4,500 SMEs get financial services and coaching on investment

About 4500 entrepreneurs have been couched on how to access financial services as a way of empowering them towards tapping investment opportunities.
 
The participants of the annual Financial and Investment Week which ended on Sunday in Dar es Salaam said they have been empowered with tools to secure loans, prepare business plans as well as protecting their ventures through insurance.
 
The representative of the participating entrepreneurs Alphonce Mkumbwa from Chunya, Mbeya Region, said having taken oart in the fair for the last three consecutive years, he managed to start a mobile money transfer business which also recently became a banking agent.
 
“We are very grateful to the organisers of this event. This year, we have learnt the importance of insurance in life and our business in particular. We have actually discovered the importance of insurance in minimising business risk,” Mkumbwa said.
 
The Financial and Investment Week was organised by Nuebrand and Pescode Tanzania.
 
Commissioner of insurance at Tanzania Insurance Regulatory Authority (Tira) Mr Israel Kamuzora advised the commercial banks to ask entrepreneurs to insure their loans and let insurance stand for security.
 
He said about two third of Tanzanians are still not aware of how insurance works and therefore stay out of the business.
 
“Financial institutions can choose insurance cover on entrepreneurship loans and do away with security for loans. That way, they will attract more borrowers and at the same time extend insurance coverage in the country,” said Kamuzora, who was the chief guest in the closing ceremony.
 
“As regulator, our role is to create a conducive environment that will make insurance companies to come up with innovative products. Currently, insurance services are available on mobile phones and I urge financial institutions and technological research firms to continue working with us on how to reach more mobile money users,” he added.
 
Branch manager of People’s Bank of Zanzibar (PBZ) Kariakoo Badru Idd asked government support to Nuebrand and Pescode to extend the fair into other regions of Tanzania to reach more entrepreneurs.
About 15,000 Tanzanian entrepreneurs have benefited so far from the fair which started in 2012.
SOURCE: IPPMEDIA

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