NMB Bank Pls has set aside 100bn/- in loan for lending entrepreneurs in the whole value chain of Agriculture, Livestock Keeping and Fishing sectors. NMB Bank Chief Executive Officer, Ms. Ruth Zaipuna said in Dar es Salaam yesterday that from 15th of October this year, thousands of Tanzanians will start accessing loans at affordable interest rate of only 10 percent per annum compared to between 14 and 18 percent charged previously.
"We are officially informing our customers in the whole value chain of Agriculture, Livestock and Fisheries that we will start offering loans at affordable interest rates from mid this month," she said. The beneficiaries of these affordable loans are namely farmers, suppliers of farm inputs, service providers, entrepreneurs and small and medium processors engaging in all activities in the Agriculture, Livestock and Fishing sectors.
The NMB boss said the loans to be disbursed will range from 200,000/- to 1bn/-. "We have arrived at this initiative in order to widen the scope of stakeholders in these sectors to access affordable loans and thus increase productivity in their economic activities," she said. She added that NMB Bank expects that farmers, livestock keepers, fishers, business people as well as small and medium entrepreneurs make use of the unique opportunity to access low-cost loans to increase their incomes and build the country's economy.
It on records that NMB ban has disbursed loans valued over 1.1tri/- in five years for lending the Agriculture sector. On his part, the NMB Chief of Retail Banking Filbert Mponzi said the borrower could be an individual, cooperative society, company or any institution that would meet the conditions for lending. He said with the loan, one would get a relief of the cost of loans and thus be able to make more profits.
The profits gained can be used to increase production of food, industrial raw materials and contribute to industrial development in the country. Mr. Mponzi called the bank's customers to make use of the unique opportunity to access low-cost loans to increase their incomes and build the country's economy.
"The bank will observe the conditions in offering these affordable loans by following the lending procedures," said Mr. Mponzi.