(TAMFI) executive secretary, Winnie Terry

Tanzania microfinance apex body starts new chapter in Mwanza Region aimed at uplifting the sector in the Lake Zone.

Tanzania Association of Microfinance Institutions (TAMFI) executive secretary Winnie Terry said in a press statement released on Sunday that office bearers have already been elected for the chapter.

Terry explained that the move is a new beginning for the growing Lake Zone microfinance industry in developing a well-organised and responsible sector which is vital for greater regional economic development.

“The birth of TAMFI-Mwanza Chapter is vital for microfinance institutions and consumers of their services in the Lake Zone,” she said, urging more such organisations to become members.

The elected chapter officials are Joseph Kahungwa (chairperson), Patricia Mboya (secretary) and Abel Mapunda (treasurer).

Representatives from various Microfinance Institutions (MFIs) applauding the launch said members would work collectively to seek various solutions towards the problems ailing the sector.

“TAMFI will help us sort out some of the major problems that hinder our services and progressive strategies,” noted Anna Matete, a representative from Tujijenge Saccos.

According to her, defaulters are a major problem facing the industry therefore; she called on TAMFI’s administration to help in identifying lasting solutions.

One of the remedies proposed is the creation of the credit reference bureau to help in blacklisting serial defaulters. Matete further noted that microfinance industry in Tanzania is still at infancy level compared to other countries in the East African Community (EAC), adding that TAMFI should uplift it to match with what exists in other countries.

According to the TAMFI boss, the association is geared to fully participate in the upcoming East African Microfinance Conference to be held next month in Kigali, Rwanda.

She said the association will continue to create and maintain an appropriate regulatory framework for microfinance institutions in the country. It is said that MFIs offers service to majority Tanzanians that the commercial banks bypass due to various bottlenecks facing the banking sector.

TAMFI has over 50 members including small and large MFIs across the country.