Dar es Salaam, Tanzania.
Azania Bank has started offering loans to women at one percent interest rate on a monthly basis, in its wider efforts to empower them economically.
All thanks go to the launch of a special account dubbed Mwanamke Hodari, an event that occurred over the weekend here in the city.
The bank’s managing director, Ms Esther Mang’enya, said the account, which one can open free of charge, is geared to address a challenge of capital that women are grappling with in their businesses.
“This account is specifically for women who have been facing difficulties in accessing loans due to conditions that are not in their favour,” said Ms Mang’enya.
She said a borrower stood a chance to borrow up to four times of her deposit.
She explained that the borrower will need to have collateral worth 25 percent of the loans as opposed to 100 percent required in commercial loans.
In case the borrower met her demise or became ill to the extent of failing to pay back the loan, insurance would come to a rescue, according to Ms Mang’enya.
There is no minimum balance required for the operation of the account, whose launch was graced by the Minister for Community Development, Gender, Women and Special Groups, Dr Dorothy Gwajima.
“As a matter of fact, the account owner can at any time withdraw her money without a limit and charges,” said Ms Mang’enya.
Dr Gwajima, for her part, commended Azania Bank for being innovative enough to come up with the product that will positively impact the lives of women.
“It is high time women grabbed the opportunity for prosperity of their businesses,” she said.
She went on to add: “It is time for women to cultivate a culture of saving.”
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The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
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Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
