Tanzania: NMB Tells Artisanal Miners to Formalise to Get Loans

NMB bank has urged small scale miners in the country to formalise their activities in order to acquire financial loans that would enable them bolster their businesses.

Making the revelation here recently in a workshop to educate artisanal miners on ways to formalise their activities, NMB, the bank's Chief of Retail Banking, Filbert Mponzi said that on average they issue over 40m/- per month to them, opportunity they should exploit.

"If you formalise your activities and form groups too, you will get our financial assistance in terms of loans and shall also educate you on how best to use them.

"You only need now to open business accounts and keep financial records," he pointed out.

The Retail Banking Chief said that many of them fail to access loans because they lack bank accounts and sets to pin as collateral, something that can be easily addressed.

"We believe that if you heed our advice and formalize your businesses as individuals or as groups, you'll get loans.

We shall continue to educate you artisanal miners on the best business practices and have saving culture," Mr Mponzi said.

Presiding over, Deputy Minister for Minerals, Mr Stanislaus Nyongo, thanked the bank for organizing the Small Scale Entrepreneurs (SMEs) workshop, saying its impacts would widen tax base to the government.

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