Victoria Finance PLC (VFP) is one of the leading microfinance institutions in Tanzania. The Company is a non-deposit taking microfinance institution, regulated by the Bank of Tanzania under Tier 2. The company was incorporated in 2009 under the Companies Act, CAP 212 of 2002, and commenced its operation on 2nd May 2010 after obtaining the required business licenses to operate as a microfinance business. A change of company status from Victoria Finance Limited to Victoria Finance PLC, on which the new certificate of incorporation is issued, came into effect on 5th May, 2014. The Group is dedicated to providing microfinance products and services especially to the needy people in the country. VFP provides microfinance products and services to individuals, corporate and SACCOS or similar groups who may not be able to obtain such services from commercial banks or other financial institutions. The company is dedicated to provide microfinance services to low and middle-income earners, women, youth and to the needy. With the current low level of financial inclusion in Tanzania, the development of microfinance institutions is one of the ways to improve financial inclusion by reaching and providing financial services to the underserved population.
In the efforts to diversify its revenues sources and increase its financial inclusion offerings; on 28th March 2017, Victoria Finance PLC incorporated an insurance Subsidiary-Victoria Insurance Brokers Limited (VIB). VIB focuses on both life and non-life insurance offering, with mission to “provisioning of insurance services aiming at enhancing customers’ satisfaction and shareholder’s value.” Victoria Finance PLC wholly owns Victoria Insurance Brokers Limited.
The company operations cover four regions- Dar es Salaam, Coastal, Mbeya and Morogoro. Our rural presence account for more than 30% of the Company’s lending operations. Using digital technology and three branches in Dar es Salaam, Madibira in Mbeya and Dakawa in Morogoro, we are able to serve remote and rural areas where financial inclusion remains low.
In addition to lending and insurance broking activities, the Group has been involved in mobilizing and managing special impact funds to specific projects for promotion of inclusive finance in the rural. We have assisted various community based groups to commercialize their primary production into more viable trading businesses hence adding value to their produces.