IMPORTANT NOTICE TO TAMFI MEMBERS
AMAZING PRIZES TO BE WON
Tanzania Association of Microfinance Institutions in collaboration with Citi Bank is announcing Citi Micro entrepreneurship Awards. TAMFI member Microfinance Institutions can send applications to compete for the awards. The program aims at recognizing the extraordinary contributions that individual micro entrepreneurs have made to the economic stability of their families as well as their communities. in Tanzania. Over 70million Tanzania Shillings will be awarded to 16 winners: (1) Overall winner (2) Second winner (3) Third winner (4) Loan Officer of the overall winner (5) Youth Micro-entrepreneur -18-25 years old (6) Woman Micro entrepreneur (7) Disabled Micro entrepreneur (8) Other 10 Micro entrepreneur (9) Most innovative MFI – innovations on products and services, delivery channels, methodology etc
Who is eligible to win?
Any micro entrepreneur accessing a microfinance loan from a MFI, Commercial, Community, Microfinance Bank, SACCO or VICOBA is eligible to compete for the prize. The financial institution should review its portfolio to identify no more than two candidates who can compete for a prize pool of over TZS 70,000,000. Women, Youths & Persons with disability are highly encouraged to participate.
What are the award criteria?
The successful entrepreneur should be a multifaceted individual whose business intervention has lead to a broad range of changes in their business, in their community, in their family. We will evaluate each application under the lens of the following criteria:
Business growth: Please explain the history of the business, what it is, how and when it was started, the revenue/sales volume when began and how it looks today; what do they sell on a monthly basis. How many branches do they have compared to when they started or has the operating facility been expanded or changed. Identify any multiplier effects that this business has had on other business—identify the benefits its suppliers or buyers have enjoyed as a result of this businesses growth noting whether these businesses’ are within the community, outside its district or beyond.
Employment creation: Share the evolution of number of employees. Has the business moved from sole proprietorship to employ more people including non-family members? How many people were employed initially and what the total is today. What is the gender break down of the employees?
Sustainability: Does the business meets its costs, is it formalized or considering registration. Is its success dependent on the entrepreneur or will it continue – based on the structure in place?
Innovation: What does the business do differently to make it successful? Does it offer a unique service or product? Have they introduced information and communication technologies or energy saving equipment to make it run more efficiently?
Financial discipline: Has the Client shown high degrees of financial integrity related to savings, loan repayments and investment of repeated increasing loan funds? Please provide specific information regarding credit and savings history.
Family impact: How has the success of the business positively impacted the family life? Has the business success enabled the client to improve housing, health care, education for children, sanitation etc. Please provide specific examples.
How is an application submitted?
The financial institution, after identifying its top two candidates, needs to simply fill out the attached application form and return to TAMFI .
Citi Awards application forms (link)
Please include some few photos of the nominated micro entrepreneur preferably taken at business premises.
Remember, your candidate(s) is competing against scores of other entrepreneurs so the more information provided, the greater the detail and the more compelling the story told, the greater the chance that your institution and your client will be recognized for achievements.
How will I know we have won?
After reviewing all the applications, short listed entrepreneurs/businesses will be visited by members of the illustrious evaluation panel to learn more about the business and the entrepreneur, their family and the community. The process of evaluation will involve intensive video shooting and photo-taking of the shortlisted. Final winners will be contacted through the referring MFI. Both the MFI and the individual will be invited to attend the award ceremony to be announced later.
For more information on this program please contact:
TANZANIA ASSOCIATION OF MICROFINANCE INSTITUTIONS (TAMFI)
54A UPOROTO STREET, OFF BAGAMOYO ROAD,
DAR ES SALAAM
Mobile: +255 764 668 331 and +255 752 251 188
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