{"id":18431,"date":"2020-11-12T19:16:59","date_gmt":"2020-11-12T19:16:59","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=18431"},"modified":"2020-11-12T19:16:59","modified_gmt":"2020-11-12T19:16:59","slug":"equity-zola-partner-to-offer-solar-device-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans","title":{"rendered":"EQUITY, ZOLA PARTNER TO OFFER SOLAR DEVICE LOANS"},"content":{"rendered":"

Author:\u00a0 ABDUEL ELINAZA<\/strong>
\nAfricaPress-Tanzania:<\/strong> EQUITY Bank Tanzania and Zola Electric on Wednesday signed an agreement where the lender will provide affordable loans for purchasing solar devices across the country.<\/p>\n

The partnership enables off-grid households to access a solar device loan without collateral. The device, which will be provided by Zola, will act as security.<\/p>\n

The agreement came at the right time since it is estimated that 8 million families in the country are unable to access power.<\/p>\n

Equity\u2019s Managing Director, Robert Kiboti told journalists that the bank\u2019s goal is to tap the unbanked market by offering a competitive interest rates and flexible repayment period.<\/p>\n

\u201cPurchase of Zola product is a onetime cost to all customers, which relies only on the sun to produce energy for a household, which means that there are no monthly electric bills to pay,\u201d Mr Kiboti said.<\/p>\n

The partnership was inked on Wednesday, warranting a beneficiary to loan solar device system starting from 300,000\/- to 2m\/-, where repayment period is 18 months, with very small amount of instalments to enable majority to afford.<\/p>\n

The loan attracts an interest of between 16 and 18 per cent, depending on the size of the device.<\/p>\n

\u201cWe take pleasure in transforming lives and livelihoods of all Tanzanians socially and economically, this is why we exist, by availing affordable credit facilities\u2026,\u201d he said.<\/p>\n

The loans will be available to all citizens with a simple condition of opening an account at any of the lender\u2019s 14 branches or at the almost 4,000 agents countrywide.<\/p>\n

The account has no monthly charges, no ledger fees, no specified amount for opening balances, while a Visa card is issued instantly.<\/p>\n

Zola Managing Director-East Africa [Tanzania and Rwanda], Johnson Kiwango said the partnership mainly targets rural off-grid households at affordable rates.<\/p>\n

\u201cOur onetime survey at solar shops in Dar es Salaam unveiled that many want to buy the devices but face money challenges.<\/p>\n

\u201cThe partnership is going to solve that challenge, since both Zola and Equity will process the loan applications,\u201d Mr Kiwango said.<\/p>\n

He said by accessing solar power, which is clean energy, people in rural areas can continue with their income generating activities past sundown.<\/p>\n

Zola is feasible in every village in the country and is supported by over 600 agents. The firm was one of the first organisations to offer pay-as-you-go solution for home solar system.<\/p>\n

Equity and Zola will undertake joint activities, including recruiting all prospective customers in need of off-grid solar facilities but in one hand need a financial support towards accessing them.<\/p>\n

The agreement is a conscious decision to ensure availability of affordable financial need, as it is in line with the lender\u2019s purpose of transforming lives, giving dignity and expanding opportunities for wealth creation.<\/p>\n

Investing in a grid-tied system means retaining the common problems experienced by ordinary homeowners, like power outages, while having to depend on professional and use of particular infrastructures to make use of electricity.<\/p>\n

The agreement is specifically to fully support the underprivileged who have not been reached with electricity at affordable price.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author:\u00a0 ABDUEL ELINAZA AfricaPress-Tanzania: EQUITY Bank Tanzania and Zola Electric on Wednesday signed an agreement where the lender will provide affordable loans for purchasing solar devices across the country. The partnership enables off-grid households to access a solar device loan without collateral. The device, which will be provided by Zola, will act as security. The […]<\/p>\n","protected":false},"author":84,"featured_media":18415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[6622,6624,6623],"class_list":["post-18431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-equity-bank","tag-robert-kiboti","tag-zola-electric"],"yoast_head":"\nEQUITY, ZOLA PARTNER TO OFFER SOLAR DEVICE LOANS - Tanzania<\/title>\n<meta name=\"description\" content=\"EQUITY Bank Tanzania and Zola Electric on Wednesday signed an agreement where the lender will provide affordable loans for purchasing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EQUITY, ZOLA PARTNER TO OFFER SOLAR DEVICE LOANS\" \/>\n<meta property=\"og:description\" content=\"EQUITY Bank Tanzania and Zola Electric on Wednesday signed an agreement where the lender will provide affordable loans for purchasing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T19:16:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/11\/42cc001fb2e589bfd3fbfee697160d2c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"EQUITY, ZOLA PARTNER TO OFFER SOLAR DEVICE LOANS\",\"datePublished\":\"2020-11-12T19:16:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/11\/42cc001fb2e589bfd3fbfee697160d2c.jpg\",\"keywords\":[\"EQUITY Bank\",\"Robert Kiboti\",\"Zola Electric\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/equity-zola-partner-to-offer-solar-device-loans\",\"name\":\"EQUITY, ZOLA PARTNER TO OFFER SOLAR DEVICE LOANS - 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