Tanzania: Vision-Fund Launches Bank in Arusha

27 September 2014

As the government works to encourage nomadic pastoralists who hoard large herds of livestock to convert their animals into cash, local financial institutions have been advised to follow herders wherever they are to provide them with banking services.

Speaking during the official opening of the new Vision-Fund Bank in Arusha on Tuesday, the Regional Commissioner, Mr Magessa Mulongo, revealed that in the wake of the drought spell which decimated thousands of livestock in Monduli, Longido and Ngorongoro Districts, a few years ago, the state has advised pastoralists to start selling part of their cattle and invest the money in banks.

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