Displaying items by tag: Microfinance_Act

Tanzania has recently announced its National Budget of the financial year 2020/21 with which it touches many areas whereas the financial sector is not an exception of the course. The budget that gives and shows the roadmap of the financial sector in the financial year 2020/21.

Published in Amala Times

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.

Published in Amala Times

Mojaloop is open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion. Its main purpose is to send digital payments to anyone, regardless of what kind of account or service they use.

As a project funded by The Bill and Melinda Gates Foundation, after every 10 weeks the Mojaloop team conduct a community meeting and invite stakeholders in financial services, mobile technology and payment industry to share ideas on the improvement of its codes by discussing on different business cases that could be. The seventh community meeting was held in Arusha, Tanzania. Singo Africa Limited was one of the invitees to join many other companies from outside the country that attended and some other companies from Tanzania that attended the meeting were Bank of Tanzania and Umoja Switch.

Published in Amala Times
Tuesday, 02 July 2019 07:10

Let us Push You Forward

The world’s financial status is growing every day and advancing in almost from each aspect. This pushes the banks and financial institutions to expand their coverage of service to be broader than ever before. It I true that everybody in life is determined to grow, this is in all aspects be it economically or socially. But the fact is economic wise everyone looks forward to be potential in this area. This is due to the fact that over 96% of the worlds’ activities are controlled by the economic trend. This pushes everyone be it a businessman or not, an enterprise or not strive for economic or financial welfare. This is what invites banking and financial systems to provide assistance to this growing trend of economic growth, to accommodate the coverage of the transactions and financial management hence financial stability which is almost the dream of everyone.

Published in Amala Times
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