Executive Officer.
    16. Certified copies of latest annual returns of an existing microfinance service provider.
    17. Details of the Contact Person including Name, Postal Address, Telephone Number and E-Mail Address.
    18. In addition to documents listed above, foreign owned entities shall submit the following:
      • Home Country Regulator approval
      • A training plan indicating specific time frames for imparting microfinance skills and expertise to Tanzanian staff
      • A succession plan and strategies on mode, time and contents of the extent to which Tanzanian staff shall occupy senior management positions in the Institution.
  7. Apply for business license at the local authority.

E: Sample Business Plan of a Microfinance Company

A business plan for a microfinance business has to provide details of the market and marketing plan, analysis of the business environment, corroborations and partnerships, institutional assessment and financial projections.

Below is a sample business plan for a microfinance business in Tanzania.

F: Sample Credit Policy of a Microfinance Company

Credit policies are set of objectives, standards and parameters to guide bank officers who grant loans and manage the loan portfolio. Thus, they are procedures, guidelines and rules designed to minimize costs associated with credit while maximizing the benefit from it.

Initially microfinance was limited as only provision of micro loan to the poor entrepreneurs and small businesses lacking access to banks and related services then the concept of financial inclusion introduced and based on the guidelines given by different regulators in different countries MFIs defines their credit policies.

A credit policy that is too strict will turn away potential customers, reduce sales and finally lead to a decrease in the amount of cash inflows to the business.

On the other hand, accredit policy that is too liberal will attract slow paying (even non-paying) customers ,increase in the business average collection period for accounts receivables, and eventually lead to cash inflow problems.

A good credit policy help management to attract and retain customers, without having negative impact on cash flow.

G: Challenges Facing Microfinance Businesses in Tanzania

Notwithstanding the vastness of opportunities in the microfinance industry, drawbacks exists. MFIs have performed poorly due to high operating costs, low revenue generation ability, and limited outreach to low-income earners.

The following are the main challenges facing Microfinance Business in Tanzania:

  1. Cost of outreach – Reaching the unbanked populations of Tanzania means servicing small loan amounts and servicing remote and sparsely populated areas of the country, which can be dangerously unprofitable without high rates of process automation and mobile delivery.
  2. Lack of scalability – smaller microfinance systems often struggle to preserve the profitability and performance in the market, as the mainstream banks experience high growth rates that result from getting the service delivery right. This results in thwarting the growth of most microfinance businesses.
  3. Geographic Factors – Tanzania is vast and hence the geographic factors make it difficult to communicate with clients of far-flung areas which create a problem in growth and expansion of microfinance businesses.
  4. Diverse business models – Supporting the very wide range of features and lending activities is difficult and requires a considerable amount of funding and efforts.
  5. High Transaction Cost – High transaction cost is a big challenge for microfinance businesses in Tanzania. The volume of transactions is very small, whereas the fixed cost of those transactions is very high.
  6. KYC and security challenges – The customers serviced by Microfinance businesses are usually the ones having none or very limited official identification or able to provide tangible security, this makes it extremely difficult for microfinance businesses in Tanzania to offer any banking services.
  7. Limited budgets – Making provisions for large upfront investments is not possible for most of the microfinance businesses in Tanzania which limits their capability to purchase world-class banking solutions that can help them fulfil their requirements and support their growth targets.

H: BOT Registered/Licensed Tier 2 Microfinance Companies

The table below provides a list of microfinance companies that are registered and licensed by the Bank of Tanzania as of August 2023.

