DAR ES SALAAM: THE SELF Microfinance Fund (SELF MF) has created a new system to reach more Tanzanians and enable them have convenient access to finance.
The system named, ‘core microfinance solution’ (CMS) has reached 80 per cent to be completed and will become operational in January next year.
The SELF MF is one of the government’s projects jointly funded by the government and the African Development Bank (AFDB) with a task of reducing poverty.
SELF MF Director of Business Development and Marketing, Mr Petro Mattaba said in Dar es Salaam at the weekend that the project focused on increasing the contribution of small and medium businesses in promoting the economy and reducing poverty.
Also, it aimed at strengthening the micro credit industry in the country through general loan fund for eligible micro finance institutions (MFIs).
“The implementation of the core microfinance solution signifies a strategic shift from legacy systems to a state-of-the-art platform specifically tailored to address the changing needs of SELF MF,” he said.
He said the system will make it easier for SELF MF and customers in keeping records, providing services quickly and for customers to lodge online loan application using mobile phones in the initial stage for large customers but for small customers they can get a loan without visiting the SELF MF offices.
He said the system will replace the two systems that they had at the moment and thus will be a revolution and it help improve access services more.
Mr Mattaba said the government merged the SELF MF and UTT Microfinance aimed to put together capital investment and business opportunities that existed between the two companies and reduce the dependence of the government.
Mr Mattaba said SELF MF collaborated with German Sparkassenstiftung International Cooperation (DSIK) have effectively implemented the system aimed at optimising the internal operations of SELF MF and improving efficiency by automating business processes.
On his part the DSIK Country Director, Mr Stephen Safe said through close collaboration and unwavering dedication, DSIK and SELF MF have worked together to ensure the seamless integration and success of the project.
“As a development partner, DSIK, in conjunction with SELF MF, will continue in the implementation of the CMS to ensure efficiency, innovation and comprehensive financial services,” said Mr Safe.
The DSIK Project Manager Africa, Mr Oliver Schuster said the initiative is designed to better serve the financial requirements of individuals and businesses within the community served by SELF MF.
He said DSIK provided 65m/- to support SELF MF to ensure the system is working to be able to approach the vendors.
