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ISSUE: NUMBER 1 DATE: APRIL 1

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F I N C A

FA M I LY

AC R O S S TA N Z A N I A

N E W S L E T T E R

A P R I L

GMM TANZANIA

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FINCA Star Award Jimmy Ngoye is a true champion of the customer experience. FINCA Tanzania’s Star Award winner PAG E

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FINCA 20 Years Celebrations FINCA Micro-Finance Bank, a leading financial institution in Tanzania is marking its 20 years of serving and creating impact in Tanzania PAG E

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Financial Inclusion Learning Event Efforts to bolster digital financial inclusion in Tanzania and indeed other countries in Africa

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Message from the CEO Dear FINCA Family, I am pleased to write to you all as the Bank is at the heart of celebrating 20 Years of operation in Tanzania since establishment in 1998. Since we started, we have built up a collective team effort which dedicates its expertise in serving the unbanked population of Tanzania, under the wings of our channels, innovations by also observing the Core Values. The Bank aims to grow more and surpass all the milestones we have set so far without forgetting resilience and consistent in each one of us to serve the clientele we have grown organically. I urge you all to be focused and still be the key drive in pushing positive Customer Experience. As of lately – the Bank is proud of key partnerships like Haloyako, a Mobile Money Savings Product, Tanzania InterBank Settlement System (TISS) and MoneyGram, a Money Transfer solution within Tanzania and International, which enable us to collect extra income. The services position the Bank’s efforts in providing alternative Financial Solutions to Tanzanians. In the pledge of Sustainable Business Performance, this note also calls for strong attention and pro-activeness to everyone in the Bank to play a part in Business Development Strategies which will maintain customer retention and bring in new business to the Bank from Savings to Loans to grow the Bank’s portfolio. A strong shift in providing the right Financial Solutions to Existing to Bank Customers and selling the Bank’s Products Value Proposition to the prospects needs to take a speed

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FINCA trailblazes digital financial inclusion drive in Tanzania Country’s fastest growing micro-finance institution partners witthe Mastercard Foundation to boost Africa’s financial inclusionsion

“Digital technology models are catalysts to financial inclusion and the development of the digital ecosystem is key to increasing access to finance”

Dar es salaam, Tanzania, February 16th 2018: Efforts to bolster digital financial inclusion in Tanzania and indeed other countries in Africa have received a shot-in-the-arm following a productive conference organized by FINCA Micro-Finance Bank Tanzania in partnership with and the Mastercard Foundation. Bringing in experts, institutions and other players in the financial sector, the conference, held in Tanzania’s commercial capital, Dar es Salaam, culminated in a pledge by the participants to work more closely in collaboration with governments, telecoms and other financial sectorplayers to come up with innovative and effective means of providing financial services to the base of the pyramid at scale and low cost. To achieve its objectives, the conference underscored the instrumental role played by collaborative efforts by all sectors through leveraging rapid development in the MNO space, especially mobile money.

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Riding on its wide-ranging theme, ‘Driving Financial Inclusion services into areas where bank branches may not exist. Through Digital Solutions; Implications for Sector Players’- the event, drawing more than 100 participants, provided a most ideal Active efforts to assist the newly included people to platform to share key lessons and insights learned over the past • 5 years through the FINCA - Mastercard Foundation partnership take advantage of the services placed at their disposal. to scale financial services to the unbanked communities in Tanzania, Zambia and Malawi. • A call for more collaboration among stakeholders from “Digital technology models are catalysts to financial inclusion various sectors and in particular the telecommunication sector and the development of the digital ecosystem is key to to address challenges of access to financial services and share increasing access to finance”, said FINCA’s Chief Executive Officer, best practices and encourage policies that enable more people Issa Ngwegwe, in his opening remarks. to take advantage of the opportunities to improve their lives. Ngwegwe extolled FINCA’s rigorous efforts in driving financial inclusion through various products and services over the years, including partnerships with mobile network operators in bringing The chief guest at the event was Dr. Ashatu Kijaji, Tanzania’s financial services and products to communities particularly in Deputy Minister for Finance and Planning who underscored the peripheral areas that would otherwise miss out from banking government’s commitment to supporting financial inclusion to products and opportunities they bring in developing businesses the poorest and most excluded while also ensuring proper rules and regulations to protect consumers. and raising standards of living. He further continued to explain: “Digital platforms, such as mobile and agency banking are key in reducing the cost of reaching the millions of Tanzanians who are still unbanked. Partnerships with mobile network operators show great potential in scaling financial services more efficiently”.

