Tanzania: ACB Bank Cuts Loan Processing Time to Just a Week, Not Three

Dar es Salaam — Has your medium entreprise been steadily growing with Akiba Commercial Bank (ACB)? If your answer is in the affirmative, then the lender has good news for you.

You now need only a week instead of four to access a loan to develop your business. This arrangement targets loan sizes ranging between Sh20 million and Sh220 million.

The lender has set aside staff to efficiently ensure that this happens.

ACB Bank's Marketing and Communication head Dora Saria said the establishment of the special window for medium entreprises is in response to increased demand for shortening loans processing time.

Addressing bank's clients yesterday in Dar es Salaam, Ms Saria said the service will first start at the lender's Kariakoo and Ubungo branches.

"The established SMEs centres offers services that are specialised, affordable and reliable to our customers as we recognise SMEs as the engine of economic growth," she observed.

ACB Bank acting general manager Bertha Simon in two decades since the bank was established, they have been offering quality financial solution services.

"We expect to extend this service to all of our branch networks depending on the success of the pilot programme in two branches," said the bank regional portfolio manager Mr Aloys Yamala.

He said the establishment of the services was a result of increased demands from customers as they have decided to offer specialized services in more customized way.

Mr Yamala said this specialized treatment for medium clients also enables them to easily negotiate with the bank on the terms and conditions of loans including repayment time.

"This service has not only reduced turnaround time for loan processing but also offer an opportunity for a client to negotiate," he said on the sideline of the meeting.

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