wdt_ID S/N NAME PHYSICAL ADDRESS POSTAL ADDRESS DISTRICT REGION TELEPHONE NUMBER E-MAIL ADDRESS LICENCE NUMBER
1 1 RINGI MICROFINANCE LIMITED PLOT NO. 36, BLOCK RD, MITI MIREFU STREET, SHINYANGA MUNICIPAL COUNCIL P.O. BOX 427, SHINYANGA SHINYANGA SHINYANGA 0764-952-412 ringienterprisesltd@gmail.com MSP2-0001
2 2 ACHASE FINANCE (T) LIMITED PLOT NO. 535, BEHIND KIBO COMMERCIAL COMPLEX, ZANZIBAR STREET, TEGETA KIBAONI P.O. BOX 7858, DAR ES SALAAM KINONDONI DAR ES SALAAM 0713-335-745/0683-707-457 mhagama.charles@gmail.com MSP2-0003
3 3 AJAKU MICRO CREDIT COMPANY KANYENYE WARD, POSTAL CODE 45109 NEAR POSTAL OFFICE IN TABORA P.O. BOX 174, TABORA TABORA TABORA 0784-750-824 abiudkulwijira2020@gmail.com MSP2-0004
4 4 MKUTI FINANCE LIMITED SINZA MORI, NEAR TO NMB SINZA BRANCH BEHIND BIG BON PETROL STATION, KINONDONI, DAR ES SALAAM P.O.BOX 31867, DAR ES SALAAM KINONDONI DAR ES SALAAM 0715-496-544/0754-370-429 jumakadari@yahoo.co.uk MSP2-0005
5 5 VENANCE MICRO CREDIT LIMITED PLOT NUMBER 85, BLOCK NUMBER DD, BONDENI STREET, KYELA DISTRICT P.O. BOX 100, KYELA-MBEYA KYELA MBEYA 0758-060-724 josephvenance1@gmail.com MSP2-0006
6 6 MASCO FINANCE COMPANY LIMITED PLOT NO. 115, BLOCK NO. KBIII, CENTRAL ‘A’ STREET P.O. BOX 516, TANGA MUHEZA TANGA 0764-573-090/0688-027-411/0718-544-515 mascofinance@gmail.com MSP2-0008
7 7 VICTORIA FINANCE PLC PLOT NO. 56, BLOCK 45C, KIJITONYAMA, KINONDONI P.O. BOX 12102, DAR ES SALAAM KINONDONI DAR ES SALAAM 0677-626-333 j.mcharo@victoriafinance.co.tz MSP2-0007
8 8 NYANJA CREDIT ENTERPRISES LIMITED MKATA WARD, HANDENI DISTRICT, POSTAL CODE 21813 NEAR NMB BANK IN TANGA REGION P.O. BOX 294, HANDENI-TANGA HANDENI TANGA 0784-750-824 mafurusteven@googlemail.com MSP2-0009
9 9 MAREMA MICROCREDIT COMPANY LIMITED BLOCK HH, PLOT NO.03, BUZURUGA STREET, ILEMELA DISTRICT, P. O. BOX 2002, MWANZA P.O. BOX 2002, MWANZA ILEMELA MWANZA 0762-175-118 maremaentercoltd@gmail.com MSP2-0010
10 10 CHATO MICHAEL FAIDA BABARA MICROFINANCE POSTAL CODE 30301, CHATO DISTRICT, NEAR CHATO CENTRAL MARKET, GEITA P.O. BOX 2694, CHATO-GEITA CHATO GEITA 0742-412-650 chatomicrofinance@gmail.com MSP2-0011
11 11 MURINGA MICROFINANCE LIMITED MBEYA, NEAR KABWE BUS STAND P.O. BOX 6287, MBEYA MBEYA MBEYA 0745-500-522 andrewkimori@gmail.com MSP2-0012
12 12 SUBO FINANCIAL SERVICES COMPANY LIMITED VIKENGE VILLAGE, MZUMBE, MVOMERO P.O. BOX 148, MZUMBE, MOROGORO MVOMERO MOROGORO 0767-476-318/0713-476-318 musabila@gmail.com MSP2-0014
13 13 CHOGO CREDIT COMPANY LIMITED PLOT NUMBER 68, BLOCK NUMBER W, SONGEA STREET, UHURU ROAD, ILALA DISTRICT, DAR ES SALAAM P.O. BOX 80826, DAR ES SALAAM ILALA DAR ES SALAAM 0767-816-810/ 0764-573-090 chogocredit@gmail.com MSP2-0002
14 14 ACENT FINANCE LIMITED NZASA STREET, MWENGE, KINONDONI P.O. BOX 54637, DAR ES SALAAM KINONDONI DAR ES SALAAM 0762-295-954 acentfinance@gmail.com MSP2-0016
15 15 BAGENI CREDIT COMPANY LIMITED ZANZIBAR HOTEL STREET, KITETO, MANYARA P.O. BOX 98, KITETO, MANYARA KITETO MANYARA 0762504885 or 0622257879 bpkiranga@gmail.com MSP2-0018
