Type Public Industry Financial Services Website Homepage Founded 1997 | Traded as DSE: YETU Products Loans, Savings Headquarters Dar es Salaam, Tanzania | |
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Key people Altemius Millinga
Managing Director & CEO Motto Ni yetu ni yako,pamoja tunaweza Total assets 5 million USD (TZS:11.03 billion, 2015) | ||
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. Yetu is a Swahili word meaning Ours.
Contents
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.
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.
Branch and Agency Network
As of January 2016, Yetu Microfinance Bank PLC maintains a network of branches and agencies at the following locations:
- Head Office - Dar es Salaam
- Mbagala Branch - Temeke District, Dar es Salaam
- Mzizima Branch - Ilala District, Dar es Salaam
- Mngeta Branch - Kilombero District, Morogoro.
- Zanzibar Branch - Zanzibar
- Kilwa Agency - Kilwa.
- Lindi Agency - Lindi
- Lumo Agency - Temeke District, Dar es Salaam