For immediate release
Citibank Tanzania Limited
April 14, 2016
DAR-ES-SALAAM–
As part of Citibank’s ongoing commitment to the field of microfinance, we are pleased to announce that the Citi Foundation has started supporting Micro-entrepreneurship Awards program in Tanzania, which will help highlight the achievements of some of the most innovative micro entrepreneurs.
This is the first time the programme has coming to Tanzania. It highlights the contributions of micro-entrepreneurs and microfinance institutions (MFIs) to their local economies. Through the program, the Citi Foundation has invested over $14.5 million in microfinance networks and MFIs in over 30 countries. This is to convene thousands of key stakeholders that influence sector-wide policy and regulation and encourage innovation around the world.
The Citi Micro-entrepreneurship Awards program across the over 30 countries has been a resounding success. Thousands of hard-working micro-entrepreneurs were nominated by MFIs, and hundreds of them took home awards. But the program’s greatest success was increasing global awareness of the important role that micro-entrepreneurs play in their local economies, and the significance of microfinance as a poverty alleviation tool.
In Tanzania, participating micro-entrepreneurs will present their businesses to microfinance experts and leaders from the public, private and academic sectors. The competition and judging process will be held in June 2016, when the winners will be announced at the inaugural awards ceremony in Dar-es-salaam.
The categories will be based on demographics, region, gender and economic sector. The criteria will be based on business growth, profitability, innovation, and job creation. The business should also have had a positive impact on the livelihood of the micro-entrepreneur, their family and their community. An overall winner – the Micro-entrepreneur of the Year Award and the Most Innovative MFI Award will also be included.The awards include cash, in-kind prizes and certificates.
The Citi Micro-entrepreneurship Awards strives to ensure that small business owners throughout Tanzania are celebrated for their efforts in creating sustainable businesses in their communities. Citibank has partnered with Tanzania Association of Microfinance Institutions (TAMFI) to manage the awards, where over 70million Tanzania Shillings will be awarded to 16 winners.
Who is eligible to win?
Any micro entrepreneur accessing a microfinance loan from a MFI, Commercial, Community, Microfinance Bank, SACCO or VICOBA is eligible to compete for the prize. The financial institution should review its portfolio to identify no more than two candidates who can compete for a prize pool of over TZS 70,000,000. Women, Youths & Persons with disability are highly encouraged to participate.
Should you want to learn more about the program or would like to get involved, please contact Tanzania Association of Microfinance Institutions (TAMFI), Winnie Terry Mobile: +255 764 668 331, and Frank Kallaghe of Citibank Tanzania Limited, Tel: +255 22 2211226
About Citi:
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.
BACKGROUND
The Citi Micro entrepreneurship Awards (CMA) was mooted in 2004 by the United Nations Capital Development Fund (UNCDF), the Citi Foundation, and a Global Student Alliance, who joined together to promote and illustrate how microfinance strengthens the entrepreneurial spirit in impoverished communities around the world.
The CMA awards were first launched in in 8 countries in 2004, whose success saw them expanded to cover 30 countries in 2005 as a key activity in support of the UN-designated “International Year of Microcredit”.
In 2006, the Citi Foundation took on full responsibility for the program globally, renamed the Citi Micro entrepreneurship Awards, as its sole funder with a $1.3 million grant. In addition to this financial support, the Citi Foundation further expanded its global management role in developing, implementing and monitoring the success of this program around the world.
As Citibank continues to be one of the leading global supporters of initiatives that strengthen the microfinance sector, the Citi Micro entrepreneurship Awards (CMA) has been successfully implemented in over 32 countries. In Africa the program is in Egypt, Morocco, South Africa, Kenya and Uganda.