| | GROUP MICRO LOANS
Under this scheme, customers are able to borrow as little as TZS 20,000 and as much as TZS 5 million with no tangible securities other than their savings and the guarantees that members of the group give to each other. The total portfolio size currently stands at TZS … billion. INDIVIDUAL MICRO LOANS
AKIBA is proud to have been the pioneer in offering individual microfinance loans in Tanzania. From the early teething problems, we are happy that we are today offering a product that suits the needs and is desired by very many micro entrepreneurs in this country. Since its launch May 2001 in one branch, it has grown at a faster pace than any other loan product over the past two years, from just above 700 active loans in December 2001 to ….. in December 2005. Out of the current outstanding total loans and advances portfolio of TZS … billion, TZS …. billion is made up of individual microfinance loans. AKIBA’s individual micro loan is characterized by quick turn around time and flexible loan terms–more flexible than any of the products offered by its direct competitors. The minimum loan amount is TZS 200,000 and the maximum currently stands at TZS 10 million. Beyond this, customers graduate to SME loans and further to corporate loans and overdrafts depending on their working capital requirements.
CONSUMER LOANS
As with the individual micro finance lending, AKIBA was the pioneer of consumer lending in Tanzania having introduced the product in December 2000. It was little wonder that the portfolio and the total asset base of the bank grew very rapidly during the early days of its launching. Competition has however since set in with all the mainstream banks now aggressively offering salary based loan products similar to AKIBA’s. In spite of this, and because of our constant innovations, flexibility, and good market intelligence, rather than lose our market share, the number of borrowers have continued to grow from 1200 in 2002, to …. In 2005, borrowing over TZS …. billion.
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