About
GT Microfinance limited (GT) is the regulated financial institution established in year 2020 with the purpose of improving the lives and livelihood of Tanzanian population living under two (2) dollars a day by integrating them into the formal financial system. This aims at fostering the attainment of the financial inclusion of the poor segment who are the majority. GT is keen in transforming the lives of the poor population economically and socially gearing at improved livelihood of their households.
Financial services, including access to credit, are generally only accessible to the middle and upper classes of Tanzanians and Africans in general. The poor have little to no access to traditional commercial bank financial services. This lack of access results in significant consequences for the productive poor who demand such services to expand their productive economic activities initiatives. The root causes leading to the poor people marginalization in the financial sector would include the below issues:
Information Access: The limited education of Tanzanian’s poor population leads to a lack of information and ignorance surrounding available options for financial services.
Commercial Banking: Traditional commercial banks and financial institutions do not extend credit or savings services to the poor due to small loan sizes demanded, lack of physical capital, and the generally accepted stereotype that the poor are not ‘credit worthy.’
Geographic Location: Transport fees, travelling time and time away from productive activities are all costs that can create a significant burden on the poor when traveling long distances to access financial services.
Financial Service Alternatives: There are several financial service alternatives, but all are trying to operate the same way the banks do, bringing forth the same stereotype of having financial services that excludes majority of Tanzania population, who are doing small scale businesses.
Cultural Gender Stereotypes: Cultural stereotypes shape expectations about women’s roles and abilities. Stereotypes dictate that a woman has only limited capacity to manage money and make business decisions influencing her productive activities.
Framed by these root causes and consequences of the poor’s limited access to financial services, GT finds its purpose as a microfinance institution in Tanzania. GT’s key objectives address the central need for a financial institution that focuses on the demands of the poor for easily accessible financial products and services.
GT’s work also continues to break down stereotypes about the creditworthiness of the poor, as 99% of GT s loans are repaid in full by its clientele. Similarly, GT is addressing cultural stereotypes related to gender by setting a target population to serve 90% female and 10% male.
By equipping females with the financial and non-financial services needed to begin or expand their productive initiatives, GT believes it is contributing to the improved well-being of the entire family. Therefore, GT Microfinance exists to bridge the gap and bring in the market financial products that cater for the felt needs of people at grassroot level doing small microenterprises.
GT exists to bring about a difference in poor people’s life who are financially excluded, targeting youth, women, and farmers through the provision of financial and non-financial services, hence ensuring their total transformation socially and economically.
GT focuses on providing microfinance services to the productive poor people who have no means to access the classic banking financial services. The main financial service that GT Microfinance offers is provision of loans for investing into various economic ventures with the aim of contributing to the poverty reduction and improve the living conditions of their beneficiaries.
The institution has a governance and management structure that facilitates its institutional development. It has the General Assembly (Supreme Authority), which is a composition of all shareholders; the Board of Directors composed of five (5) members, which is the policy-making organ; the Audit committee composed of two (2) members of the board. Below the Board, there is the Management which is responsible to the Board of Directors.
GT has currently over 500 clients and loan outstanding amounting to over 100M Tanzanian shillings, and the focus is to increase the outreach, reaching the unreachable and financially excluded population in urban and rural areas. This is by promoting financial inclusion, which strengthens the availability of economic resources.
Products
Group Lending
GT Microfinance mainly lends to self-selected groups of five to thirty women, youth or farmers who run small businesses with the objective of bringing about sustainable development of their micro enterprises, expedite economic development, and enhance their standard of life.
Investment Place
Join GT Microfinance Limited in this amazing journey of transforming the lives and livelihood of the poor people by investing with us at an attractive return. Through lending, your investment shall strengthen our communities and make your neighborhood vibrant, full of life and connection.
Why choose GT Microfinance?
GT Microfinance Vision:
GT’s vision is to be the expediter of the economic development for the poor people of Africa by becoming the best one stop center for financial services that promotes sustainable development of their micro enterprises.
GT Microfinance Mission:
Delivering of customer powered financial and related non-financial services to productive poor, especially the women, youth, and farmers that bring about sustainable development of their micro enterprises, expedite economic development, and enhance their standard of life.
Core Values:
- Professionalism
- Servant Leadership
- Transparency
- Integrity
- Innovation
- Mutual respect, and
- Accountability
Our Culture
To nurture a culture of Professionalism, Integrity, Mutual respect, Transparency, Accountability, Servant Leadership, and Innovation to our partners in the team. This is with the regards to Employees, Customers, and Microfinance (GT) Shareholders.
Contact
Locations
Head Office and Main Branch: Kibada, Nyakwale Street, Kigamboni.
Kimara Branch Michungwani Street Ubungo.