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Tanzania: Government Asks Banks to Reduce Interest Rates on Loans |
| Source: |
allafrica.com |
| Source Date: |
Tuesday, July 16, 2013 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Tanzania |
| Created: |
Jul 16, 2013 |
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The minister commended the bank for introducing the products that will help workers and cultivate saving habits among them.
The bank's Managing Director, Mr Ammish Owusu-Amoah, mentioned the products as public service pack that contains a range of products and services for public sector employees at a single monthly fee of 7,000/-.
All the products and services in the pack are linked to a current account. "Our bank has in place an additional pack specifically designed for the informal sector and small scale businesses, tapping into a significant percentage of the unbanked population," he said, mentioning other product as My Business Pack which contains products and services for small scale business people in the informal sector at a single monthly fee of 5,000/-.
"It is only through innovation that Tanzania can improve access to specific needs for our people," he said. The bank currently has a network of 19 branches in Tanzania currently, with 10 of the branches located in Dar es Salaam and the other nine branches in Arusha, Kilimanjaro (Moshi), Kahama, Mbeya, Morogoro, Mtibwa, Mtwara, Mwanza and Tunduma.
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Tanzania: Government Asks Banks to Reduce Interest Rates on Loans IT is high time financial institutions in the country reduced interests on loans to enable the working class in the public and private sectors to benefit the government has advised State Minister in the President's Office for Public Service Management Celina Kombani said reduced interest rate on loans will encourage more employees to take development loans Launching the Bank of Africa Tanzania's public and private sector employee's package Ms Kombani said High interests rates discourage employees from taking loans from commercial banks you should consider revising the rate
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