AfricaPress-Tanzania: THE Dar es Salaam-based Faidika Microfinance institution has allocated over 40bn/- for lending to employees under a special scheme.
Faidika’s Chief Executive Officer Mr Baraka Munisi, said yesterday that scheme operates as ‘Mshahara Wako; Mkopo Wako’ Literary meaning ‘Your Salary; Your Loan’ and will be issued within 24 hours after finalising application process.
“Faidika believes that everyone deserves access to financial products and services, therefore by using some of the available sophisticated technology systems, we are committed to reaching all Tanzanians with a view to improving their lives,” Mr Munisi said.
Under the new lending scheme, Faidika will issue loans ranging from 200,000/- to 70m/-, while repayment are from within half a year to seven years.
Mr Munisi said the microfinance reduced interest rate will increase repayment period and in turn provide relief to their customers and improve lives.
“All you have to do to get a loan is to produce your employer’s identification, one passport- size photograph, your latest one month salary slip, and your bank account statement at least for the past two months,” the CEO said.
Mr Munisi also said that repayment of loans is cancelled if and when a debtor dies. In addition to this, Faidika will provide 200,000/- to the late borrower’s family by way of condolence.
