Dubai tycoon buys majority shares in TZ microfinance

Badoer Investment Limited founder Ricardo Badoer (left) receives the share certificate from Hakika MFB board member Michael Kitulizo in Arusha at the weekend. PHOTO | THE CITIZEN CORRESPONDENT

What you need to know:

  • A Dubai-based billionaire, Mr Ricardo Badoer, has made a major foray into Tanzania’s microfinance industry in his quest to unleash its untapped potential.
  • Mr Badoer, who is the founder of Badoer Investments Limited, has pumped in over Sh2.2 billion ($1 million) into Arusha-based Hakika Microfinance Bank (Hakika MFB).

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