Tanzania is a country in East Africa that is home to 55 million inhabitants. With about 64% of the population live in poverty and about 32% in extreme poverty. Tanzania is ranked 151 out of 188 in the human development index. However, the economy has grown steadily in recent years and achieved economic growth of 6.5% in 2016.
According to the 2017 FinScope study, just 35% of the population is still financially excluded from the formal sector. Especially people from rural areas (66% of the population) lack access to formal financial services. Families remain the biggest supporter in terms of financial hardship. SBFIC and its partners thus want to strengthen the microfinance sector and promote vocational and financial education of broader segments of society to enhance financial inclusion. In Tanzania, SBFIC is successfully working torward these goals with the Tanzania Association of Microfinance Institutions (TAMFI) and the Tanzanian Postal Bank.
SBFIC started in Tanzania in 2012 and has been working successfully in Dar es Salaam for five years. As SBFIC’s impact-oriented activities increasingly focused on peri-urban as well as rural areas over the years, the head office was shifted to Mwanza in September 2017. Besides Mwanza region itself the focus will lie on other regions in the lake zone, in particular on Shinyanga, Geita and Kagera. A second office remains in Dar es Salaam to ensure the continuing delivery of high quality services to our partner institutions.