Dar es Salaam. Equity Bank Tanzania on Monday launched a specialized training program for small and medium-sized entrepreneurs (SMEs) in the country, aimed at helping them grow their businesses and enhance their understanding of securing loans from financial institutions.
The year-long training will be delivered in partnership with ADC Tanzania, a business development services provider, and the African Fund, focusing on financial and business education for women entrepreneurs.
At the launch event, Ms Esther Kitoka, Managing Director of ADC Tanzania, shared that the initiative arose from an assessment conducted across Africa, which highlighted a significant gap in access to bank loans for SMEs, especially women.
“This finding prompted the decision to partner with stakeholders to help women entrepreneurs scale their businesses and gain access to crucial financial resources,” she asserted.
Martin Rajab, Training Manager at Equity Bank Tanzania, said with limited financial literacy and business knowledge, many entrepreneurs struggle to become creditworthy or expand their operations.
In response, Equity Bank introduced a practical training course designed for 100 participants, which aims to equip them with essential skills for managing and growing their businesses.
“The year-long program intends to provide participants with the tools to become creditworthy and explore new market opportunities, both locally and internationally,” he stressed.
The gap in financing for SMEs, particularly women-led businesses, is a significant issue across Africa, as banks are often hesitant to lend to entrepreneurs without a proven track record or adequate business knowledge.
By focusing on practical training, this program is not only addressing the knowledge gap but also building confidence among SMEs in their ability to navigate financial systems and expand their operations.
In addition, the focus on women entrepreneurs is a strategic move that aligns with broader global trends promoting gender equity in business.
Women often face unique challenges in accessing finance, and programs like this one can help bridge that divide, fostering an environment where women can thrive as business leaders.
Ultimately, the initiative by Equity Bank and its partners could serve as a model for other financial institutions in the region, demonstrating how targeted support—especially in education and capacity building—can foster more inclusive growth and development in the SME sector.
