Tanzania is undergoing different economical and financial tends as the country, one which are effects of several adjustment of the national economic situation. These trends and adjustments do not only concern the government alone, it extends further to various sectors that are reliable to the contribution of the national economic growth. The said means different institutions are part and parcel of these adjustments as they either affect or are affected by the economic structure of the country.
The aim is to make sure the national economic needs are met and realized by both the government herein as regulatory authorities and the beneficiaries or institutions that implement the national economic initiatives.
Globally, the economic structure of the country are realized by private sectors and institutions that implement the economic vision of the country. These institutions mostly are the microfinance and micro credit institutions that ensure the effective circulation of money in the community. Such effectiveness is led by the advancement in the operations of these institutions.
According to the current global situation the best solution derives from the digital operations of these institutions. The advancement of technology fosters the growth of the Microfinance institutions so that they can speedily keep track of their microfinance activities such as granting of loans and follow-ups of the unpaid ones, rate setting, client management, savings management and customizing the microfinance operations as it may suite the particular microfinance.
Amala Core Banking is the digital refuge of microfinance institutions in Tanzania, it gives to the customers who are microfinance institutions and SACCOS who are Non-Deposit institutions in accordance to the provisions of the Microfinance Act No. 10 of 2018 and the Microfinance Regulations made under Section 60 of the Legislation.
The Laws and Regulation are there to ensure the compliance part of these microfinance institutions as it is required by the regulatory authorities that is the laws themselves and the Bank of Tanzania (BOT). One of the major requirement is that, these microfinance institutions and SACCOS are supposed to deploy and install digital systems (FinTech) that will help them monitor and ease their operations, especially the compliance issues and their relationship with their customers.
The Microfinance Act No. 10 of 2018 under Section 34 states inter alia “Management of operations, finances, and business of a microfinance shall be vested in the microfinance service provider..” The marginal note of this provision recalls this as ‘Management of microfinance business. It proceeds further to the rest of the sections in the particular Act and the regulation thereto.
The establishment of these Microfinance service providers as per the Microfinance Act and its regulation, it is set to regulate licensing and registration of deposit and non-deposit taking microfinance business in 4 tiers: Tier 1 – deposit taking microfinance service providers, such as banks and microfinance banks. Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial organisations. Tier 3 – SACCOS under the Cooperative Societies Act. Tier 4 – community financial groups, individual money lenders and community-based organisations.
Amala Core Banking occupies this stage now as the reliable trusted, guaranteed SACCOs-Microfinance service provider giving the best and affordable solutions to its customers and ensure that the work in compliance to the provisions of the law.
The Purpose of our Business is to offer value (through products and/or services) to customers, who pay for the value with cash or equivalents. Minimally, the money received should fund the costs of operating the business as well as provide for the life needs of the proprietor.
We hold an ideal for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it is incorporated into a business plan
Kindly visit us to get your affordable solutions and services that could lead your business to the paramount of hope gross profit and safety to your business operations.
