Tanzania: Investor Pumps Over 2bn/ - Into Arusha Microfinance

LENDING to small and medium- scale entrepreneurs is set to increase after an investor pumped in 2.2bn/- into the Arusha based Hakika Microfinance bank (Hakika MFB).

Hakika MFB over the weekend signed a deal with the Dubai-based Badoer Investment Limited, for the latter to purchase 20 per cent shares worth 2.2bn/- to enable the lender to extend credits.

"I'm extremely humbled to be part of Hakika MFB. I like the value and idea of lending to SMEs," said Mr Ricardo Badoer after receiving the shares' certificate.

The deal has not only seen the Hakika MFB capital swelling to 5.7bn/-, but also observed the Badoer Investment Limited founder, Mr Badoer becoming the majority shareholder and therefore taking up a seat on the board of the bank.

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