Pride Tanzania to Transform to Microfinance Bank

Pride Tanzania is finalising the process of self-transformation into microfinance bank, thus enhancing its capacity to serve better its customers as well as reaching more the financially under served rural population.

This was said in Dar es Salaam by Pride Tanzania Senior Operation Officer responsible for marketing, Mr Jumanne Bundala, in the ongoing 39th Dar es Salaam International Trade Fair (DITF).

“We have already made application for licence to the Bank of Tanzania (BoT) with hope of kick-starting before the end of the year,” he said, adding that all other processes and preliminary requirements by the regulator for establishment of the microfinance banking institution have been met.

He said arrangements of for selling shares will primarily done internally involving staff, customers and donors to be followed by the process of listing at the Dar es Salaam Stock Exchange (DSE).

He said transformation aims at building necessary capacity for Pride Tanzania to serve as many citizens as possible so that they effectively participate in raising their household incomes.

Since establishment in 1993, Pride Tanzania which offered small credits with affordable conditions has developed into a big institution with about 71 branches countrywide.

He said the institution has currently over 150,000 customers with a network of 71 branches countrywide. The greater number of customers is entrepreneurs empowered through loans by Pride Tanzania.

At the ongoing trade fair, a total of 65 entrepreneurs from different parts of the country are showcasing products mostly from handmade.

The Tanzanian business community has for years been confronted by among other things bureaucracies in the legal and regulatory framework, poor infrastructure, inadequate business skills and limited access to finance.

These include creating an environment that is conducive for business promoting the use of research and development output and propagation of entrepreneurial attitudes and skills.

With training, Pride Tanzania feels the Small and Medium Enterprises (SME) would be reinforced to play a central role in the efforts to make the private sector the engine of economic growth.

Originally published on DailyNews Tanzania

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