Tanzania: Crdb Bank Women Loan Reaches 600bn/-

CRDB Bank has continued to empower women by providing loans issuance in its bid to raise their social and economic wellbeing.

The lender has so far provided 600bn/- loans to over 55,000 women up to mid this year through its Malkia (Queens) Account.

The bank move has thus received acknowledgement from the Mwanza Regional Commissioner John Mongela during a one-day region women empowerment forum, which was attended by 300 participants on Tuesday.

RC Mongela commended the lender for organising the forum and highlighted the various opportunities offered by the bank to women.

"The government's intention is to continue creating a conducive business environment for women to enable them participate fully in various development activities in the community," he said.

Mr Mongela applauded CRDB for the recent move to reduce interest rates on loans to women entrepreneurs, from 24 per cent to 14 per cent, saying it will enable more women to borrow.

"Lowering interest rates means reducing the burden on women and making them more likely to invest in their businesses, leading to greater success. "I also applaud the bank for improving loan security terms. This way you're opening more opportunities for many women to access loans," he said.

CRDB Procurement Director, Pendason Philemon said the account service aimed at recognising, empowering and enabling women to achieve their goals through business and entrepreneurship loans savings. The account members also receive business operating training.

"By the end of June this year, the bank had already provided 600bn/- loans to more than 55,000 women," said Mr Philemon, adding that over 30,000 women have already joined the Malkia Account.

Pendason said despite the success that they have had in empowering women, a small number of women have still been reluctant to access the services due to interest rates, tight collateral conditions and lack of understanding of financial services.

"Lower interest rates mean women can now borrow more and cheaper than before, thus helping them achieve their goals quickly," Mr Philemon said.

Early this month, CRDB launched the 'Tupo Mtaani Kwako' (we are on your street) campaign to encourage the use of banking services and entice more clients to use the lender's services.

The campaign centred to educate clients about various opportunities offered by the bank, provide education and financial advice, and expose clients to the bank services, including account opening.

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