16 16 LELOO FINANCIAL SERVICES COMPANY LIMITED KALEMFUA MOKALA AREA, ROMBO DISTRICT, ROMBO, KILIMANJARO P.O. BOX 221, ROMBO-KILIMANJARO ROMBO KILIMANJARO 0769 244 974 or 0626 832 725 kimkimario@gmail.com MSP2-0022
17 17 MABOTO MICROFINANCE LTD PLOT NO. 856, BLOCK HH, NYAKATO STREET, ILEMELA DISTRICT P.O. BOX 10316, MWANZA ILEMELA MWANZA 0786665058 or 0717523273 mabotoentltd@gmail.com MSP2-0019
18 18 AZIMIO MICROFINANCE COMPANY LIMITED KAWE UKWAMANI STREET, KINONDONI DISTRICT P.O. BOX 1015, DAR ES SALAAM KINONDONI DAR ES SALAAM 0754586155 azimiotech@gmail.com MSP2-0023
19 19 SHARP FINANCIAL SERVICES COMPANY LIMITED TEGETA KIBAONI, NYUKI HOUSE 3RD FLOOR P.O. BOX 66757, DAR ES SALAAM KINONDONI DAR ES SALAAM 0756-771-537 jamil.mwalupindi@gmail.com MSP2-0015
20 20 TATANA MICROFINANCE LIMITED BUSWELU WARD, ILEMELA DISTRICT P.O. BOX 2194, MWANZA ILEMELA MWANZA 0762338343 or 0622828067 tatanacompanyltd@gmail.com MSP2-0020
21 21 KIRAMA MICROFINANCE LIMITED KILOMBERO DISTRICT P.O. BOX 31493, MOROGORO KILOMBERO MOROGORO 0718-164-026 siriwagodfrey2@gmail.com MSP2-0031
22 22 OMOKANA FINANCIAL SERVICES LIMITED MBEZI TANGI BOVU STREET, KINONDONI DISTRICT P.O. BOX 32733, DAR ES SALAAM KINONDONI DAR ES SALAAM 0675-536-520/0710-999-560 zbugumia@gmail.com MSP2-0024
23 23 WANYAHABHA CREDIT COMPANY LIMITED MAGU DISTRICT P.O. BOX 31, MAGU-MWANZA MAGU MWANZA +255 788,206,861/0765669590 josephmirumbe3@gmail.com MSP2-0025
24 24 ITANGO MICRO CREDIT COMPANY LIMITED NGAMIANI WARD, BARABARA YA KUMI STREET, TANGA CITY COUNCIL P.O. BOX 178, TANGA TANGA TANGA 0766771497; 0756171780; 0710756082 itangotz90@gmail.com MSP2-0026
25 25 SYLVER MICROFINANCE MAJENGO “D” STREET, NACHINGWEA DISTRICT P.O. BOX 291, NACHINGWEA-LINDI NACHINGWEA LINDI 0785848742 sylvanusmtunga123@gmail.com MSP2-0027
26 26 MR. FINANCE COMPANY LIMITED MABIBO WARD, JITEGEMEE STREET, UBUNGO DISTRICT P.O. BOX 63047, DAR ES SALAAM UBUNGO DAR ES SALAAM 0713-446-623 deskaka@yahoo.com MSP2-0028
27 27 ZAKARIA MICROFINANCE LIMITED BUZURUGA STREET, ILEMELA DISTRICT P.O. BOX 11894, MWANZA ILEMELA MWANZA 0745-500-522 amosmulungu@gmail.com MSP2-0030
28 28 ASPEN FINANCE TANZANIA DAR FREE MARKET MALL, KINONDONI MUNICIPAL COUNCIL P.O. BOX 25343, DAR ES SALAAM KINONDONI DAR ES SALAAM 255 754 069 769 lodrick@hotmail.com MSP2-0033
29 29 TIMBA MICRO CREDIT COMPANY LIMITED CHAUGINGI STREET, NJOMBE MUNICIPALITY, NJOMBE P.O. BOX 107, NJOMBE NJOMBE NJOMBE 0762-283-424 mafurusteven@googlemail.com MSP2-0029
30 30 SHIKUNDI MICROFINANCE LIMITED TOANGOMA WARD, TEMEKE DISTRICT P.O. BOX 15310, DAR ES SALAAM TEMEKE DAR ES SALAAM 0784 884784 annakirombo@yahoo.com MSP2-0034
31 31 MASSA CREDIT LIMITED KASIKI WARD, KILOSA DISTRICT P.O. BOX 91, MOROGORO KILOSA MOROGORO 0753507184 massacredit1@gmail.com MSP2-0032
32 32 MCA MICROFINANCE LIMITED PLOT NO.694, BLOCK A, SINZA KIVULINI STREET, SAM NUJOMA ROAD, KINONDONI P.O. BOX 32604, DAR ES SALAAM KINONDONI DAR ES SALAAM 0766760211 mheledar@gmail.com MSP2-0035
