WOMEN entrepreneurs who are Tanzania Women's Bank (TWB) clients can now repay their loans on a monthly basis. Before that the clients, who are mostly in groups, were required to repay loans on a weekly basis.
TWB Executive Director, Ms Margareth Chacha, told journalists over the weekend in Dar es Salaam that the decision had been taken after the bank reached an agreement with their clients countrywide. "After four years in operations... we know each other," she said.
She said the bank depends on the entrepreneurs and vice versa, noting that if someone wants to attain development not taking a loan from a bank is not an option today.
Over 69 women groups with over 600 members attended the meeting where well performing groups and leaders were awarded by the bank. She urged women to forms groups so they could benefit from the low interest rate on loans offered by the bank.
During the meeting various women hailed the bank for uplifting them economically. A chairperson for Mapambazuko Women Group, Ms Salma Omari, said her group had managed to repay loans on time and reaped a number of benefits.
"We have learnt a lot from the bank... we will make sure that we use this opportunity for developing our businesses," she said.
She said women needed to rise up and seize opportunities and shun being dependents for everything. A member of Tabata 171 Group, Ms Zainab Bwire, said their group, with 40 members, had managed to get low interest loans from the bank and advanced their commercial interests for their own and their families' benefit.
"We are really proud of that," she said. TWB has two branches in Dar es Salaam, Mwanza and Dodoma and expects to open more in the country.