The Foundation for International Community Assistance (FINCA) Tanzania, an affiliate of the US-based microfinance network FINCA International, has converted into a commercial bank that will be able to accept deposits from the public using the name FINCA Microfinance Bank. Following a history of 17 years operating as a microfinance institution (MFI), the organization received a banking license from Bank of Tanzania, the central bank for the Republic of Tanzania in 2013, allowing FINCA to prepare to receive deposits from the public.
As of 2015, FINCA Microfinance Bank operates 26 branches and serves approximately 121,000 customers in Tanzania with a loan portfolio of USD 31.7 million. The institution is an affiliate of FINCA International, a microfinance network that had total assets of USD 1.1 billion and served 1.7 million clients through subsidiaries in 22 countries as of 2013.
By Meredith Steih, Research Associate
About FINCA Microfinance Bank (FINCA Tanzania)
FINCA Microfinance Bank (formerly known as FINCA Tanzania) is an affiliate of FINCA International, a microfinance network that serves 700,000 individuals through subsidiaries in 21 countries. As of June 2015, FINCA Microfinance Bank has served approximately 121,000 clients and the organization operates 26 branches in Tanzania. As of 2015, the organization has a loan portfolio of USD 31.7 million.
About FINCA International
The Foundation for International Community Assistance (FINCA) International, a nonprofit microfinance network based in Washington, DC, provides financial services to poor families through a network of locally managed institutions. FINCA was founded in 1984 by Dr. John Hatch, who is known for helping develop “village banks” in which each member guarantees the loans of other members. FINCA targets its services to poor women living in the Americas, sub-Saharan Africa and Eurasia. As of 2013, FINCA International has total assets of USD 1.1 billion and serves 1.7 million clients through subsidiaries in 22 countries. In December of 2011, FINCA launched a subsidiary, FINCA Microfinance Holding LLC, with funding from the International Finance Corporation (IFC), KfW Bankengruppe, Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), responsAbility, and Triple Jump.
[1] Daily News Tanzania: “FINCA Upgraded into Commercial Bank”, June 9, 2015 http://www.dailynews.co.tz/index.php/biz/45820-finca-upgraded-into-commercial-bank
MicroCapital Universe Profile: FINCA Tanzania
MicroCapital Universe Profile: FINCA International
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