FINCA Tanzania actively participated in the third Tanzania National Financial Services Week (NFSW) exhibitions organized by the Ministry of Finance, in Arusha region, from November 20th to 26th, 2023, under the theme “Financial Literacy, the Foundation for Economic Development.” This engagement aligns with the objectives of the Tanzania National Financial Education Program 2020/21-2024/25 and other government strategies and policies.
The primary goal of the annual exhibitions, initiated since 2021, is to raise awareness and enhance citizens’ understanding of financial matters, encouraging their engagement with formal financial service providers. Additionally, the annual exhibitions aim to promote the utilization of formal services to reduce poverty levels in society, contributing to inclusive and sustainable economic development.
The NFSW 2023, officially inaugurated by the Prime Minister of Tanzania, Hon. Kassim Majaliwa, brought together 115 stakeholder institutions in financial services, including private and public financial institutions, facilitators, and regulators. FINCA Tanzania was among the 38 banks that participated in the exhibitions.
Through the seven-day event, FINCA Tanzania’s pavilion attracted around 300 visitors, many of whom sought detailed information about the bank’s services and the qualifications required to access them. Representatives from the bank took advantage of this opportunity to educate and promote the bank’s products and services. The bank showcased and sold various savings and loan products using brochures and other promotional materials.
The visitors learned with keen interest that FINCA Tanzania, unlike other microfinance institutions, is a bank authorized to mobilize public deposits, besides loans and insurance services. They were also seemly fascinated with the fact t that FINCA Tanzania is among only a couple of banks in the country that specializes in microfinance services and that the bank has over 25 years of experience in providing loans to micro-entrepreneurs.
Engaging financial education and FINCA services awareness sessions in progress at the FINCA pavilion.
In addition, the FINCA exhibitors highlighted the straightforward and seamless processes involved in obtaining financial services from FINCA Tanzania that are convenient and relevant to microentrepreneurs. The visitors were also educated on user-friendly delivery channels, including the national-wide branch network, a network of agents across the country, the FINCA Mobile platform, and the FINCA Visa card service.
Accounts opening and loan applications in process at the FINCA Tanzania pavilion.
Mr. Innocent Mcharu, a hawker in Arusha town, shared, “I first learned about FINCA from my aunt, who now owns a famous mini-supermarket in town and has been your client since 2008 when she was merely running a small kiosk.” “When my aunt told me that the success of her business is largely attributed to the loans from FINCA, I did not understand, as I have always had the impression that financial institutions are not meant for us, the poor… but today you have made me believe her and understand that you are different,” he testified while filling out a FINCA loan application form.
“Unlike other banks, you (FINCA) comprehend the language of us microentrepreneurs and know how to dance to our tunes,” remarked Ms. Getrude Mosha after becoming aware of the services offered by the bank.
All this led to instant opening of accounts and initiation of loan applications during the event. Additionally, FINCA gathered and registered over 50 loan application leads, currently being pursued by the Arusha branch.
A token of appreciation and recognition – a branded gift from FINCA expressing gratitude for choosing to open an account with the bank at the pavilion.
Therefore, as the result of its participation in the NFSW, FINCA Tanzania realized several benefits, including:
- Enhanced visibility and recognition of its brand.
- Increase of public awareness of the products and services offered by the bank.
- Gained insight and benefits from the services provided by other financial institutions, even those in direct competition.
- Expanded networking opportunities with other stakeholders in the financial services sector.
- Immediate and potential future growth in the customer base.
FINCA Tanzania regards the National Financial Services Week exhibitions as a valuable and cost-effective marketing and publicity opportunity, justifying for participation in this year and future exhibitions.