DAR-ES-SALAAM, – February 2, 2018–
As part of Citi’s ongoing commitment to the field of microfinance, we are pleased to announce that the Citi Foundation will continue its support the Citi Microentrepreneurship Awards program again this year, highlighting the achievements of some of the most innovative micro-entrepreneurs in Tanzania.
The Citi Microentrepreneurship Awards is a signature program of the Citi Foundation. The Awards seeks to promote financial inclusion and generate recognition for the extraordinary contributions that individual micro entrepreneurs have made to the economic sustainability of their families, their communities and the wider economy. Launched in 2005 and now spanning more than 30 countries, the Citi Microentrepreneurship Awards highlight the contributions of micro-entrepreneurs and microfinance institutions (MFIs) to their local economies. Through the program, the Citi Foundation has invested more than $21 million in microfinance networks and MFIs around the world, convening thousands of key stakeholders that influence sector-wide policy and regulation and encourage innovation around the world. Citibank has partnered with Tanzania Association of Microfinance Institutions (TAMFI) to manage the awards, where over 70million Tanzania Shillings will be awarded to 16 winners. Last year, the CMA was a remarkable event which recognized and awarded 16 Micro entrepreneurs selected by Microfinance Institutions.
Citibank Tanzania CEO Mr Joseph Carasso and Tanzania Association of Microfinance Institutions (TAMFI) CEO Mrs Winnie Terry, address the press at the launch of 2nd Citi Micro-entrepreneurship Awards for Tanzania. 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.
The winners who exhibited excellence in areas such as loan repayment, business growth, employment growth, and impact on the community took home cash and non-cash prizes. Speaking at the launch, Winnie Terry, TAMFI’s Chief Executive Officer said “The awards will go a long way to highlight the achievements of some of the most innovative micro-entrepreneurs.” “As we look to creating opportunities and widening pathways for micro-entrepreneurs including women and youth in Tanzania, these awards will provide the much needed highlight on the significant contribution that micro and small businesses are bringing to the economy”. “In today’s Tanzania, the government is championing industrialization. Micro-entrepreneurs and microfinance institutions are capable of playing a big role, initially in establishment of cottage industries, which later can grow into mainstream factories,” Citibank Tanzania CEO Joseph Carasso, said. Citi is therefore proud to contribute to the development of micro-entrepreneurship and ultimately better livelihoods for the communities where we live and work. The participating micro-entrepreneurs will present their businesses to microfinance experts and leaders from the public, private and academic sectors. The competition and judging process will be held end of March this year, when the winners will be announced at an awards ceremony in Dar es Salaam.
The categories will be based on demographics, gender and economic sector. The criteria will be based on business growth, profitability, innovation, and job creation. The business should also have had a positive impact on the livelihood of the micro-entrepreneur, their family and their community. An overall winner – the Micro-entrepreneur of the Year Award and the Most Innovative MFI Award will also be included. The Citi Micro-entrepreneurship Awards strives to ensure that small business owners throughout Tanzania are celebrated for their efforts in creating sustainable businesses in their communities.
### 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.
About the Citi Foundation: The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. The foundation invests in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfil their mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com. About Citi: Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
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