Dar es Salaam — CRDB Bank Plc is cutting its lending rates for women entrepreneurs' loans by 10 percentage points.
The Dar es Salaam Stock Exchange-listed lender will now be charging an annual lending interest rate of 14 percent on the holders of its Malkia Account, a drop of 10 percentage points from the previous 24 percent, the bank has said.
The Malkia Account is designed to help women to meet their financial obligations and personal goals, including in investment, education, business and healthcare.
The bank has since launched a special campaign known as Fanikisha Zaidi na CRDB Malkia in a deliberate move that seeks to empower women economically.
Speaking during a recent event to launch Fanikisha Zaidi na CRDB Malkia, the CRDB Bank's managing director, Mr Abdulmajid Nsekela, said the bank was doing everything possible to turn women into active participants in Tanzania's economic growth endeavours.
The Deputy Speaker of the just-concluded 11th Parliament, Dr Tulia Ackson, graced the event.
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"When you visit any of our branches, just look for a malkia rafiki (a friendly queen) and she will help you on how to start your way to success," Mr Nsekela said.
He said malkia rafiki were experts who were well versed with what it takes for women to succeed in their development goals. Speaking at the event, Dr Ackson termed the interest rate decrease as a 'major boost' to women entrepreneurs.
"This will reduce the burden that women entrepreneurs face in their loan repayments.
It will leave them with cash which they can invest in their businesses and thus up their chances of succeeding," she said.
The initiatives being undertaken by the bank, said Dr Ackson, were vital in aiding Tanzania to meet aspirations as outlined in the United Nations backed 2030 Sustain-able Development