FINCA Bank celebrates 20 years of impacting Tanzania!

The journey has seen FINCA evolve from a Microfinance institution to a full-fledged innovative bank

FINCA Micro-Finance Bank (www.FINCA.co.tz), a leading financial institution in Tanzania is marking its 20 years of serving and creating impact in Tanzania. The bank was established in 1998 as a microfinance institution providing loans to SMEs and entrepreneurs and has now evolved into a full-fledged bank that offers innovative products and services.

The celebration that was attended by over 300 guests who included FINCA Board of Directors, management, staff and the top management from FINCA global network kicked off with a colorful Dinner Gala at the Dar es Salaam’s Serena Hotel where FINCA re-affirmed its commitment to continue being a leading force in driving financial inclusion in the country.

The President and CEO of FINCA Impact Finance, Andree Simon congratulated FINCA Tanzania for its eventful journey that has culminated to 20-years of progress and transformation, enabling the institution to morph from a humble background as a micro-lender to the Microfinance bank that it is today. “FINCA’s shareholders are committed towards providing responsible financial services to low-income individuals and their communities, helping people to build assets, create jobs and raise their standard of living” Said Simon.

“Their investment has helped expand FINCA’s lending to clients and has supported the ongoing transformation of FINCA’s microfinance subsidiaries into licensed financial institutions that can offer a full range of essential financial services. Our aim is to put financial power in the hands of or around the corner from our customers, no matter where they live.” Further stated Simon.

FINCA’s Board Chairman Mike Gama-Lobo thanked fellow board members and the top management of the bank for their exemplary efforts that had led to the meteoric rise of FINCA, achieving incredible milestones in the otherwise challenging business environment. He said “We are living in challenging times that provides opportunities for disruptions across the board. Our business model needed to change. We will be rolling out our new high breed digital business model that will bring banking services to customers throughout the country reaching the underserved and rural communities.”

Mr. Gama Lobo highlighted that “Digital technologies have spread rapidly in Africa and FINCA is at the forefront in leveraging these technologies in order to provide financial services to more people and support the continent’s financial inclusion drive.”

On his part Chief Executive Officer of FINCA Microfinance Bank Tanzania, Issa Ngwegwe said: “This 20-year breakthrough is a testimony of FINCA’s motivation to provide secure, impactful monetary services to empower the deserving small entrepreneurs in Tanzania”.

Explaining on FINCA’s credit portfolio, Ngwegwe added “Since FINCA’s inception in 1998, we have provided over billions in credit to millions of clients including micro entrepreneurs, growing their businesses, creating jobs and improving living standards. In the coming years, we will continue to play a major role in improving access to financial services for SMEs which are the cornerstone of our country’s micro-economy”.

He further said that FINCA is committed to its mission of alleviating poverty through lasting solutions that help people build their assets, create jobs and raise their standards of living.

Speaking at the event, Deputy Governor, Bank of Tanzania, Financial Stability and Deepening, Dr. Bernard Kibesse underscored the important contribution made by FINCA in driving financial inclusion in Tanzania. He further said “the government of Tanzania continues to strengthen policies and the regulatory framework aimed at promoting inclusion and responsible banking services.”

Source: APO