Tanzania: NMB Urges Entrepreneurs Grab Loans Opportunities

NMB Bank has encouraged business people in the Lake zones to grab loan opportunities that can help them invest in modern fishing boats, thus enhancing their contribution to economic growth. The NMB Head of Business Banking, Mr Alex Mgeni made the plea recently during a meeting with a network of business people from the Lake zones on sustainable business growth. The meeting was organised by the NMB and brought together medium and large-scale business people from Mwanza region to discuss various issues, including the easiness of accessing NMB loans for expanding their businesses. "We have disbursed these kinds of loans to business people in Zanzibar for boosting the fishing sector. The modern fishing boats may also be used for tourism purposes," he said. He added that in the Lake zones, NMB is offering loans for fishing boats and if there will be a need for more loans then the bank will consider topping up the amount. He said the bank can lend a huge amount of money at once to individuals due to the growth of its assets and capital. Currently, the bank's assets cloaked 8.7tri/- while customers' deposits notched 6.6tri/-. Onduchi Associate Tax Advisor, Mr Nicas Nibengo said business persons should understand the need to fulfill tax obligations freely to support the government's efforts to provide high-quality services to the people. He commended the organisers of the business network meeting, saying it will open a new chapter for growth of their businesses, by accessing loan opportunities from NMB, keeping business records and tax compliance. Speaking at the event, Mwanza Regional Commissioner (RC), Mr Robert Gabriel, invited business persons to grab the huge potential and invest in tourism, fishing and agriculture in the region. "The government has established the necessary infrastructures for livestock and fish keeping. It is up to the investors to grab the huge opportunity and grow their businesses," he said. RC Gabriel noted that everything is put in place and they were waiting for investors who could invest in agriculture, because the region is endowed with fertile land that can grow different types of crops.

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