Leah Brown

DAR ES SALAAM, TANZANIA - The Tanzania Association of Microfinance Institutions (TAMFI) and the Coalition of Tanzania Microfinance Practitioners and Service Providers Limited have merged.

The two organizations were conducting similar activities and had the same objectives which resulted into confusion among members and players.

The two organizations were conducting similar activities and had the same objectives which resulted into confusion among members and players.

The two institutions last year, formed an independent team to recommend the best way to merge while accommodating network best practices and interests of the two.

The two boards met last week and decided to merge into TAMFI, describing it as the best way to utilize their resources entities.

A joint signed statement by the chairmen of both institutions, Joel Mwakitalu for the Coalition and Edmund Mkwawa for TAMFI, said: "There is no need of maintain two institutions that are identical.''

According to the statement, the new institution will now have a wider network and is likely to be strong in East African Community and Africa at large. Members of TAMFI are mainly commercial banks, village and community banks that provide microfinance services, micro insurance providers, brokers and agents.