BoA issues Sh72 billion in loans to SMEs

Dar es Salaam. Retailers and other groups of Small and  Medium Enterprises (SMEs) have received a total of Sh72 billion in credit financing from the Bank of Africa (BoA) during the past nine months.

The amount was part of a total of Sh250 billion in loans that the lender has disbursed during the first nine months of the current calendar year, the BoA (Tanzania) chief executive officer, Mr Adam Mihayo, said at the weekend.

The bank said in a statement that Mr Mihayo was speaking during a ‘Vicoba (Village Community Banks) Night Out’ event in Dodoma. The Dodoma Regional Commissioner, Ms Rosemary Senyamule graced the event.

“This group entails small, medium and large scale businesses. It is a group that encompasses producers of livestock and poultry feed. We believe that this is a very important segment of the economy and also a major employer,” he said.

In its strategic plan, BoA seeks to collaborate with other stakeholders, including IFC and diaburse over Sh315 billion in loans to SMEs. Part of the money would be issued in form of credit guarantees.

In her remarks, Ms Sinyamule applauded the BoA and other stakeholders who were making efforts to empower SMEs. She called upob Vicoba groups to work hard and diligently in order to surmount poverty.