RC challenges banks to promote culture of saving

RC challenges banks to promote culture of saving

GEITA Regional Commissioner Rosemary Senyamule has challenged the financial institutions to promote the culture of saving and money management education

Ms Senyamule made the remarks over the weekend at the launch of the Mzigo Flex monetary savings service by CRDB Bank to help customers save their money up to three years with a nine per cent interest per year.

She acknowledged, there is a serious problem with money savings and inappropriate spending, especially to artisanal and small-scale miners who most of them know nothing on productive commercial investments.

"People need investment knowledge from commoners to those holding high positions in the society since most do not understand the investment issues,” she said.

CRDB’s West Region acting Manager, Mr Anselm Mwenda, said the launch of Mzigo Flex service focuses at helping various social groups including businessmen, young and women entrepreneurs to save for a cause—the profit.

He said the service is a two months project and it will end in July.

The project aimed at empowering indigenous investors to expand their scope of capital and investments.

Speaking on behalf of the businesspersons, Geita-based businessman, Mr Ignas Inyasi agreed that many entrepreneurs do save money at home, the habit that does not support the expansion of capital.

Mr Ignas called on entrepreneurs to stop running businesses and money savings in local ways instead they should turn to modern and advanced ways for security and economic viability.

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Author: YOHANA SHIDA in Geita

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