Speaking at the event, the Deputy Governor of Bank of Tanzania (BoT), YamunguKayandabila said that the Bank had put in place robust regulatory framework and policies aimed at supporting financial inclusion efforts in Tanzania.

Speaking on the partnership between FINCA and the Mastercard Foundation, FINCA Canada’s Executive Director, Stephanie Emond said that this partnership had helped FINCA lay a firm foundation for growth through leveraging financial and learning technologies to improve services and build FINCA’s capacity, while also improving its ability to better understand the needs of its clients and the impact that its financial inclusion efforts had on them. “We hope that through this conference, we can share some of the lessons from our recent journey and foster more collaboration amongst the space to better address market constraints and help create an enabling environment for accessible and responsible financial services”, Stephanie said. Available statistics show that collaboration by various financial services and telecommunications sector has had positive and impactful result as evidenced by the increase in the usage of financial services throughout Tanzania from 58 per cent in 2013 to 65 per cent in 2017. However, despite these impressive statistics, a lot more needs to be done in order to ensure a more productive inclusion. Key takeaways from the conference included • A call to the government to create an enabling environment for financial access by having supportive laws and regulations. • Having a collaborative approach among the government, the private sector and civil society organizations. •

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Embracing technology that lowers costs and extends FINCA MICROFINANCE BANK

“We hope that through this conference, we can share some of the lessons from our recent journey and foster more collaboration amongst the space to better address market constraints and help create an enabling environment for accessible and responsible financial services”


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FINCA celebrates 20 years of impacting Tanzania The journey has seen FINCA evolve from a Microfinance institution to a full-fledged innovative bank.

“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”

Dar es Salaam, March 2nd 2018: FINCA Micro-Finance Bank, 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 SME’s and entrepreneurs and has now evolved into a fullfledged 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.

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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 lowincome 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.

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.”

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 continents 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”.

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“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 continents financial inclusion drive.”


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FINCA 20 years end of year party FINCA Microfinance Bank Headquarters staff members alongside all Dar branches on the 29th December they held an end of year party that took place at TAN House building. On the event, Issa Ngwegwe, CEO thanked all staff for the support throughout the year 2017, he insisted that still the focus of the bank is to become the #1 financial institution within the country and that can happen if we all come together as a team and work together in delivering innovative, substantial financial service to all our clients countrywide.

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GMM TA N Z A N I A On the 27th February, 2017 all the global top management, board of directors and partners had an opportunity to come together for a four day long FINCA Global Management Meeting at Serena Hotel, Dar es Salaam. GMM was an opportunity to bring together FINCA’s leaders and partners to tackle the most important questions they face so as in the long run they can ensure that FINCA’s mission is well achieved. It will also an opportunity to celebrate FINCA Tanzania’s 20th Anniversary. On the first day of the GMM meeting all members had an opportunity to participate on a field trip in which they had an opportunity to see how Agency Banking operates, How to enroll a new client through DFA tablets and so much more.

