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Yetu Microfinance

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Yetu Microfinance Bank PLC
Company typePublic
DSE: YETU
IndustryFinancial Services
Founded1997
HeadquartersDar es Salaam, Tanzania
Key people
Altemius Millinga
Managing Director & CEO
ProductsLoans, Savings
Total assetsUS$5.00 million (TZS:11.03 billion) (2015)
WebsiteHomepage

Yetu Microfinance Bank Plc. (YETU) is a microfinance bank in Tanzania. It is the first microfinance institution to be listed in the Dar es Salaam Stock Exchange.[1] Yetu is a Swahili word meaning Ours.

Overview

YETU Microfinance Bank PLC is a bank dedicated to provide financial services to the unbanked and under banked people of Tanzania.The bank offers credit products, such as solidarity group loans for clients who are organized into groups whose members serve as informal bank and cross guarantee each other’s loans; Mavuno loan products to afford members of solidarity group loan who have reached a loan ceiling of TZS 3 million and would like to borrower on individual capacity; small and medium enterprises loan products, including export and import, car, business/shop improvement, business capital, and processing and manufacturing loans; SRI agricultural loans; mixed farming loans to smallholder farmers for financing various crops; and instant loans, as well as education loans. Its deposit products comprise compulsory (collateral) savings; and voluntary deposits.

History

Yetu Microfinance Bank PLC 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.

Corporate Affairs

The Board of Directors of the company comprises six individuals. The Chairman is one of the five non-Executive Directors. The current Chairman is Ernest Ndimbo and the current Managing Director and Chief Executive Officer (CEO), is Altemius Millinga.[2]

Ownership

YOSEFO is a major shareholder of YETU Microfinance Bank PLC. YETU Microfinance has taken over from YOSEFO all the branches, agencies and financial services delivery centers and the 28,000 loyal clients. Yetu Microfinance sold 6,223,380 shares at the price of 500/- and managed to raise 3.1bn/- collected from 14,273 subscribers through an IPO.[3]

Branch and Agency Network

As of January 2016, Yetu Microfinance Bank PLC maintains a network of branches and agencies at the following locations:[4]

  1. Head Office - Dar es Salaam
  2. Mbagala Branch - Temeke District, Dar es Salaam
  3. Mzizima Branch - Ilala District, Dar es Salaam
  4. Mngeta Branch - Kilombero District, Morogoro.
  5. Zanzibar Branch - Zanzibar
  6. Kilwa Agency - Kilwa.
  7. Lindi Agency - Lindi
  8. Lumo Agency - Temeke District, Dar es Salaam

See also

References

  1. ^ "Listed Securities | Dar es Salaam Stock Exchange PLC". www.dse.co.tz. Retrieved 2016-07-05.
  2. ^ "Board of directors – Yetu Microfinance PLC". www.yetumfplc.co.tz. Retrieved 2016-07-05.
  3. ^ Reporter, DAILY NEWS. "Yetu Microfinance formally goes public". dailynews.co.tz. Retrieved 2016-07-05.
  4. ^ "Our Branches – Yetu Microfinance PLC". www.yetumfplc.co.tz. Retrieved 2016-07-05.
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