3 August 2018

Tanzania: Mortgage Course Begins to Promote Housing Financing

HOUSING financing has received a fresh boost after two institutions partnered and introduced a highly skilled mortgage course.

The course, designed in a collaboration of Bank of Tanzania, Tanzania Mortgage Refinance Company and Tanzania Institute of Bankers, is centered on improving bankers skills when issuing housing loans.

The two-TIOB and TMRC-yesterday signed the Memorandum of Understanding(MoU) that paved the way for the course to start at the second week of next month. TIOB Executive Director, Patrick Mususa, said the fiveweek course is important for the market since bankers will be equipped with much need market know-how on issuing mortgage loans.

"The course is toiler made by local experts to cater for this market... so they deliver a best practice on issuing house loans," Mr Mususa said. The course takes 30 participants was almost full booked by yesterday.

The signing ceremony was witnessed by BoT Director of Financial Market Mr Alex Mwinamila, who represented Deputy Governor for Financial Stability and Deepening, Dr Bernard Kibesse.

Mr Mwinamila said previous similar course was issued by the central bank through its institution in Mwanza but the need to increase the skill personnel warranted for addition classes through TIOB.

"Banks should send staff to learn this new house finance loan issuing skill... the course will improve efficient and reduce risk associated with mortgage finance," Mr Mwinamila said.

TMRC Chief Executive Officer Oscar Mgaya said the partnership was one of their effort to increase awareness and efficient on mortgage refinance related issues.

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