33 33 AYAZKAO MICROFINANCE LIMITED NGUSERO ROAD, OSUNYAI STREET, ARUSHA P.O. BOX 14938, ARUSHA ARUSHA ARUSHA 0756240384 ayubusadick73@gmail.com MSP2-0036
34 34 DAILY FINANCIAL SERVICES LIMITED PLOT NO. 25, LEVOLOSI STREET, ARUSHA P.O. BOX 12145, ARUSHA ARUSHA ARUSHA 0689-646-464 bonifacefm@yahoo.com MSP2-0037
35 35 MINI CREDIT COMPANY LIMITED PLOT NO. 5, BLOCK J, AREA F, PANGANI STREET, ARUSHA P.O. BOX 1037, ARUSHA ARUSHA ARUSHA 0765749593 jrmeku@gmail.com MSP2-0038
36 36 PROUD MICROFINANCE LIMITED KIMARA-MATOSA, DAR ES SALAAM P.O. BOX 63316, DAR ES SALAAM UBUNGO DAR ES SALAAM 0767104744 sarahalbin@yahoo.com MSP2-0039
37 37 KIMWAMA MICROCREDIT COMPANY LIMITED BOMA ROAD AREA, BUNDA DISTRICT P.O. BOX 33, BUNDA - MARA BUNDA MARA 0762-908922 jmbeba10@gmail.com MSP2-0040
38 38 LV FINANCE LIMITED MIEMBE SABA ‘A’ STREET, KIBAHA DISTRICT P.O. BOX 30260, PWANI KIBAHA PWANI 0718001368 lilly.enock@yahoo.com MSP2-0041
39 39 ADECHA MICROFINANCE & COMPANY LIMITED BANTU STREET, NYAMAGANA DISTRICT P.O. BOX 11688, MWANZA NYAMAGANA MWANZA 0179 861 223 or 0752 861 228 adechamicrofinance@gmail.com MSP2-0045
40 40 MM JUNIOR MICROFINANCE LIMITED TABATA BANEBANE STREET, ILALA DISTRICT P.O. BOX 40588, DAR ES SALAAM ILALA DAR ES SALAAM 0715-882-089 mmjuniortz@gmail.com MSP2-0042
41 41 WILLIAM CREDIT TANZANIA LIMITED PLOT NO.58 J, BHYILA STREET, ILEMELA DISTRICT P.O. BOX 7616, MWANZA ILEMELA MWANZA 0757062365 welema.william@gmail.com MSP2-0043
42 42 KIHEGHA MICROFINANCE LIMITED PLOT NO.12, BLOCK 13, BARABARA YA SITA STREET, DODOMA P.O. BOX 4088, DODOMA DODOMA DODOMA 0768425467 wamburajames82@yahoo.com MSP2-0044
43 43 ALUCHO FINANCIAL SERVICES COMPANY PLOT NO.34, BLOCK NO. 11, KIPANDE STREET, DODOMA P.O. BOX 1683, DODOMA DODOMA DODOMA 0682900108 manyerereevarist@gmail.com MSP2-0046
44 44 AMAFAINA MICROCREDIT LIMITED MWENGE KIJIJINI AREA, MAWINGU STREET, KINONDONI DISTRICT, DAR ES SALAAM P.O. BOX 4628, DAR ES SALAAM KINONDONI DAR ES SALAAM 0688384144 rebbyice@gmail.com MSP2-0047
45 45 VM MICROFINANCE LIMITED ILEJE IN SONGWE REGION P.O. BOX 81, ILEJE-SONGWE. ILEJE SONGWE 0758 475 970 gibitipius25@gmail.com MSP2-0052
46 46 RISE FINANCIAL SERVICES LIMITED PLOT NO. 375, BLOCK EE, NGARENARO AREA, CORNER PLAZA BUILDING, ARUSHA P.O. BOX 15619, ARUSHA ARUSHA ARUSHA 0754 560 328 or 0757 001 212 jamesesther2@yahoo.com MSP2-0050
47 47 GUPEKA MICROFINANCE 2020 LIMITED PLOT NO. 256, BLOCK B, GOBA-KUNGURU STREET P.O. BOX 3121, DAR ES SALAAM KINONDONI DAR ES SALAAM 0754 710880 jescakahwa@gmail.com MSP2-0051
48 48 AMACHA CREDIT TANZANIA LIMITED PLOT NO. 69, BLOCK C, MIKOCHENI B, LIGHT INDUSTRIAL AREA, DAR ES SALAAM P.O. BOX 6496, DAR ES SALAAM KINONDONI DAR ES SALAAM 0742-409-391 john.ndindwa@amachacredit.co.tz MSP2-0053
49 49 BHOKE FINANCE LIMITED MAKULU AREA, MWANGAZA STREET, DODOMA P.O. BOX 610, DODOMA DODOMA DODOMA 0752-297-553 bflmasijala@gmail.com MSP2-0054
50 50 WICOM FINANCE LIMITED LIKONGOWELE STREET, LIWALE DISTRICT, LINDI P.O. BOX 44, LIWALE - LINDI LIWALE LINDI 0656-081-748 wicomfinance@gmail.com MSP2-0055
