AfricaPress-Tanzania: SIMIYU Regional Commissioner Anthony Mtaka has asked NMB Bank to initiate a special programme for civil servants, especially teachers to acquire loans that would help them in business and avoid going to unstable financial institutions.
Speaking at a meeting with the bank’s management on Teachers’ Day 2020 organised by the bank in Bariadi, which was attended by over 200 teachers from the region, the RC said often teachers who formed the majority of the workforce, had found themselves dealing with flimsy loaners.
The latter demanded to retain their ATM cards, charge them high interests and take their households as collateral, yet stable financial institutions like NMB were there for them.
He said his office had been receiving cases such as teachers complaining to have their properties been confiscated, including being charged exorbitantly in loan interests, forcing many of them to be unable to service loans.
“Many teachers have now seen the essence of taking loans from reputable financial institutions instead of flimsy ones, which charge as much as 50 per cent interest. Some used to take loans in old age and after getting a pension they drain it by repaying the loans,” he added.
When reached for comment, one of the teachers, Ms Rosemary Malimi from Igenge Primary School in Geita said the bank’s presence was enabling them to acquire big loans without hitches
