Dar es Salaam
EFC Tanzania M.F.C Limited is the first deposit taking micro-finance institution (MFI) to be licensed and regulated under Bank of Tanzania’s Micro-finance Company Charter. Having officially opened for business in July 2011, its purpose is to contribute to the development of Tanzania’s private sector by providing increased access to financial services by the under-served micro and small entrepreneurs’ (MSEs) market segment. Our Background The main architect of the Entrepreneurs Financial Centre (EFC) vision is Development international Desjardins (DID), a component of the Desjardins Group. Since 1970, DID have worked to support the creation, development and strengthening of sustainable financial institutions that are rooted in the community. DID's activities are backed by over 100 years of experience of the Desjardins Group, the sixth largest financial institution in Canada and one of the best capitalized. In it’s 10 years in Tanzania, DID have identified the lack of targeted financial products for MSEs as a major hindrance to the economic development of the country. This diagnosis was confirmed by two market analyses performed in May 2007 and November 2009. Following analysis of the Tanzanian market, and inspired by the EFC experience in neighboring countries, DID joined with Africa Invest Financial Sector Ltd (AFS) and a local investor, Dunduliza Company Limited, in the formation of EFC Tanzania in 2010.