AfricaPress-Tanzania: NMB Bank has reinstated it’s commitment to assisting farmers, small and large businesses by promoting their economic activities and providing them with low interest loans.
The lender, one of the largest in the country, said yesterday it would ensure those groups were supported through various loans that were friendly to their activities so that they could uplift their livelihoods and the country’s economy in general.
NMB Bank Head of Business Banking, Alex Mgeni said they had been listening to the needs of its clients most of who were farmers, small and large traders, saying loan interests were high and should consider lowering and issuing concessional loans.
“NMB plans to provide loans that do not hurt our clients and will be repaid in one instalment a year especially after harvest,” said Mr Mgeni.
Mr Mgeni said this while addressing groups of entrepreneurs, farmers and traders of Njombe, Iringa and Mbeya regions where the bank conducted an evaluation session held in Makambako Town.
NMB Senior Relationship Manager Business Banking Wogofya Mfalamagoha said the bank provided farm machine loans, including tractors and timber processing machines for three years. “Farmers repay their loans immediately after harvest instead of monthly instalments.”
The bank issues also loans to farmers to construct a warehouse to store their produce, while waiting for better prices.
Meanwhile, NMB Bank met with Mbeya businesspersons at a forum held in Mbeya City, where the guest of honour was Regional Commissioner Albert Chalamila.
At the conference, the RC urged the regional business community to be creative in business and repay loans timely to boost capital.
Mr Chalamila said a large percentage of traders in the country, including those in Mbeya, were not keeping records and thus disqualified themselves from accessing loans from financial institutions.
Before the forum, NMB Bank held a business club meeting to outline how it could tackle the deadly disease Covid-19 to support commercial challenges for businesses so that they could repay their loans in a friendlier manner.