51 51 TRACELL FINANCE LIMITED PLOT NO.203, MBEZI BEACH, KAWE AREA, KINONDONI DISTRICT P.O. BOX 32193, DAR ES SALAAM KINONDONI DAR ES SALAAM 0767266705 bernardandrew@tracell.co.tz MSP2-0056
52 52 JOHSTA MICROFINANCE LIMITED MIANZINI AREA, ARUSHA P.O. BOX 7374, ARUSHA ARUSHA ARUSHA 0769423961/0784433806 thomasjohn210@gmail.com MSP2-0048
53 53 RHOBI CREDIT COMPANY LIMITED KARATU DISTRICT, NEAR TERMINAL BUS STAND, ARUSHA REGION P.O. BOX 191, KARATU -ARUSHA KARATU ARUSHA 0752 382 341 or 0782352 411 rhobiboni@gmail.com MSP2-0049
54 54 EJK MICROFINANCE LIMITED KIKALE STREET, TEMEKE DISTRICT, DAR ES SALAAM P.O. BOX 120012, DAR ES SALAAM TEMEKE DAR ES SALAAM 0712-835-829 ejkmicrofinance@gmail.com MSP2-0057
55 55 MINAJO FINANCE LIMITED PLOT NO. 170, BLOCK NO. 19, KIBADA AREA, KIGAMBONI DISTRICT P.O. BOX 105071, DAR ES SALAAM KIGAMBONI DAR ES SALAAM 255 762 506799/789700006 minajofinance@gmail.com MSP2-0058
56 56 SELEBE MICRO CREDIT SIKONGE DISTRICT, NEAR MAJENGO PRIMARY SCHOOL, TABORA P.O. BOX 83 SIKONGE-TABORA SIKONGE TABORA +255 768 191340 selebe@gmail.com MSP2-0059
57 57 MTWEVE MICRO CREDIT COMPANY LIMITED MRIJO CHINI AREA, KONGWA P.O. BOX 71, KONGWA-DODOMA KONGWA DODOMA 0753957159 kaymbolcs@gmail.com MSP2-0061
58 58 SHINAMBA MICRO CREDIT COMPANY LIMITED SABA SABA STREET, BUNDA TOWN COUNCIL P.O. BOX 431, MWANZA BUNDA MARA 0755-744-917 mburamalima@gmail.com MSP2-0062
59 59 WANJIKO CREDIT COMPANY LIMITED NEWALA, MTWARA P.O. BOX 39, NEWALA-MTWARA NEWALA MTWARA 0654 718682/0717886281 hadijadigaga19@gmail.com MSP2-0063
60 60 KIGI MICROFINANCE COMPANY LIMITED MSAKILA ROAD, SUMBAWANGA - RUKWA P.O. BOX 789, SUMBAWANGA - RUKWA SUMBAWANGA RUKWA 0659700001/0745500522 giborewilson@gmail.com MSP2-0064
61 61 DANBEA MICROFINANCE LIMITED TEMBONI STREET, UBUNGO P.O. BOX 13033, DAR ES SALAAM UBUNGO DAR ES SALAAM 0784-766-622 simkangaupendo@gmail.com MSP2-0065
62 62 PAMOJA ENTERPRISE FINANCIAL SERVICES PLOT NO. 51, BLOCK E, BOKO AREA, CHAMA STREET, KINONDONI DISTRICT P.O. BOX 68382 DAR ES SALAAM KINONDONI DAR ES SALAAM +255 763 160 339 antusafm@yahoo.com MSP2-0060
63 63 MMUCO MICROFINANCE LIMITED PLOT NO.48, BLOCK A, BUSISI ROAD, SENGEREMA DISTRICT P.O. BOX 185 SENGEREMA- MWANZA SENGEREMA MWANZA 0757956442 or 0784847323 samsonmuhere@gmail.com / mmuco16@yahoo.com MSP2-0066
64 64 LESTEWI MICRO CREDIT PLOT NO.250, BLOCK 47, KIJITONYAMA AREA, SHEKILANGO ROAD, KINONDONI DISTRICT P.O. BOX 13873 DAR ES SALAAM KINONDONI DAR ES SALAAM 0715-151-627 sachamsuya@gmail.com MSP2-0067
65 65 WAMBU FINANCE COMPANY LIMITED NGUDU STREET, KWIMBA DISTRICT P.O. BOX 8, KWIMBA-MWANZA KWIMBA MWANZA 0756 671756 or 0782550460 adamwambura60@gmail.com MSP2-0068
66 66 SAUSI FINANCE COMPANY LIMITED UKONGA MAZIZINI STREET, ILALA DISTRICT P.O. BOX 11045 DAR ES SALAAM ILALA DAR ES SALAAM 0715 537552/0716-888-862 sausimwita@gmail.com MSP2-0069
67 67 KISHERY MICROCREDIT LIMITED MITI MIREFU STREET, SHINYANGA MUNICIPALITY P.O. BOX 72701, SHINYANGA SHINYANGA SHINYANGA 0764952412 juliusntiga@yahoo.com MSP2-0070
