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Our Story
Afrione Microfinance is a privately owned institution operating in Dar es Salaam and neighboring regions it serves customers from the private and public sector both entrepreneurs and those in employment. It was established in 2013 trading as Lenox Microfinance. In 2020 it was officially incorporated as AFRIONE microfinance and it became licensed in 2021 as a Microfinance Institution under tiar 2 by the Central Bank of Tanzania regulations.
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The business was founded by Ms. Eng. Eugenia Kibasa with a vision of financially empowering fellow women who have limited capital or formal assets engaged in entrepreneurship, farming, and other economic activities through quick loans that cannot be obtained through regular bank processes. It is her dream that through Afrione interventions more enterprises owned by women and youth will be established and grow to enable more Tanzanians to enter the middle-income level.
Our Objectives
Strategic business objectives are goals deemed most important to the current and future health of AML business. These objectives have been prioritized through a thorough analysis of business practices such as a SWOT analysis and various interview and business analysis.
Based on the analysis of the requirement of the AML the following four strategic objectives have been identified to guide the company from 2022-2026.
Strategic Objective
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Institutional Development, Governance, Systems and Procedures for increased efficiency and effectiveness improved by 2023
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Business Growth, Portfolio growth, profitability and returns to shareholders enhanced by 2023
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Branding, marketing, Customer care and community engagement activities improved and sustained by 2023
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Capitalization and investments to sustain AML operations to meet Growth and Sustainability goal
The details of strategies and activities under each of the strategic objectives and responsible party for implementation is as shown in the matrix table 4.1.
It is important to monitor annual indicators for the AML which needs to be monitored on quarterly basis. The following annual indicators are proposed:
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Net Portfolio increase of 50% annually
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To maintain the ROE, 20% above the lending rate
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Maintain a ROA which is over 2% of commercial loan from average of Top 5 commercial banks
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Decrease written off loans by 30% by annually
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PAR-30 to 8% quarterly
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Recruiting and utilizing the Internship programme annually
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Ensure 500 clients are reached/visited quarterly
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Increase Loan portfolio from TZS 300 million to 1.5 Billion 20261.2 Billion
Success Factors
Based on our 2 years of operation, our company has proved to be a unique, firm standing, and strategic MFI with a great potential to contribute to economic development and employment creation in Tanzania. For this company to continue performing, its growth must be matched with its internal needs. In view of this, the key success factors for AML are as follows:
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Adequate financial, management, governance, and internal control systems
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Strategic intent that provides guidance and support to offer quality and reliable products and services
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Ability to attract, motivate, engage and use the strategic resources effectively and efficiently
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Ability to nurture strategic networks, partnerships, and linkages
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Strong and motivated leadership and management with an entrepreneurial mind-set
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Innovation and creativity in operational functions