TANZANIA Cooperative Bank is set to be inaugurated mid-next year with 50bn/- in capital investment and members' shares, the Board Chairman of Tanzania Federation of Cooperatives (TFC), Mr Hassan Wakasuvi, announced here last Saturday.
Addressing a press conference after holding a maiden Board meeting at the Kilimanjaro Cooperative Bank, he said once fully operational, clients will access loan facility at reduced interest rates which will attract potential loan applicants.
The Board Chairman pleaded with cooperative members to buy as many shares as possible before and after launching of the new bank to upkeep the financial institution to live up to its vision and ideals of serving its clients. He said cooperative unions are required to have 20 shares and above worth not less than 20m/-, while Savings and Credit Cooperative Societies (SACCOS) and primary cooperative societies will have to buy between one and five shares worth 5m/-.
Mr Wakasuvi also urged journalists and non-cooperative members to join the Bank by buying shares which will enable them access loan facilities to improve their lives through setting up of viable projects, calling on all loan applicants to duly service their loans so as to make them creditworthy.
The Board Chairman, accompanied by his Vice- Chairman, Mr Robert Jongela and three Board members -- Prospery Murungi, Eushilia Nkuku and Lazaro Ngullo, urged cotton growers not to despair despite declining producer prices. He also lashed out at farmers who tamper with their crops, including deliberate adulteration, which they disposed of in the market, saying that was against marketing ethics.
Instead, he has urged crop producers to win the hearts of potential buyers by producing high quality crops to fetch better prices in the markets. Mr Wakasuvi highly commended the government for its decision to waive tax on some imported agricultural implements which was a relief to farmers, praying for more waivers to other agricultural machinery to boost crop production.