68 68 UKM MICROFINANCE COMPANY LIMITED PLOT NO. 83, BLOCK ‘N’, MOROGOROITY P.O. BOX 974, MOROGORO MOROGORO MOROGORO 0757973117 oerasto@mdh-tz.org MSP2-0071
69 69 VANSON MICROFINANCE COMPANY LIMITED KAMBARAGE WARD, SHINYANGA MUNICIPALITY P.O. BOX 30370, SHINYANGA SHINYANGA SHINYANGA 0718164026 siriwagodfrey2@gmail.com MSP2-0078
70 70 BOGACH FINANCE COMPANY LIMITED HOUSE NO. SG/UG/247, TABATA-UGOMBOLWA STREET, SEGEREA WARD,ILALA DISTRICT P.O. BOX 24062, DAR ES SALAAM ILALA DAR ES SALAAM 0752-878-362/0692-927-752 mariachacha070@gmail.com MSP2-0079
71 71 BOMANGI MICROFINANCE LIMITED MKURANGA P.O. BOX 57, MKURANGA, COAST REGION MKURANGA PWANI 0752 485235 bomangimkami@gmail.com MSP2-0072
72 72 WAHEKE MICROFINANCE LIMITED PLOT NO. 8, BLOCK ‘E’KENYATA ROAD, BOMANI STREET, MARA REGION P.O. BOX 342, TARIME, MARA TARIME MARA 0768 466 690 startledson4@gmail.com MSP2-0073
73 73 HP MICROFINANCE COMPANY LIMITED MBAGALA KISEWE, TEMEKE DISTRICT P.O. BOX 79337, DAR ES SALAAM TEMEKE DAR ES SALAAM 0756 253661 finance@hpmicrofinance.com MSP2-0074
74 74 JIMMY & G MICROFINANCE COMPANY LIMITED PLOT NO. 157, BLOCK NO. ‘A’, NYALIKUNGU STREET, MAGU DISTRICT P.O. BOX 81, MAGU, MWANZA REGION MAGU MWANZA 0764806294 mauchajames@gmail.com MSP2-0076
75 75 ARANO MICRO CREDIT COMPANY LIMITED SONGEA ROAD, MJI MWEMA STREET, NEAR MAKAMBAKO BUS STAND, WANGING’OMBE DISTRICT P.O. BOX 69, NJOMBE WANGING’OMBE NJOMBE 0674764535 or 0753249405 elizabethtweve5@gmail.com MSP2-0077
76 76 SISA CREDIT COMPANY LIMITED NEAR NMB-KIBITI BRANCH, KIBITI DISTRICT P.O. BOX 44, KIBITI - PWANI KIBITI PWANI 0782-448-195 / 0765-756-327 / 0232-010-931 / 0789-826-941 cosmassisa81@gmail.com / sisacredit@gmail.com MSP2-0080
77 77 NATRON FINANCIAL SERVICES COMPANY LIMITED MJI MWEMA STREET, USA RIVER, ARUMERU DISTRICT P.O. BOX 124, ARUSHA ARUMERU ARUSHA 0757-519-299 matridakibona95@gmail.com MSP2-0075
78 78 BMC FINANCIAL SERVICES LIMITED PLOT NO. 82, BLOCK ‘N’, MJI MKUU ROAD, MOROGOROITY P.O. BOX 2547, MOROGORO MOROGORO MOROGORO 0786-301-918/0754-538-747 sasibenedicto@gmail.com MSP2-0082
79 79 PANDA FINANCE LIMITED SINZA MORI, LUFUNGIRA/SHEKILANGO ROAD,KINONDONI DISTRICT P.O. BOX 75476, DAR ES SALAAM KINONDONI DAR ES SALAAM 0752667120/0655567279 g.lyimo23@gmail.com MSP2-0081
80 80 NDIMA MICROFINANCE CREDIT COMPANY LIMITED SOWETO RUANDA, MBEYA P.O. BOX 1402, MBEYA MBEYA MBEYA 0766-102-119 ndimbwelumwalukasa@gmail.com MSP2-0084
81 81 UNITY 3E SOLUTION MICROFINANCE LIMITED PLOT NO. 268, BLOCK ‘F’, MKOLANI WARD, MKOLANI B STREET, NYAMAGANA DISTRICT P.O. BOX 260, MWANZA NYAMAGANA MWANZA 0768310630 or 0755902273 tripple3esolution@gmail.com MSP2-0083
82 82 NOE FINANCE LIMITED PLOT NO.326, BLOCK T, IYELA WARD, SOWETO ROAD, MBEYA P.O. BOX 2530, MBEYA MBEYA MBEYA 0764843045 noefinancelimited@gmail.com MSP2-0085
83 83 KIRENGE MICRO CREDIT COMPANY LIMITED PLOT NO.35, BLOCK D, SOKO KUU STREET, KIGOMA MUNICIPAL P.O. BOX 152, KIGOMA KIGOMA KIGOMA 0757-402-075 kkitigwa@gmail.com MSP2-0086
