SELF MF Background
SELF Microfinance Fund is a product of Government Project which was known as ‘Small Entrepreneurs Loan Facility (SELF)” formed in 1999. SELF Project was among Government programmes pursuing poverty alleviation role on behalf of the Government which was jointly funded by Government of Tanzania and African Development Bank (AfDB).
The Project focused on enhancing the contribution of the Small Medium Enterprises (SMEs) to economic growth and reduction of poverty and to enhance microfinance industry in Tanzania through;
- Wholesale loan fund to eligible Microfinance Institutions (MFIs);
- Strengthening the capacity of collaborating MFIs through training and institutional support; and
- Promote and sensitize the formation of new grassroots MFIs.
In November 2018, The Government of Tanzania reached the decision to merge SELF Microfinance Fund (SELF MF) and UTT Microfinance (UTT MFI). The merging aimed at synergizing human capital, Financial (Capital Investment) and business opportunities that existed between the two (2) companies and reduce Government dependence. Merging the two companies provided the new formed company with synergies and economies of scale that can lead to greater efficiency and profitability.