ICRA Rating Agency Limited Joins Forces with TAMFI to Elevate Microfinance Sector

In a significant stride towards bolstering the microfinance landscape in Tanzania, ICRA Rating Agency Limited has joined hands with the Tanzania Association of Micro-Finance Institutions (TAMFI). The Memorandum of Understanding (MOU) formalizing this collaboration was signed on January 25, 2024, in the presence of key figures including Ms. Winnie Terry (CEO – TAMFI), Mr. Hassan Mansur (Director – ICRA Rating Agency Limited), and Mr. Muhammad Zeeshan Khan (Global General Manager – ICRA Rating Agency Limited).

TAMFI, established in 2001, stands as a not-for-profit umbrella organization dedicated to fostering the growth of microfinance institutions across Tanzania. As the sole network for microfinance activities in the country, TAMFI undertakes various initiatives such as advocacy, lobbying, research and development, responsible microfinance, capacity building, and information dissemination to enhance the capabilities of microfinance institutions and the sector at large.

On the other hand, ICRA Rating Agency Limited, recognized as one of the fastest-growing entities in the credit rating services domain, has consistently demonstrated a strong commitment to the African market. The organization aims to spotlight Tanzania and other African markets globally by leveraging its expertise in providing credit ratings for corporations and financial institutions.

The collaborative effort between ICRA Rating and TAMFI is poised to make a positive impact on all Microfinance Institutions (MFI). Recognizing the potential for transformative change, both entities have agreed to extend special privileges to TAMFI members, offering them discounted rates for credit rating services.

As part of their joint commitment to knowledge-sharing and empowerment, ICRA Rating and TAMFI plan to organize a seminar or webinar. This initiative aims to enlighten stakeholders about the significance of credit ratings and how they can contribute to the success of microfinance institutions. The specific dates for these events will be announced shortly.

This collaborative endeavour holds the promise of not only elevating individual microfinance institutions but also fostering a more robust and resilient microfinance sector in Tanzania.