84 84 ITRUST FINANCE LIMITED PLOT NO. 429, BLOCK B, MHANDO STREET, MASAKI AREA, KINONDONI DISTRICT P.O. BOX 22636, DAR ES SALAAM KINONDONI DAR ES SALAAM 0653609152 faiz@imaan.co.tz MSP2-0087
85 85 HEAKI CREDIT COMPANY LIMITED TANDIKA STREET, TANDIKA WARD, MTWARA DISTRICT COUNCIL P.O. BOX 92, MTWARA MTWARA MTWARA 0765062948 yusuphkilasi@gmail.com MSP2-0088
86 86 NYAMHANGA MICROCREDIT LIMITED PLOT NO. 174-175, RUJEWA BUS STAND, MBARALI DISTRICT P.O. BOX 21,RUJEWA, MBEYA MBARALI MBEYA 0767-862-647 ryobamarwa760@gmail.com MSP2-0089
87 87 CORESI MICRO CREDIT COMPANY LIMITED PLOT NO. 12, SHEKHBADI STREET P.O. BOX 331,LINDI LINDI LINDI 0742 718 000/0714 261 271 coresicredit2020@yahoo.com; emanuelgama20@yahoo.com MSP2-0090
88 88 BABROZI FINANCE LIMITED MIKUMI, KILOSA DISTRICT P.O. BOX 191, MOROGORO KILOSA MOROGORO 0686074467 mponzibaraka@gmail.com MSP2-0154
89 89 MAHENDE CREDIT COMPANY LIMITED MAJENGO STREET, MAGU DISTRICT P.O. BOX 200, MAGU, MWANZA MAGU MWANZA 0756908916 adukeoloo@gmail.com MSP2-0092
90 90 KABORA INVESTMENT MICROCREDIT LIMITED MKURANGA WARD, MKURANGA DISTRICT P.O. BOX 10, MKURANGA, COAST REGION MKURANGA PWANI 0718 557451 kaborainvestmentco.ltd@gmail.com MSP2-0094
91 91 MACROBA CREDIT COMPANY LIMITED MKWAJUNI AREA, MBEKU STREET, SONGWE DISTRICT, P.O. BOX 5 MKWAJUNI, SONGWE REGION SONGWE SONGWE 0755 809955 maikoj611@gmail.com MSP2-0095
92 92 SUMUNI CREDIT LIMITED TUNDURU DISTICT COUNCIL P.O. BOX 75, TUNDURU, RUVUMA TUNDURU RUVUMA 0753171550 sumunicredit@gmail.com MSP2-0097
93 93 ENOKWE FINANCE LIMITED PLOT NO. 635, BLOCK U - UMUTEX, MUSOMA DISTRICT P.O. BOX 679, MUSOMA, MARA MUSOMA MARA 0766-560-903/0754-644-088 nyamongerichard255@gmail.com; enokwefinanciallimited679@gmail.com MSP2-0098
94 94 JM & J MICROFINANCE LIMITED PLOT NO.16, BLOCK B, MBOYA STREET. SHINYANGA MUNICIPALITY P.O. BOX 1328, SHINYANGA SHINYANGA SHINYANGA 0754-072-870 alexwaryoba14@gmail.com MSP2-0099
95 95 HERITAGE MICROFINANCE COMPANY LIMITED UHURU ROAD, CROWN CENTER BUILDING, ARUSHA P.O. BOX 13637, ARUSHA ARUSHA ARUSHA 0765-377-370 gm@heritagefinancing.co.tz MSP2-0091
96 96 SAKE MICROFINANCE COMPANY LIMITED PLOT NO. 14, BLOCK Q, KINGO STREET, MOROGOROITY P.O. BOX 2314, MOROGORO MOROGORO MOROGORO 0767603737 sakemicrofinance66@gmail.com MSP2-0093
97 97 UPENDO FINANCIAL SERVICES LIMITED VINGUNGUTI AREA, ILALA DISTRICT P.O. BOX 6388, DAR ES SALAAM ILALA DAR ES SALAAM 0713 345271 amedeuskimath9194@gmail.com MSP2-0096
98 98 KIMWECHA MICRO-CREDIT COMPANY LIMITED PLOT NO. 5&6 BLOCK L, RUFIJI STREET, KARIAKOO, ILALA CBD P.O. BOX 9804, DAR ES SALAAM ILALA DAR ES SALAAM 0763013059 kimwechamicrocredit@gmail.com MSP2-0100
99 99 ROYAL HOUSE MICRO FINANCE PLOT NO. 123, BLOCK NO. 24, HOUSE NO. 132, MSIKITINI STREET, KIHESA AREA P.O. BOX 217, IRINGA IRINGA IRINGA 0714019123 mtisi_c@yahoo.com MSP2-0101
100 100 JOSUBI MICROFINANCE PLOT NO. 134/135, BLOCK NO. F, HOUSE NO. 132, BUZURUGA PLAZA STREET, ILEMELA DISTRICT P.O. BOX 11493, MWANZA ILEMELA MWANZA 0755719631 habibu.subira@yahoo.com MSP2-0102