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FINCA S TA R

AWA R D W I N N E R

“For me the award is not about individual accomplishment; rather, it’s about what I have got to do in my daily activities and it shows how people are satisfied with the way I work at FINCA. The greatest reward for doing is the opportunity to do more.” - Jimmy Ngoye

Jimmy Ngoye is a true champion of the customer experience. FINCA Tanzania’s Star Award winner joined FINCA in April 2011 as a Client Relationship Officer before he was promoted to the Credit Supervisor position in August 2012. Displaying remarkable work ethic and aptitude, Jimmy was eventually promoted to Branch Manager in October 2016. Since then Jimmy has worked tirelessly to instill a profound dedication to the customer experience in his branch staff. A branch colleague said, “Jimmy has transformed our CX since he joined the branch. He has really tried to make us understand the needs of our customer by the way he responds to them whenever they raise concerns. Jimmy listens to whomever approaches him and provides solutions.” In one instance, Jimmy had a staff member who was feeling unmotivated to the point that the she decided to quit FINCA. Jimmy proactively talked with the employee to better understand her specific concerns while encouraging her to exercise patience and ask for support. Jimmy was able to change the employee’s mindset and she found new life with FINCA; in fact, she was named employee of the quarter three times in 2017. Success stories like these are just one of the reasons Jimmy Ngoye is FINCA Tanzania’s 2017 Star Award winner. On winning, Jimmy remarked, “For me the award is not about individual accomplishment; rather, it’s about what I have got to do in my daily activities and it shows how people are satisfied with the way I work at FINCA. The greatest reward for doing is the opportunity to do more.”

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International Women’s Day FINCA Microfinance Bank, Tanzania on the 8th March this year was happy and proud to celebrate the International Women’s Day. During a short session on commemorating the International Women’s day at the Bank’s Head office the Head of Human Resources Department, Mary Magoire, said: “Today we celebrate International Women’s Day – and we have much to celebrate because the bank has achieved of 50/50 ratio of employment gender diversity.” “There is no doubt that our work empowers women to create their businesses—through access to finance, education, jobs— to improve their quality of life, and to invest in the well-being of their families,” Magoire added. But as we look across the world, gender inequality persists, FINCA Microfinance Bank has initiated the move of clearing the disparity by achieving this great Gender diversity ratio that is aligned to our Government policy of 50/50 representation in decision making. Also the Chief Executive Officer, Issa Ngwegwe had a chance to thank all the women for their contribution towards the bank’s development. “I would like to congratulate all the women of FINCA Microfinance Bank, you’re the rock stars and I’m proud of what you do, the commitment and dedication to making sure the FINCA’s mission and vision are achieved,” Said Ngwegwe. He Concluded, “It is not just the 50/50 achievement it is the strength that you bring to the team, keep it up.” For the Bank International Women’s Day is taken as a moment to pause and reflect on the achievements of women at FINCA and around the world. It is also a time to make a gender-focused action commitment through If setting goals and drive toward making decisions that support change.

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“Today we celebrate International Women’s Day – and we have much to celebrate because the bank has achieved of 50/50 ratio of employment gender diversity.”

-Mary Magoire

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Bajaj hand over ceremony – FINCA Iringa

On 13th March 2018, FINCA Microfinance Bank Tanzania hands over 7 Bajaj worth more than 50 Million shillings to Iringa Bajaj Bikers Association.

Brief of the event

The event took place at Mikutano Mwembetogwa grounds and it was graced by the District Commissioner, Mr. Richard Kasesela accompanied by the ASAS Managing Director Ahmed Abri. Iringa’s District Commissioner acknowledged the efforts shown by FINCA Microfinance Bank in empowering young entrepreneurs through such loans within the region. “I am grateful and thankful by the initiative shown by the bank in enabling this association with a substantial financial service”, said Kasesela. GO GO IRINGA!!

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B U I L D I N G TO M O R R O W TO G E T H E R

Bagamoyo Road, Plot No. 34/1 8th Floor, TAN House, Victoria Area, P.O.Box 78783, Dar es Salaam.

Hotline : +255 (0) 755 980 350 Main Oce: +255 (22) 2172452/3 Mobile : +255 (0) 756 964 704 Fax : +255 (22) 2172454

www.finca.co.tz

Finca ni kwetu  

Connecting the FINCA family across Tanzania

Finca ni kwetu  

Connecting the FINCA family across Tanzania

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