Bank tips traders on ‘loans to invest’

BERNARD LUGONGO in Mwanza

TANZANIA Postal Bank (TPB) Chief Executive Officer Sabasaba Moshingi, talks about the bank’s strategies to serve investors at the Mwanza Business Forum in the lakeside city yesterday. (Photo by Mroki Mroki)

TANZANIA Postal Bank (TPB) yesterday again appealed to entrepreneurs and investors to come forward and take loans from it and investment on ‘flourishing opportunities’ in Mwanza City.

The remark was made here by Tanzania Postal Bank (TPB) Chief Executive Officer, Mr Sabasaba Moshingi, saying the bank is in a good position financially, and only what they require are investors processing their papers effectively and getting funds to invest in the city.

He urged traders and investors to see the importance of exploiting the chance in order to transform the economy from solely relying on agriculture to industries by 2025.

While making a presentation on the importance of loans from the financial institutions at the Mwanza Business Forum, he said NMB bank will soon list its shares in the Initial Public Offering (IPO), and urged the residents of Mwanza to buy them, when listed as part of investment.

He pointed several benefits from the institution, including marketing a number of its products on ‘Group Lending’ which has been designed to financially support Small Scale Entrepreneurs (SSE) to grow in the business.

On his part, NMB bank’s Acting Head of Corporate, Mr Nsolo Mlozi, said the Business Forum will continue to enlighten the public on the role of financial institutions in the country. He said his bank is fully prepared to ensure that business and investment flourish in the area with their support, besides opening up other branches there.

‘In the near future, the bank eyes to open at least 10 more branches in the Lake Zone,” he pointed out. Mr Mlozi hinted that they want to bring their services close to the residents and provide them with more loans to start up small business in their midst.

He advised the residents to think of businesses and projects which are likely to increase their incomes and share their ideas with the bank if they really want to ‘address poverty’ in the region.

Presiding over the occasion, TIB Development Bank Director of Strategic Planning and Corporate, Mr Patrick Mongella, said his bank was also ready to provide loans to the residents, traders and entrepreneurs to reduce poverty in the region.

He hinted that Mwanza City has many opportunities to exploit including collecting revenues from Busisi Bridge, the Great Lakes ferries, and Industrial Parks as well as the Mwanza Airport to improve its economy.