VisionFund Tanzania Microfinance Bank Limited – Overview, Products, and More

VisionFund Tanzania is a financial organization that is unique in the industry. Their financial inclusion services are in line with the efforts of World Vision, development, the global Christian relief, development, and advocacy organization, a worldwide leader in transforming and improving the lives of families, children, and communities.

VisionFund falls under the livelihoods programming initiative by World Vision, which aims to address childhood poverty’s root causes, such as a lack of nutrition and food security, climate change vulnerability, and a lack of financial and market service access. As a team, we provide financial inclusion services and products to help alleviate poverty throughout the continuum of communities.

Vision

VisionFund envisions every child living their life to its fullest, and their wish is that each heart will have the desire to make that happen.

Mission

VisionFund Tanzania believes that children should have brighter futures. Providing families with the means to generate their own income and employment, therefore, unlocking the potential for communities to prosper economically.

VisionFund Tanzania was established in 1996 by World Vision as a Christian-based Microfinance institution and developed into a Microfinance bank under Central Bank’s regulation in 2014.

It aims to impact children and rural communities by providing financial services, products, and education. Since its inception, VisionFund Tanzania has steadily expanded its clientele and established a firm foothold across Tanzania via the development of customized products and a willingness to view emerging technologies as game-changers.

Throughout VisionFund Tanzania’s history, the organization has remained committed to meeting the needs of low-income households, especially in rural regions.

It is currently one of the strongest microfinance banks in Tanzania’s mainland, with 53 branches distributed across 20 areas and over 30,000 clients with a loan portfolio of 18.7 billion Tanzanian shillings.

VisionFund Tanzania’s success can be attributed to its staff, management, and board’s strong commitment. All of them are Christian and passionate about helping children and work tirelessly with World Vision Tanzania to transform the lives of children through VisionFund Tanzania’s effective and consistent governance structure.

Accounts

Savings Account

This VisionFund Tanzania individual savings account enables unlimited transactions and can be accessed anytime. Funds can be withdrawn at any time while keeping customers safe.

Requirements

1. One copy of an Identification Document
2. 2 passport size photos
3. Any utility bill under your name/ ward executive letter.

Benefits

1. Interest accrues every month
2. Encourages you to save
3. Funds can be accessed at any time via mobile
4. No ledger fees
5. Easier access to Loans/ special consideration when applying for a loan
6. No cash deposit fees
7. Your funds are secure

Watoto Account

Parents open this Account for their children to serve a specific purpose. The Account is in the child’s name to encourage early saving education and raise child pride.

Requirements

1. One copy of the Guardian’s/parent’s identification Document
2. 2 passport size photos
3. Any utility bill under your name/Ward executive letter.

Benefits

1. Higher interest rates compared to the savings account.
2. It can be conveniently handed over to the child when they turn 18.

Group Account

This VisionFund Tanzania account aims to raise the ability of self-help groups to loan each other whilst the saving culture (self-help) is intact.

Requirements

1. One copy of the registration certificate of the group, if available.
2. One copy of the minutes for the Account’s establishment.
3. An introduction letter from the ward executive for every signatory.
4. An account mandate specifies the authorized operator of the Account.
5. A passport-sized photo from every signatory.
6. One copy of an identification Document for signatories/ official

Benefits

1. Impressive interest rates and cover interest rates
2. Special consideration during the loan application
3. No cash deposit fees
4. Easy access to funds at any time via mobile.
5. Encourage savings.

Salary Account

This VisionFund Tanzania Account helps institutions that look to pay staff salaries.

Requirements

1. Identification
2. Letter from the employees
3. Two photos

Benefits

1. Impressive interest rates of 4 percent.
2. Special consideration during loan application.

Company Account

Dunduliza Account

This Account serves clients who aim to instill financial discipline by building small savings without withdrawals. The client signs a contract with VisionFund Tanzania for a deposit-only account with limited withdrawals like once annually at a specified date or time.

Requirements

1. Three passport-sized photos
2. One copy of an identification document.
3. Any utility bill under your name/Ward executive letter

Benefits

1. Withdraw upon maturity
2. Attractive interest rates
3. Can be utilized as collateral

Loans

Individual Loan

Business Loan

• This loan is provided to individuals with formal/ registered/ verifiable businesses
• Loan amount ranges 1,000,000 –45,000,000
• Affordable interest rates according to the request taken
• A negotiable repayment plan for up to 24 months.
• Covered by interest in case of total disability and death.

Agriculture Loan

• Provided to fund farmers doing diverse agriculture.
• A negotiable repayment plan for up to 12 months.
• A VisionFund Tanzania Loan amount of 1,000,000 – 10,000,000
• Insurance
• Affordable interest rates depend on the amount of loan requested.

Education Loan

• Provided to employees or individual business owners to cater for school fees.
• Loan repaid for 6 months.
• Attractive interest rates with a minimum time to receive the loan

Group Loans

Business Loan

• Groups of 3-5 members or 6-30 members.
• The VisionFund Tanzania loan amount ranges from 100,00 to 5,000,000 for each group member.
• Attractive interest rates with a minimum time to receive the loan.

Agriculture Loan

• Groups of 3-5 members or 6-30 members
• Attractive interest rates with a minimum time to receive the loans
• The Lona amount ranges from 100,000 – 5,000,000 for every group member.

Savings Group Loan

• Groups of 10-30 members of a savings pool for lending to the members.
• The loan amount depends on the week’s savings
• Affordable interest rates with monthly repayments.

Agriculture Loans

Individual Loans

• Provided to fund farmers doing diverse agriculture.
• A negotiable repayment plan for up to 12 months.
• Loan amount from 1,000,000 – 10,000,000
• Insurance
• Affordable interest rates depend on the amount of loan requested.

Group Loans

• Groups of 3-5 members or 6-30 members
• Attractive interest rates with a minimum time to receive the loans
• The VisionFund Tanzania loan amount ranges from 100,000 – 5,000,000 for every group member.

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