24 outstanding entrepreneurs shortlisted for the 4th Citi Micro-entrepreneurship Awards (CMA) in Tanzania
*Ths 85 million up for grabs
Dar es Salaam, Tanzania
Tanzania Association of Microfinance Institutions (TAMFI) has released about 24 candidates shortlisted for the 4th Citi Micro-entrepreneurship Awards(CMA) final round, narrowed down from 350 participants.
Citi Foundation, in partnership with TAMFI, is running the prestigious micro-entrepreneurship competition for the fourth time in Tanzania. This year awards are linked to United Nations Nations Sustainable Goals (UN SDG).
The final winners of the micro-entrepreneurship competition will be announced via a virtual award ceremony slated for early July 2021, notes Ms Winnie Terry, TAMFI CEO.
All the participants started as micro and small entrepreneurs supported with financial services from microfinance institution in Tanzania mainland and Zanzibar.
“Out of the 24 shortlisted, a final analysis will net the top winners,” notes Ms Winnie Terry, TAMFI CEO. About 11 entrepreneurs who started very small, and some have grown substantially; a loan officer and a most innovative microfinance institution will collectively take home Tsh 85 million awards.
She congratulates the micro-entrepreneurs and microfinance institutions (MFIs) that participated in the competition despite being affected by the emergence of the Corona pandemic.
“CMA is pivotal in highlighting and encouraging the contributions of micro-entrepreneurs and microfinance institutions (MFIs) in Tanzania,” she says. She adds that this is particularly more important in the face of the corona pandemic, where the resilience of micro-entrepreneurs has been tested.
Awards for women, youth, those with disability and social entrepreneurs are linked to United Nations Sustainable Development Goals (UN SDG) No.5 (gender equity), 8 (decent work and economic growth), 10 (reduced inequalities) and 13 (climate change). On the other hand, the prize for the most innovative MFI is linked to UN SDG Goal No 9 (industry, innovation and infrastructure).
“The individual micro-entrepreneurs, while growing an enterprise, fights hard and long battles to make sure his or her family enjoys a level of economic stability,” Winnie notes.
She adds that CMA recognises those efforts as vital for individual and collective economic growth.
Launched in 2005, the Citi Microentrepreneurship Awards Program (CMA) is a global financial inclusion initiative that recognised the contributions of microentrepreneurs to their local economies. It highlights the importance of microfinance in supporting the economic development of low-income individuals.
CMA has recognised the efforts of more than 6,000 microentrepreneurs across 51 countries, with an average of 26 countries participating in the program each year.
The award nine (9) categories and prize amounts to 11 micro entrepreneurs, a loan officer, and a most innovative microfinance institution are as follows;
Category (1) is the Overall Micro entrepreneur of the year award – $ 7,500; (2) Second Winner – $ 6,000; (3) Third Winner – $ 4,000; (4) Two Youth Micro entrepreneurs linked to UN SDG Goal No 8 – $ 4,000; (5) Two Women Micro entrepreneurs linked to UN SDG Goal No.5 – $ 4,000; (6) Two Disabled Micro entrepreneurs linked to UN SDG Goal No 10- $ 4,000; (7) Two Social Micro entrepreneurs linked to UN SDG Goal No 13 – $ 4,000. Category (8) is the most innovative MFI linked to UNSDG Goal No9 – $ 2,500 and category (9) Loan Officer of overall micro-entrepreneur of the year – $ 1,500.
Complete list/short profiles
The Citi Foundation works to promote economic progress and improve people’s lives in low-income communities around the world. The foundation invests in efforts that increase financial inclusion, catalyse 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.
The Tanzania Association of Microfinance Institutions (TAMFI) is the umbrella organisation for microfinance organisations operating in Tanzania. The institution supports the capacity development of microfinance institutions in Tanzania through lobbying, advocacy, training, gathering, and disseminating information.