Displaying items by tag: SME

In today's world, everything is digitized, which means we can access or get every service in digital format through mobile phones, computers, tablets, etc. The invention of computers and smartphones has created a huge impact on financial services. Today using computers and mobile phones, a person can access his/her bank account, verify account details, transfer funds, deposit cash, renew deposit, pay bills, book tickets, etc.

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

As technology and digital services continue to ingrain themselves into more aspects of our lives, the financial sector has not been immune. New technology has given way to new services and with new services comes disruption of the old.

Whether it’s services such as M-PESA, TIGO PESA, AIRTEL MONEY; or digital banks such as SIM BANKING’s “First Direct,” digital transformation of the financial industry is ongoing. Customers are gravitating more towards digital experiences and digital products. At the same time, providers within the industry are rethinking the playbook.

Published in Amala Times

Microcredit is a common form of microfinance that involves an extremely small loan given to an individual to help them become self-employed or grow a small business. These borrowers tend to be low-income individuals, especially from less developed countries (LDCs). Microcredit is also known as "microlending" or "microloan."

‘SIMPLE FACTS’

  • Microcredit is a method of lending very small sums to individuals to start or expand a small business.

  • Microcredit borrowers tend to be low-income individuals living in parts of the developing world; the practice originated in its modern form.

Published in Amala Times
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