THE Self-Microfinance Fund (SMF), under Ministry of Finance, has lent out 325bn/- in the last eight years, a move pegged on improving peoples' wellbeing.

The fund was created in 2015 to accelerating citizens' financial inclusion and better living conditions for Tanzanians.

The SMF's Chief Executive Officer (CEO), Mr Mudith Cheyo, said on Monday at a press conference that the microfinance issued loans to SMEs, individual through direct lending mechanism aiming at enabling them to venture into business and other economic activities.

"The Fund creates direct and indirect employment opportunities through loans," Mr Cheyo said.

The fund created 37,024 jobs in the last eight years.The loans benefitted 314,055 people of whom 53 per cent or 166,499 were women while 47 per cent equivalent to 147,606 were male.

Mr Cheyo said the achievement for reaching many borrowers follows the fund simplified process of accessing loans.

However, the fund non-performing loans stands at 10 per cent at the end of last December, which was double to the market benchmark of 5.0 per cent set by the central bank.

To boost financial awareness, the fund is carrying out financial capacity building programme to would-be-borrowers where last year trained 1,519 borrowers and the plan is to broaden the programme to reach many people.

Mr Cheyo said the SMF is planning to have 20 branches by 2026 from the current 12 in Dar es Salaam, Morogoro, Arusha, Mtwara, Tanga, Dodoma, Shinyanga, Geita, Mwanza, Iringa, Mbeya and also Zanzibar.

SMF'S Director of Business Development and Marketing Mr Petro Mattaba said that the fund dished out 50bn/- last year alone up from 34bn/- in 2022 and 33bn/- in 2021.

SMF Direct of Credit Operations Ms Santiel Yona said their loans range between 3.0m/- to 1.0bn/- and the repayment period is between one and seven years.

Also, SMF accepts vehicle and bonds as collateral plus informal assets such unsurveyed land and houses.