AZANIA Bank has launched a new loan product christened ‘Jikwamue’ targeting small scale businesses in efforts to support their grow so that they contribute to economic development.
Speaking at the launching event, the Deputy Minister for Land, Housing and Human Settlement Developments, Angelina Mabula, said the introduction of the new loan by Azania compliments the government efforts to empower entrepreneurs.
“I commend Azania bank for coming up with innovative loan product targeting small businesses which will provide employments to majority of Tanzanians,” she said.
Azania Bank Managing Director, Charles Itembe said the Jikwamue loan product is specific to various groups of people who do not meet terms and conditions needed by lenders in other loan products.
Some of the groups are namely women, youth, disabled people and special groups.
“For an individual to qualify for Jikwamue loan, he or she has to be guaranteed by the fellow group having between five to 10 members in order to access up to 3m/- whereas the group can borrow up to 30m/-,” he said.
He added that, “These conditions for acquiring Jikwamue loan are very friendly indicating the bank’s determination to empower small scale businesses in the country.”
On his part, Azania bank Board Chairman Eng. Julius Ndyamukama assured present and potential customers that the bank will continue to offer innovative services intended to empower and improve their living standards.
“The launch of the Jikwamue loan is one of the initiatives aimed at supporting the government efforts to empower small scale businesses as the nation envisions becoming middle income economy come 2025,” he said
