AEL Financial Services Limited came into being. As an employee in a commercial bank, he noticed the growing financial needs amongst small and medium-sized businesses and individual professionals that banks could not deliver satisfactorily. He saw massive demand for “quick with flexible conditions” financial services, especially for small and medium enterprises and employees.
However, due to capital requirements for establishing credit company, he started with business of offering insurance services, in 2014. The insurance business grew steadily; two years later (in 2016), he opened a parallel financial institution, AE’S Enterprises, and started providing small loans to SMEs and individuals. Due to the new microfinance regulations, in March 2020, the company was renamed to AEL Financial Services Limited.In April 2021, the two entities (AEL Insurance Agent and AEL Financial Services Limited) were combined into AEL Financial
Services Limited.
The Company is registered as a Microfinance service provider by the Bank of Tanzania under the Microfinance Act of 2018 and maintains a license to operate as an insurance agent from the Tanzania Insurance Regulatory Agency (TIRA). Thus, AEL Financial Services Limited offers financial solutions in Credit and Insurance.