AfricaPress-Tanzania: WOMEN entrepreneurs who face difficulties in accessing loans from financial institutions may soon find the going being easier thanks to Tanzania Women Chamber of Commerce decision to set up savings and credit cooperative society.
TWCC Saccos Administrative and Finance Coordinator, Nelson Mbalamwezi said in Dar es Salaam this week during the climax of the 45th Dar es Salaam International Trade Fair that many women face challenges to get loans to invest in their businesses.
“We have decided to set up TWCC Saccos because we believe that it will help ease our members access to credit even without having collateral,” Mbalamwezi said noting that most TWCC members have property which belong to families with the husband as custodian.
He said so far, some 35 members of the 127 members, have already received loans from the Saccos without the need for collateral. He said members can get up to 10m/- in personal loans. “TWCC members only pay 10 percent interest rate to enable us maintain office administration,” he said. He said borrowers are required to repay the loan through monthly instalments.
Mbalamwezi further challenged members to engage in cross border trading which is a lucrative market provided for under East African Community. “We also invite other women to who are not TWCC members to come and join us to exploit a number of opportunities available,” he urged.
TWCC’s CEO, Mwajuma Hamza explained that apart from accessing loans, the chamber has already established platforms to enable women engage in cross border trade. Hamza urged women to make good use of the platforms to discuss issues affecting their businesses so that management can search for solutions.
“These platforms are also meant to allow members share experiences and challenges they face while doing cross border trade,” she said while noting that TWCC was set up to support women entrepreneurs across the country. The chamber has also conducted training of members of competitive business practises especially under the EAC customs union protocol.
