The competition will go along way to inspire more Tanzanians to borrow from microfinance and use the funds wisely to start or expand their businesses- Winnie Terry, CEO TAMFI
By Eliza Lisa
The lucky winners of the Citi Bank’ Citi Micro-Entrepreneurship Awards Program in Tanzania will be announced and awarded on 22nd September 2016, it has been announced.
Tamfi CEO Winnie Terry making the announcement at her offices yesterday said the competition would go along way to inspire more Tanzanians to borrow from microfinance and use the funds wisely to start or expand their businesses.
“Judges are on the final stages of selecting the winners, who will be announced on 28th September at Hyatt Regency in Dar es Salaam,” she noted.
According to Winnie, the awards program is designed in raising awareness about microfinance among micro entrepreneurs who benefit from it. Hundreds of micro entrepreneurs presented their business projects for examination but only thirty one (31) were shortlisted for the final selection, by independent consultants contracted by TAMFI the umbrella business association of microfinance institution.
TAMFI congratulates the shortlisted micro entrepreneurs (see the list here CITI AWARDS) and wish all them all the best in the final selection. Judges are still working on the selection of the final award winners. TOTAL$ 37,500According to TAMFI’s executive secretary the AWARD CATEGORIES AND PRIZE AMOUNTS are as follows
(1) Overall Micro entrepreneur of the year award – $ 7,500
(2) 1st runner-up – $ 6,000 (3) 2nd runner – up – $ 4,000
(4) Loan Officer of overall micro entrepreneur of the year – $ 1,500. This is to recognize a Loan Officer’s role in provision of financial services to micro-entrepreneurs and support.
(5) Youth Micro entrepreneur – $ 2,000. Intended to motivate more youths to participate in micro enterprises. Special focus to youth is inevitable since they form the biggest number of unemployed workforce in the country. (18 – 25 years old)
(6) Woman Micro entrepreneur – $ 2,000 Special focus on women is critical because studies have shown that generally, women are poorer than men faced with uneven access to resources. Participation in CMIA will encourage them into competent producers.
(7) Disabled Micro entrepreneur – 2,000. There are a number of challenges faced by disabled micro entrepreneurs including infrastructure and mobility. Including them in the program will boost their engagement in socioeconomic activities.
(8) Other 10 Micro entrepreneurs – $ 10,000. This group will widen the scope of outreach to those micro entrepreneurs who have put efforts to a certain level.
(9) Most innovative MFIs (innovations on products and services, delivery channels, methodology, preferably in the rural) – $ 2,500