DAR-ES-SALAAM, – July 19, 2021–
Tanzania Association of Microfinance Institutions (TAMFI) on 16 June 2021 announced the winners of the fourth Citi Micro-entrepreneurship Awards(CMA) at a ceremony in Dar es Salaam and virtually.
In the business competition funded by the Citi Foundation and coordinated by TAMFI, a not-for-profit umbrella organisation for microfinance institutions, about 13 winners collectively took home about TZS 85 million. The awards this year are linked to United Nations Sustainable Goals (UN SDG).
Ms Ruth Gidion Magawa, owns a small dairy processing firm won the first award, $ 7,500. Mr. Daudi Marko Simfuke, who greatly enjoys manufacturing agro-processing machines won the second prize amounting to $ 6,000, while the third, prize $ 4,000 went to Ms Joyce Robert Kalamage, who owns and manages a Pharmacy, dispensary and mini supermarket.
Initially, 24 candidates were shortlisted for the 4th Citi Micro-entrepreneurship Awards(CMA) final round, a list narrowed down from 350 participants. Six independent judges ranked the winners individually, and a final analysis gave out the 13 winners.
Judge’s representative Prof Jones Kaleshu, noted there was a marked innovation in the micro entrepreneurs that participated. “We saw micro entrepreneurs taking their trade to new innovative levels. With more encouragement, including what CMA awards is doing, it is possible to inspire micro entrepreneurs to grow to new levels and become national and international companies of tomorrow,” he said.
According to Citibank Tanzania CEO Mr. Geofrey Mchangila, CMA programme goes a long way to recognize the extraordinary contributions that individual micro entrepreneurs have made to the economic stability of their families as well as their communities across Tanzania.
He said the awards have highlighted innovative micro entrepreneurs who are the big enterprises of the future. Supporting and promoting Micro-enterprises was vital for realisation of the UN’s seventeen Sustainable Development Goals (SDGs), he said. “It is very important to increase the access of small-scale enterprises, particularly in developing countries, to financial services to facilitate integration into value chains and markets,” he noted.
The CMA has been a signature component of the Citi Foundation’s work on financial inclusion for over a decade. Since 2005, the CMA has focused on providing economic empowerment opportunities for micro-entrepreneurs in about 30 countries.
TAMFI Board Vice chair Altemius Millinga, who is also the Managing Director at Yetu Microfinance Bank PLC, hailed CMA as a breakthrough in promoting access to an inclusive finance to micro entrepreneurs inTanzania. He thanked the Citi Foundation for the commitment to promoting inclusive financial access for the low income people.
“The winners go a long way to show the masses that prudent borrowing and repayments in business plays a key role in economic development,” he said.
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.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Contact: TAMFI- Winnie Terry +255 764 668 331