Zanzibar — AS the government's efforts to establish a women's bank in the isles continue, some lawmakers have expressed concern over 'unnecessary delays' in starting the financial institution.
Ms Zainab Omar Mohammed (Youths, Children, and Women) and Mr Omar Yussuf Mzee (Finance, Economy, and Development Planning) said in the House that the government was determined to establish the women's bank in the near future.
"We are in the process of establishing the bank, and soon the Zanzibar women will be receiving loans," said Ms Mohammed when winding up the debate on her ministry's 2.4bn/- budget proposal for 2012/2013 fiscal year.
Mr Mzee said that about 15bn/- was required to establish the bank, "therefore we need to move steadily towards opening the bank." However, legislators including Mr Hamza Hassan Juma (CCM-Kwamtipura) wondered why such 'huge' money was required to establish the bank, when it was possible to open it with only 500m/-.
"It is possible to establish a community bank with less than a billion Tanzania shillings, but according to the regulations the capital for banks to serve Tanzanians is 15bn/- and above," Mr Mzee explained. He said, his office had been in consultations with officials from the People's Bank of Zanzibar (PBZ), and Bank of Tanzania (BoT) on the matter.