Amala Times

Loan management software is a cloud based end to end lending application used to improve the quality, turnaround time and service for end-customers. It enables banks to improve the agility, transparency and efficiency of their lending solutions whereas, Loan management system means an innovative, turn-key, end-to-end securities-based lending platform that connects lenders seeking high-quality, collateralized loans with borrowers requiring convenient access to credit.

In December 2018, the parliament of the United Republic of Tanzania enacted a Microfinance Act which seeks to clarify the framework under which microfinance institutions are governed, regulated, and operate. The Act provides for licensing, regulation and supervision of a highly segmented microfinance sector in Tanzania Mainland and Zanzibar. It concretized a commitment made by the Ministry of Finance and Planning and the Bank of Tanzania (BoT) to transform the microfinance sector through better integration and regulation. This was to be realized through the National Microfinance Policy 2000 (NMP 2000), however the implementation of the policy was unsuccessful, leading to its revision in 2017. The 2018 Microfinance Act was enacted “in order to operationalize NMP 2017” whose main objective was to create an enabling environment for the microfinance sub sector to contribute to poverty reduction.

The world is passing through a shadow, many businesses are being shut down, people are abandoning their work places, schools are closed and the world economy is at risk. In this period, the trends of many businesses are at risk and some running to closure due to the breakout and the spread of the pandemic Corona virus (Covid 19) that has attacked many countries in the world so far Tanzania being one of them. Many businesses are figuring out how they are going to operate and maintain their economic power since the major prevention against the disease is avoiding contact between people by implementing social distancing and staying home.

Financial management has often been regarded as an elite sector of banking, however, as financial institutions step into the 21st century by focusing on implementing new-age technologies, it sometimes seems that delivering a superior experience to high net worth investors has taken a back seat.

Bridging the gap 

The financial sector for quite a number of days had been going through the challenge in its operations and management. the reason being many of its issues especially by the Microfinance and the micro-credit Institutions operating manually. These institutions together with their clients faced a problem of losing accurate data at some point. This brought about a bad image of mistrust in these small scale financial institutions despite the fact that they play a huge role in dealing with economic development.

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