I: Way Forward

Besides the challenges, MFIs have the opportunity to adopt the growing digital technology for reducing the impact of distance, time, and workload to reach low-earning clients, both rural and urban.

And in addition, a fully-fledged due diligence process shall be undertaken to determine the risks involved. Certainly, a due diligence process will uncover potential risks and hence guide the prospective investor in formulating appropriate policies and initiatives.

Below are the recommended ways to ensure growth and sustainability of microfinance business in Tanzania:

  1. Close monitoring of credit rendered to clients
  2. Promoting effective implementation of credit policies and regulations
  3. Promoting an effective credit assessment and appraisal system
  4. Developing a good credit policy, implementing it, monitoring it and
    ensuring proper and effective assessment of credits.
  5. Promoting proper and adequate information flow within the microfinance business
  6. Adopting continuous improvement approach on credit lending procedures
  7. Developing and improving profiling systems and hence create different credit portfolio for different customers segment
  8. Developing proper risk management policy and credit management strategies and ensuring proper and effective implementation


Published by Kessy Juma

Kessy Juma

Kessy Juma is the founder of Miamia Trading Company (miamiatz). He is a Techpreneur with roots in accountancy. He believes that any business is good as long it caters the right market using the right strategy.

miamia miamia miamia miamia


Published by Kessy Juma

Kessy Juma Kessy Juma is the founder of Miamia Trading Company (miamiatz). He is a Techpreneur with roots in accountancy. He believes that any business is good as long it caters the right market using the right strategy.

miamia miamia miamia miamia
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