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Loan beneficiaries urged to pay back on time

SOCIETY groups receiving loans from councils and other financial institutions should build trust and pay back on time to enable others to benefit from the assistance as well.

Simanjiro District Commissioner, Eng Zacharia Chaula, said at a function in Manyara region on Thursday, where several self-help groups were receiving money in the area for their economic activities.

Eng Chaula also asked the groups to “wisely use the loan and pay back on time” for others to be loaned out as well.

NMB Central Zone Manager, Nsolo Mlozi, said, when handing over the loans to the groups, the bank was also educating beneficiaries on business and financial matters and benefits of banking their money.

“Besides education enlightenment and finance matters, the bank is cooperating with councils to support other groups in the communities especially in education, health and when calamities strike,” he said.

He further said the bank has set aside one per cent of its accrued profit every year that it ploughs back to the community in efforts to help the government to realize its poverty alleviation ambition.

Shedding light on the loans, Simanjiro District Council Director, Yefred Myenzi said 244.6m/- has been released to the self-groups in the area, sourced from their internal revenue collections.

“Government intention to issue loans through councils is to build the capacity of the special groups economically as stipulated in the law,” he said.

So far 1,412 residents in this council has benefited where 1074 are women, 372 being the youth and 40 being people living with disabilities.

TANZANIAN economists have received the news of the ...

Author: DAILY NEWS Reporter in Simanjiro

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