Covenant Bank for Women Tanzania: Best Social Impact Bank Tanzania 2017
A bank built from the bottom up, Tanzania’s Covenant Bank for Women helps deepen and broaden the reach of commercial banks by addressing the specific needs and requirements of sectors underserved by other financial services providers. The bank is focused on small and medium sized businesses (SMEs), micro entrepreneurs and, of course, women.
The Covenant Bank for Women seeks to tap into – and empower – a large segment of the market that is still underbanked and marginalised. The bank’s management recognises the importance of an inclusive approach to the overall development of the nation.
Privately-owned and with only women shareholders, Covenant Bank for Women aims to facilitate the creation of wealth by supporting initiatives and projects that help unlock the economic potential of SMEs, start-ups, and micro businesses. Countless studies by the World Bank and others show time and again that sustained growth can only be obtained via inclusive development policies.
The bank helps women entrepreneurs and others draw up detailed business plans and offers hands-on management advice in addition to regular workshops on a wide range of topics relevant to both start-ups and established enterprises.
The CFI.co judging panel notes that the bank maintains a number of different credit products that closely match the needs of small businesses at varying stages of their development. The judges agree that Covenant Bank for Women deserves recognition for its achievements and declare the bank winner of the 2017 Best Social Impact Bank Tanzania Award.
