Citi Foundation allocates Sh70 million for entrepreneurs
What you need to know:
Citi Foundation in collaboration with Tanzania Association of Microfinance Institutions (TAMFI) have launched the 3rd Citi Micro-entrepreneurship Awards (CMA) as part of the institutions’ efforts in promoting financial inclusion and economic growth.
Dar es Salaam. Citi Group and the Tanzania Association of Microfinance Institutions (Tamfi) have launched the 3rd Citi Micro-entrepreneurship Awards (CMA) which seeks to recognise the extraordinary contributions the individual micro entrepreneurs have made to the economic stability of their families as well as their communities across Tanzania.
According to Citibank Tanzania CEO Joseph Carasso, the CMA programme has taken root in the country and in the last two years the awards have highlighted the achievements of some of the most innovative micro entrepreneurs.
“This is part of Citi’s ongoing commitment to the field of microfinance and we believe that innovative micro-entrepreneurs are the big enterprises of the future”.
The CMA has been a signature component of the Citi Foundation’s work on financial inclusion for over a decade.
Since 2005, the CMA has focused on providing economic empowerment opportunities for micro-entrepreneurs in about 30 countries.
“About Sh70 million will be awarded to 16 winners and will go a long way to highlight and encourage the contributions of micro-entrepreneurs and microfinance institutions (MFIs) in Tanzania” he said.
The Citi Foundation’s extensive work on financial inclusion contributes to progress on Sustainable Development Goal (SDG) 8, which aims among other things to provide full and productive employment and decent work for all.
According to Mr Carasso the Awards promote financial inclusion and generate recognition for the extraordinary contributions that individual micro entrepreneurs make for the economic sustainability of their families, their communities and the wider economy.
This is specifically enabling progress on target SDG 9.3, which seeks to increase the access of small-scale enterprises, particularly in developing countries, to financial services to facilitate integration into value chains and markets.
The Tamfi board chairman Joel Mwakitalu, noted that the awards were a good catalyst to show the masses that prudent borrowing and repayments in business plays a key role in economic development.
