It’s my pleasure and privilege to introduce YETU Microfinance, a company dedicated to provide financial services to the unbanked and under banked people of Tanzania. Yetu Microfinance was born out of the transformation of Youth Self Employment Foundation (YOSEFO), an NGO which was established in 1997 and successfully managed microfinance business on a sustainable basis. YOSEFO is a major shareholder of YETU Microfinance. YETU Microfinance has taken over from YOSEFO all the branches, agencies and financial services delivery centres and the 50,000 loyal clients. The branches include Mbagala and Mzizima in Dar es Salaam and Mngeta in Morogoro Region. YETU has a total of 3 three agencies namely Zanzibar, Ruaha, Lindi, Lupiro, Kilwa and Ifakara agencies. The branches are supported by a network 298 financial services centres which are located in communities, villages and sheias in, Zanzibar, Morogoro, Dar es Salaam, Coast, Lindi, Tanga and Morogoro region. Our current core business is lending but we have already secured banking license that will allow us to introduce savings products within the next two months. On March 10th 2016, Yetu Microfinance was listed by the Dar es Salaam Stock Exchange (DSE).
Our challenge (as well as our opportunity) is simple i.e. bringing financial services to majority of Tanzanians both in rural and urban areas. According to Finscope study of 2013, only 13.9% of Tanzanians have bank accounts. The banking and financial sector is currently undergoing great transformation due to technological innovation in the telecommunication industry. Yetu Microfinance currently is able to disburse loans to remotely located customers through M-Pesa and collect loan repayment through Point of Sale (POS) Technology. We are currently developing fully fledged mobile banking system for the convenience of our customers.
We, at Yetu, are very excited to be part of this great initiative and transformation that Tanzania’s banking and financial sector is undergoing and thanks to our partners, Vodacom and Craft Silicon, we are committed to make the single largest contribution in this exciting journey. YETU which is a Swahili word means: it is ours, it is yours too.