FINANCE AND PLANNING MINISTER OPENS 3RD RURAL AND MICROFINANCE CONFERENCE IN DAR ES SALAM

With the theme of Rural Finance and Agricultural Transformation in Tanzania, the conference kicked off yesterday 13th July 2017 at Julius Nyerere International Convention Center, Dar es Salaam.

The forum was officially opened by the  state minister of planning and finance, DR Philip Isdor Mpango who in his speech said that people in the villages are not really included in finance service as the finscope2017 research  states,its only 6.8% of them who obtains the financial support,and yet the numbers of those who live in urban and rural areas are  different and we see they are three times more than those living in the city and yet they are not there and they are not supported.The figures for  the entreprenuers are only 620,000, which is about 20% of all of them who obtain the loans and more than 70% of them did not use any  financial support  and  that is the challenge.Also according to the research that was conducted in 2014,finscope says that 26.8% of workforce does not have any financial support. There are definitely   challenges for financial institutions to be able to reach everyone ,especially in rural areas and many challenges are infrastructure, technology,financial awareness among communities and high interest rates payed for financial services.

He outlined the way forward by different roads , advised the entrepreneurs to do the following  things ,To have the saving culture individually in  and in SACCOS,Restrict measures before taking the loan-know why you are taking the loan and use it for business only and obtain knowledge or ideas for the business you want to start.

Also he recommended the financial institutions to improve financial education offered to  the community-the people who go for loans don’t fully understand the rules and policies of borrowing, give women the priority and also do followup on progress of loans offered.

He promised that the microfinance bill will be passed probably in the year 2017/2018.

The conference continues today with many issues affecting rural micro finance being discussed.

 

 

 

Similar Articles

EAST AFRICA MICROFINANCE ... REGISTER TODAY! The Tanzania Association of Microfinance Institutions (TAMFI) in collaboration with East Africa Microfinance Network (EAMFINET) is organizing the second East Africa Microfinance Summit. EAMFINET is
INVITATION TO THE EAST AF...   The Association of Microfinance institutions of Uganda (AMFIU) in collaboration with the Ministry of Finance Planning and Economic Development will be hosting this year’s East Africa
JOB OPPORTUNITY AT TAMFI DATA COLLECTION APPLICATION The Tanzania Association of Microfinance Institutions (TAMFI) is an umbrella of microfinance institutions in Tanzania that seeks to strengthen Tanzania’s microfinance sector by promoting
NATIONAL MICROFINANCE POL... NATIONAL MICROFINANCE POLICY 2017 OCTOBER, 2017 Policy – Fedha English 3
East Africa Microfinance ... CLICK ON THE LINKS TO DOWNLOAD THE PRESENTATIONS ISLAMIC BANKING AS A TOOL OF FINANCIAL INCLUSION BY AMANA BANK – amana-bank AN INITIATIVE FOR RURAL MICROFINANCE HOUSING BY
Loan Portfolio Management... Under MIVARF 2016-17 support, a three days training on Loan Portfolio Management was held on 29th to 31st March 2017 at Peacock Hotel City Center. The Training
CITI MICRO ENTREPRENEURSH... Theme: FINANCIAL INCLUSION AND ECONOMIC EMPOWERMENT OF LOW INCOME INDIVIDUALS Early this year, Citi Bank launched Citi Micro-Entrepreneurship Awards Program in Tanzania, conducted by Tanzania Association of
TAMFI HOSTS THE SECOND EA... The Tanzania Association of Microfinance Institutions (TAMFI) in collaboration with East Africa Microfinance Network (EAMFINET) is hosting the second East Africa Microfinance Summit. EAMFINET is an umbrella
TAMFI hosts Frankfurt Sch... By Eliza Lisa: TAMFI offices on September 8  2016 hosted excited candidates sitting for their final exams for micro-finance courses. “We had the final exam for Frankfurt School
The Launch of the Citi Mi...   This is the first time the programme has come to Tanzania. It highlights the contributions of micro-entrepreneurs and microfinance institutions (MFIs) to their local economies  

Leave a Reply

Your email address will not be published. Required fields are marked *