Tanzania Pride transform microfinance

Pride Tanzania to transform to
microfinance bank
PRIDE Tanzania is finalising the process of self -
transformation into microfinance bank , thus enhancing its
capacity to serve better its customers as well as reaching
more the financially under served rural population.
This was said in Dar es Salaam by Pride Tanzania Senior
Operation Officer responsible for marketing , Mr Jumanne
Bundala , in the ongoing 39 th Dar es Salaam International
Trade Fair (DITF ).
“We have already made application for licence to the Bank
of Tanzania (BoT) with hope of kick - starting before the end
of the year , ” he said, adding that all other processes and
preliminary requirements by the regulator for
establishment of the microfinance banking institution have
been met .
He said arrangements of for selling shares will primarily
done internally involving staff , customers and donors to be
followed by the process of listing at the Dar es Salaam
Stock Exchange (DSE ) .
He said transformation aims at building necessary capacity
for Pride Tanzania to serve as many citizens as possible
so that they effectively participate in raising their
household incomes .
Since establishment in 1993 , Pride Tanzania which offered
small credits with affordable conditions has developed
into a big institution with about 71 branches countrywide.
He said the institution has currently over 150, 000
customers with a network of 71 branches countrywide.
The greater number of customers is entrepreneurs
empowered through loans by Pride Tanzania .
At the ongoing trade fair , a total of 65 entrepreneurs from
different parts of the country are showcasing products
mostly from handmade.
The Tanzanian business community has for years been
confronted by among other things bureaucracies in the
legal and regulatory framework , poor infrastructure,
inadequate business skills and limited access to finance .
These include creating an environment that is conducive
for business promoting the use of research and
development output and propagation of entrepreneurial
attitudes and skills .
With training, Pride Tanzania feels the Small and Medium
Enterprises (SME) would be reinforced to play a central
role in the efforts to make the private sector the engine of
economic growth