Yetu Microfinance Bank PLC
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.
Overview
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 is a public limited company that was incorporated under the Companies Act 2002 on December 23, 2013 so as to take over the business of Youth Self Employment Foundation (YOSEFO). YOSEFO was a credit only Microfinance institution for 14 years before being transformed into a microfinance bank. On 23 June 2015 Yetu Microfinance launched an initial public offering (IPO) through the Enterprise Growth Window (EGM) and was able to raise TZS 3.1 billion. On 10 March 2016 Yetu Microfinance PLC became the first and only microfinance listed at the Dar es Salaam Stock Exchange PLC. The company managed to secure a banking licence on 20 February 2017 from Bank of Tanzania after meeting licensing conditions including the minimum capital requirement of TZS 5 billion. The as of 2018, the current paid up capital of the bank is TZS 6.05 billion.
