More micro-enterprises benefit from Airtel Timiza

Dar es Salaam. More than 80 percent of Airtel Money customers can now access formal loans through Airtel Timiza, a micro loans service.

Speaking in Dar es Salaam today September 11, the Airtel Tanzania Managing Director, Mr Sunil Colaso, said the service, which was launched in November 2014, is currently disbursing more than 10,000 loans per day across the country.

According to Mr Colaso, most of those who get the loans had never in their lives accessed a formal loan before, a strong indicator of expansion of financial inclusion through the digital financial ecosystem.

“A recent study found that working capital and other asset building strategies was the fastest growing use of the loans amongst 25 percent of the customer base. It is encouraging to see the positive way in which our customers use the financial tools available to them through Airtel Money,” he said.

Noting that micro-enterprises are the backbone of Tanzania’s economy and empowerment, Mr Colaso noted that Airtel Money was committed to increasing access to next generation products which help people manage and grow their small businesses.

“Today, Airtel Timiza is providing access to credit through secure mobile wallets. Micro-business owners benefit because they don’t need a bank account or collateral to access the service,” he said.

He further noted that currently, 50 percent of Tanzanians access formal financial services through their mobile phones, which is quite encouraging.