Africa-Press – Tanzania. VICTIMS of Masterlife Microfinance Company have commended President Hussein Mwinyi for intervening the scam which has enabled the Ministry of Finance and Planning to start paying back their money
In April this year the government announced the closure of Masterlife Microfinance Company for allegedly running financial business illegally in the isles, by wooing people to deposit their money pledging them to reap huge profit from their deposits.
In a period of more than six months of operation, the firm had collected 38.5bn/- from 39,000 people. But when it was closed down, the government confiscated 4.7bn/- only, food items, and other properties. The managers with the scheme managed to escape.
The government decision to close down the company caused public mayhem, ignoring claims that it was illegally operating financial business including collecting money from the people including some high ranking officers in the government.
But later President Mwinyi agreed to pay back the money to all genuine people who had deposited to Masterlife, and on December 8, 2021 the government began to refund the money by paying 1,456 people who deposited between 100,000/- and 1m/-.
Commissioner for budget- State Ministry, office of the President- Finance and Planning Ms Saumu Khatib Haji said at the launch of the exercise held at the ‘Unguja North Regional Commissioner office that “We will pay until Friday (December 10) before shifting to other areas. All the legitimate people will be paid.”
The beneficiaries such as Mwanasha Khatib, a petty trader thanked President Mwinyi for being a man of the people and a responsible leader, we pray for him for health and strength in serving his people.”
Some of the beneficiaries also raised concern over some individual dealers and financial institutions still wooing people secretly to deposit their money to them, promising huge interest, “We ask the government to investigate them because they are working similar to the Masterlife.”
The Unguja North Regional Commissioner (RC) Mr Ayoub Mohammed Mahmoud said “This is the implementation of what Dr Mwinyi promised. Dr Mwinyi wants to see a stable country with healthy people so that they can fully engage in nation building.”
The President had made several positive statements and meetings with leaders of the Masterlife victims promising them that their monies were in safe hands and the government was working on the matter.
According to Dr Mwinyi, the company used the registration documents issued in Tanzania mainland by the Business Registrations and Licensing Agency (BRELA) and registered with the Tanzania Revenue Authority in July 2020, where it was placed in the category of small taxpayers and will be involved in animal husbandry business as well as food processing.
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