NOMINATE CLIENTS FOR THE BEST CITI MICRO ENTREPRENEUR OF THE YEAR AWARDS 2020
IMPORTANT NOTICE TO TAMFI MEMBERS
AMAZING PRIZES TO BE WON
Tanzania Association of Microfinance Institutions in collaboration with Citibank Tanzania 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 70 million Tanzania Shillings will be awarded to 12 individual winners and a most innovative microfinance institution: The award categories and prize amounts are as follows:
1) 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 UNSDG Goal No 8 – $ 4,000.
(5) Two Women Micro entrepreneurs linked to SDG Goal No.5 – $ 4,000
(6) Two Disabled Micro entrepreneurs linked to SDG Goal No 10- $ 4,000.
(7) Two Social Micro entrepreneurs linked to UNSDG Goal No 13 – $ 4,000
(8) Most innovative MFI linked to UNSDG Goal No 9 – $ 2,500
(9) Loan Officer of overall micro-entrepreneur of the year – $ 1,500.
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 disabilities 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 businesses—identify the benefits its suppliers or buyers have enjoyed as a result of this business growth noting whether these businesses’ are within the community, outside its district or beyond.
Employment creation: Share the evolution of the number of employees. Has the business moved from a 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 family life? Has 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 form
Please include a 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, shortlisted 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