Despite high economic growth over past decade, 28% of Tanzanians are living below the poverty line and poverty remains more frequent in rural areas than urban areas. Financial inclusion in Tanzania has reached 86% in September 2016 from 16% in 2009. Tanzania’s financial sector has 20 licensed bank and 11 non- bank financial institution. According to 2012 Ernst & Young Banking review, only 12% of Tanzania’s population is banked and banking system in Tanzania failed to attract its customer because of it little innovation and poor banking system.
BRAC in Tanzania has become one of the largest providers of financial services in Tanzania. We show that microfinance can have a powerful impact on the lives of people in poverty through an innovative, client-focused and sustainable approach. Our microfinance programme is a critical component of our holistic approach to support livelihoods.
We reach out to a large number of clients with cost-effective financial services and address the needs of various target populations, such as rural women, adolescents, and small entrepreneurs. We provide two kinds of loans, microloans and small enterprise loans.