January 17, 2021

EastAfrica Herald

East African Views on Global News.

Mwanza RC commends bank for lowering interest rates by 10pc

 

 

Mwanza Regional Commissioner, John Mongella (2nd L) attending a CRDB organised women’s empowerment meeting held in the region yesterday. Left is the bank’s director of procurement, Pendason Philemon and CRDB Lake Zone manager, Lusingi Sitta (R) and head of the bank’s strategic unit, Jesca Nyachiro. Photo courtesy of CRDB.

THE dramatic reduction of interest rates on loans given to business people from 24 to 14 percent has impressed Mwanza Regional, John Mongella who also challenged women in the region to open Malkia Accounts.

In an official address at a women’s empowerment meeting organised by the bank yesterday, Mongella said lowering interest rates helps to reduce the burden of repayment on small business many of which are owned by women.

“Lower interest rates mean that business women have more money to invest and grow their enterprises to greater heights,” he said while advising the estimated 300 women who attended the meeting to seize opportunities availed by the Malkia Account.

The Mwanza RC further added that women who contribute about 54 percent of economic activities in the country are marginalised by banks because only 60 percent of them have access to formal financial services.

“I also congratulate you for streamlining loan conditions which has allowed more women to access affordable loans,” Mongella noted while pledging government’s continued improvement of the investment climate in the country.

Ilemela legislator, Angelina Mabula backed Mongella by stating that the Malkia Rafikia experts have greatly assisted women in her constituency improve their businesses. “Introduction of the Malkia Rafiki expert advise at CRDB branches countrywide will help address many challenges facing women in the country,” Mabula said.

 

In welcoming remarks to the Mwanza RC, CRDB’s Director of Procurement, Pendason Philemon said Malkia Account package is aimed at empowering women economically through expert counselling and affordable loans to businesses.

“Until last June, the bank had already disbursed 600bn/- in loans to over 55,000 women countrywide,” Philemon said adding that some 30,000 women are Malkia Account holders and that the bank is luring more to join.