Dar es Salaam – Thirteen Tanzanian entrepreneurs collectively won around 85 million shillings at this year’s Citi Micro-Entrepreneurship Awards, which were announced this weekend by the Tanzania Association of Microfinance Institutions (Tamfi).
This year’s business competition – which is funded by the Citi Foundation and coordinated by Tamfi – was linked to the United Nations 2030 Sustainable Development Goals (UN SDG-2030), organizers of the event announced yesterday. ‘event.
The 13 winners include the owner of a small dairy processing company, Ms. Ruth Gidion Magawa; the manufacturer of agro-food machinery, Mr. Daudi Marko Simfukwe, and the owner-manager of a pharmacy, a dispensary and a mini-market, Ms. Joyce Robert Kalamage.
The three, who occupied the first, second and third places respectively, together won a total of $ 17,500 (approximately Sh 40.3 million).
Initially, 24 candidates were shortlisted for the final round of the 4th Citi Micro-Entrepreneurship Awards (CMA).
The list had been narrowed down to 350 entrants, and from which the panel of six leading figure judges ranked the winners individually – the final analysis selecting the 13 winners.
Judges’ representative Professor Jones Kaleshu noted that there was marked innovation among the participating micro-entrepreneurs.
“We have seen micro-entrepreneurs take their profession to new levels of innovation. With more encouragement, including what the CMA awards do, it is possible to inspire micro-entrepreneurs to reach new levels and become the national and international businesses of tomorrow, ”he said. Citibank Tanzania Managing Director Geofrey Mchangila said the CMA program seeks to recognize the extraordinary contributions that individual micro-entrepreneurs have made to the economic stability of their families as well as their communities across Tanzania.
He said the awards showcased innovative micro-entrepreneurs who are the big companies of the future. Supporting and promoting microenterprises was vital for the achievement of the United Nations seventeen Sustainable Development Goals (SDGs), he said.
“It is very important to increase the access of small businesses, especially in developing countries, to financial services to facilitate integration into value chains and markets,” he noted.
The CMA has been a key part of the Citi Foundation’s work on financial inclusion for over a decade. Since 2005, the CMA has focused on providing economic empowerment opportunities for micro-entrepreneurs in around 30 countries. Tamfi’s vice chairman of the board, Mr. Altemius Millinga – who is also the managing director of Yetu Microfinance Bank – said the initiative was in line with the national goal of promoting inclusive financial access for women. low income people.
“The winners go a long way in showing the masses that prudent corporate borrowing and repayments play a key role in economic development,” he said.
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. The foundation invests in efforts that increase financial inclusion, catalyze employment opportunities for young people and reinvent approaches to building economically vibrant cities.