Advans SA SICAR incorporates Advans Bank Tanzania, microfinance bank in Dar es S...

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Oct 2010
Dar es Salaam, Tanzania, October, 28 2010 - Advans SA, the international venture capital company specialised in microfinance, announces the incorporation of its sixth microfinance institution (second with a full banking status): Advans Bank Tanzania, in the United Republic of Tanzania. The first branch will open in December 2010 in the administrative ward of Manzese in Dar es Salaam, the country’s capital city.

Advans Bank Tanzania was incorporated in July 2010. Its initial investors are: Advans SA as majority shareholder and FMO (the Netherlands Development Finance Company). Advans Bank Tanzania’s initial share capital is of TZS 7.2 billion (around EUR 3.7 million at current exchange rate).

As a fully-fledged bank, Advans Bank Tanzania will offer a complete range of financial products: loans to micro, small and medium sized enterprises (MSMEs), as well as current and saving accounts in local and foreign currency for MSMEs and households. Additional services such as cheques and money transfer will also be offered shortly after the launch of operations.

About Advans SA: Advans SA is headquartered in Luxembourg and was launched in December 2005. Its mission is to build a network of microfinance institutions (MFIs) in developing and emerging countries to cater to the financial needs of micro, small, and medium sized enterprises, which have limited or no access to formal banking services. The Advans network currently spans six countries: Cambodia, Cameroon, Ghana, the Democratic Republic of Congo, Tanzania and Côte d’Ivoire. Advans MFIs serve nearly 245,000 loan clients from 61 branches, and have an outstanding loan portfolio of circa EUR 55 million. Over the next three years, Advans SA plans to establish 6 to 7 new MFIs in Africa, Asia and the Middle-East. For more information, please visit www.advansgroup.com



Source : Advans Group
 

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