Tanzania Commercial Bank (TCB) has issued loans worth over 60bn/- to women and youth groups which will help in their economic stability.
Speaking on the side line of 37th annual general assembly of the local governments early this week, TCB Chief Executive Officer Sabasaba Moshingi said "TCB is very good in collection services and specialized lending whereby so far we have extended loans worth over 60bn/- to women and youth groups."
Mr Moshingi said with its 82 outlets across the country it has the third most extensive branch network with outlets in all regions and many districts, which are supported by over 5000 agents and 86 ATMs for convenient service of the 184 ALAT members and the people they serve.
The bank showed it is capability on dealing with micro-loans to seconded President Samia Suluhu Hassan advice that LGAs should engage with financial institutions on issuing loans to women and youth.
The President directive was centred on plug holes on failure for the beneficiaries to repay the loans thus prevent the loss of taxpayers' money after receiving the CAG report late March.
Some members of ALAT aired their opinion that supported the TCB move on backing the government and enabling it to raise the funds it requires to provide social services and finance development projects.
They said "supporting TCB is supporting" the government and enabling it to raise the funds it requires providing social services and financing development projects.
The Lord Mayor of Mwanza City Council, who is also the Vice Chairperson of ALAT, Mr Sima Constantine assured TCB of increased business from all their members going forward.
The Chairman of Kibondo District Council, Mr Habili Maseke said TCB is a bank that the whole country should support and help to grow because it an indigenous national bank.
Adding, it is the bank for Tanzanians in which the government is the majority shareholder with an 83 per cent ownership stake on behalf of the people.
The TCB shareholders are Tanzania Post Corporation whose stake in the business is 8.0 per cent as well as the Revolutionary government of Zanzibar with 3.0 per cent of all shares. The other owners of the bank are Posta na Simu Saccos 3.0 per cent, PSSSF 2.0 per cent and WCF 1.0 per cent.
