For a significant duration since its establishment, FINCA Tanzania has steadily pursued its primary goal of improving the lives of marginalized low-income individuals who have long been excluded from the traditional financial services sector. This commitment has proven to be a vital lifeline for micro-entrepreneurs across Tanzania. By offering small loans with favorable terms tailored to their specific needs, FINCA Tanzania has successfully bridged the gap in access to capital, thereby bolstering the income and economic prospects of these previously underserved micro-entrepreneurs. This transformative assistance has not only enabled these individuals to send their children to school but has also brought essential necessities within their grasp.
However, the advent of the COVID-19 crisis dealt a severe setback to FINCA’s efforts to improve the quality of life for the low-income community. Group and some individual loans were suspended, and some branches of the bank were closed in a bid to shield the institution from the adverse economic repercussions echoing throughout the world.
Today, the landscape has evolved, and FINCA is reverting to its foundational mission – offering micro and small loans to low-income entrepreneurs. Mr. Edward Talawa, the CEO of FINCA Tanzania, affirms that “the struggle persists without pause or retreat”. He has personally ventured into the field, engaging directly with small entrepreneurs who were once FINCA Tanzania clients. Face-to-face, he listens to their concerns and implores them to return to the fold, to the home that honored them by providing affordable loans and savings accounts, a privilege unattainable from other financial institutions. Meanwhile, he has been promising to immediately address their concerns and pains related to the services of the bank.