LENOX Microfinance is a new company, locally owned and was founded first as a partnership in 2006 and later on incorporated as a limited liability company on December, 2012. Its founders are former banker, Auditor and marketers of retail financial products and services before deciding to team up as partners. They have since made Lenox Microfinance to become one of the first registered non-deposit
taking financial institutions in Tanzania to pioneer and apply high street retail money lending operations on “a walk-in walk out” basis in the cash advance industry. From its early beginnings it was meant to be a provider of over-the-counter hassle-free cash advances or loans and other financial services for a variety of interested but needy individuals and companies. The company has re-invented and developed a “next generation” retail cash-borrowing business that is generating unusually high returns and has since grown to become among the country’s largest, most financially successful money-lending company. In its short and brief summary, Lenox Microfinance has chosen several different paths than traditional companies to get to where it is. Most of Lenox Microfinance’s advertisement is done through word of mouth and through agreements with a few individual organizations with a potential customer base. The large portion of savings from low advertising costs is re-invested in innovative marketing strategies to keep the company ahead of its competitors. Lenox Microfinance was established as a result of a blatant gap within the current micro-finance environment in Tanzania. Access to financing has been difficult for the average Tanzania let alone the poor one living below the global poverty measure of less than a Dollar a day. For those who are lucky or in some cases, we at Lenox Microfinance like to think of them as unlucky Enough to access the credit, the terms and condition are too onerous and unrealistic. Furthermore, there is also a blaring gap between the supplies of financial skills for the microfinance industry which becomes a constraint in increasing access of credit to the poor. One of the key obstacles facing enterprises in Tanzania is finding access to financing and those who can find the access, the cost of the financing tends to be a major obstacle. The obstacle of access to finance is far more acute to the SME’s and to micro enterprises especially to those in rural areas. Poor physical infrastructures (especially roads and telephones make payments and deposit services highly costly for the majority of the population that resides in the rural areas. Neither the banks nor the Micro Finance Institutions (MFI’s) in Tanzania have made any significant headway in finding secure and cost effective ways of lending in these areas. Vision:
To be the leading lending financial institution that offers timely, quality and customized microfinance services in Tanzania
Mission:
To provide effective, customized and quality micro finance products and services to our target esteemed customers by adding value to their operations while ensuring sustainability and profitability. Our Purpose:
Our purpose is to provide effective, customized and quality microfinance services to many individual and companies in Tanzania. It is our belief that through effective, customized and quality microfinance services, we can move Tanzania forward and create a better world. Legacy
Our Legacy is to enable many individuals and companies to meet their cashflow need so as to create peace, happiness and prosperity in Tanzania and on the planet.
