TO support the government initiative of making Tanzania a middle income country by 2025, one financial institution is taking the call practically.
Speaking in Dar es Salaam on Thursday during the launch of a new branch in Tegeta, the National Bank of Commerce (NBC) Acting Director of Retail, Gaudence Shawa on behalf of the bank’s Managing Director, Theobald Sabi said that since 2016, the bank has issued 155 bn/- in loans to 3,000 small and medium entrepreneurs.
He said that by June this year, NBC had issued over 337 bn/- interest free loans to 27,000 individuals, where out of that number 53 percent were civil servants and 47 percent from the private sector.
“Because the bank knows that retirees can also play a major role in transforming the economy of the country, the bank launched a loan scheme on 30th May last year, and up to June this year, over 2.1 bn/- has been issued to them in loans,” he said.
The director said that one of the major aims of the bank is to uplift small and medium entrepreneurs so that they can be able to make contributions towards the growth of the country’s economy.
To realize this dream, he said NBC has launched Business Clubs in several regions where business people can receive special training to empower them on how to operate their businesses in an advanced way which in turn will increase productivity.
The training, he said are conducted through five institutions, which are Tanzania Trade Development Authority (Tantrade), Tanzania Investment Center (TIC), Small Industries Development Organization (SIDO), Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) and Tanzania Revenue Authority (TRA).
He said up to December last year, over 700 business people had received training and that this year their target is to reach 1000 business people