SELF fund sets 2030 goal with 300bn/-

DAR ES SALAAM: THE government, through its Small Entrepreneurs Loan Facility (SELF) project, plans to disburse 300bn/- in loans to 200,000 beneficiaries between 2026 and 2030.

This initiative known as the SELF Microfinance Fund is expected to advance financial inclusion across the country.

SELF Microfinance Fund Chief Executive Officer, Ms Santiel Yona said yesterday that the plan is one of the three main objectives outlined in the fund’s strategic plan, which seeks to expand outreach, particularly to low-income clients and to provide financial education.

She was speaking during a meeting with media editors and journalists organised by the Treasury Registrar’s Office.

The event formed part of ongoing engagements between the Treasury Registrar’s Office and public institutions, designed to showcase institutional achievements and strategic plans.

“To continue fulfilling the fund’s mandate effectively, we have set three key goals in our strategic plan including reaching more clients, especially those with low income, by deepening outreach, to enhance financial literacy and to improve operational efficiency,” she said.

She said in the next five years, between 2026 and 2030, the fund also plans to expand its network from 12 to 22 branches by 2030 and improve operational efficiency by embracing technology.

“This will be achieved by upgrading our systems and increasing the use of technology,” said Ms Yona.

Ms Yona stressed that the strategic plan prioritises the financial sustainability of the institution by maintaining high-quality service delivery, ensuring timely loan repayments and enabling the fund to operate profitably while providing sustainable support.

She added that over the past four years, Tanzania has made significant strides in advancing financial inclusion, with the government, through the SELF Microfinance Fund, issuing loans worth 196.9bn/- to 183,381 beneficiaries.

Established in 1999, the fund has consistently operated profitably, generating 4.73bn/- in profits and paying a 15 per cent dividend to the government during the same period.

“We have expanded loan access to low-income citizens, significantly boosting financial inclusion. From 2021 to June 30 this year, the fund disbursed loans totalling 196.9bn/-, maintained a nonperforming loan ratio below 10 per cent and continued to operate profitably,” she stated.

Ms Yona explained that out of the 183,381 loan beneficiaries, 97,170 (53 per cent) were women, while 86,211 (47 per cent) were men.