Tanzania: Fresh Move On Personal Loans Is Commendable

News of an increase in lending to salaried employees by commercial banks provides a breath of fresh air after a recent dip in personal loans following economic challenges in the financial sector. During the challenging times many banks suspended lending to salaried employees, chiefly because there was a critical rise in the volume of nonperforming loans, which are currently estimated at over 12 per cent of total gross loans.

With the banks focusing on trade, manufacturing and agriculture, salaried employees had nowhere to turn to for badly-needed funds for their personal development and other financial obligations.

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