Foundation launches awards for micro-entrepreneurs nationwide

18Nov 2018
James Kandoya
DAR ES SALAAM
Guardian On Sunday
Foundation launches awards for micro-entrepreneurs nationwide

CITI Foundation and the Association of Microfinance Institutions (TAMFI) have launched Citi Micro-Entrepreneurs Awards (CMA to recognize the contribution made by individual micro- entrepreneurs in the community across the country

Citibank Tanzania CEO Joseph Carasso.

Speaking at the official launch of the 3rd CMA edition recently, Citibank Tanzania CEO Joseph Carasso he said the awards had taken root in the country and in the last two years the awards 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," he said.

He said CMA had been the signature component of the CITI Foundation's work on financial inclusion for over a decade.

Carasso added that since 2005, CMA had focused on improving economic empowerment opportunities for micro-entrepreneurs in several countries.

The CEO added that Citi Foundation's extensive work on financial inclusion contributes to progress on Sustainable Development Goal (SDG) 8, which aims to provide full and productive employment and decent work for all.

According to him, the awards promote financial inclusion and generate recognition for the extraordinary contributions that individual micro-entrepreneurs make for the economic sustainability of their families and communities.

For his part, TAMFI Board Chairman Joel Mwakitalu noted that the awards were a good catalyst to show the masses that prudent borrowing and repayment in business plays a key role in economic development.

"In the past two years over 30 remarkable micro-entrepreneurs in Tanzania who were nominated by their microfinance institution won over 140m/-," he said.

The winners, who exhibited excellence in areas such as loan repayment, business growth, innovation, job creation and impact on the community, took home cash and non-cash prizes.

He added that the categories will be based on demographics, gender and economic sector.

Moreover, the business should also have had a positive impact on the livelihood of the micro-entrepreneur, their family and the communities.