CRDB Bank has cut
women loans interest rates by over 40 percent through "Malkia/ Queen
Account," a move that will
ease repayment burden and increase their
wellbeing.
The largest lender
move, which received accolades from outgoing Deputy Speaker Dr Tulia
Ackson, saw the rates slashed to 14 percent from 24 percent.
CRDB said it want
to reach out more women entrepreneurs despite dishing out some 600bn/-at
the end of this year's quarter one to over 55,000 women country wide.
Dr Ackson, who was
the chief guest at Malkia [Queen] Account symposium yesterday, said the
women interest cut poised to woo more entrepreneurs to apply for the
loans.
"The decrease in
interest means it reduces the high burden of loan repayment on women to
remain with extra funds for investment in their business and thus leads
to success," said Dr Ackson said.
She said researches
show that women are contributing considerably in economic development
by 54 percent but only 60 percent are reached by banking services.
"I also commended
(CRDB) on improving the collateral conditions. This will encourage and
entice more women with access credits" Dr Ackson said wooing women to
seize the opportunity.
She said the Malkia
Account will help them achieve their goals by starting saving small
amount of money which will help warrant to receive financial
institutions trust.
The country
yesterday qualified for middle-income bracket which also was part and
parcel of banking industry effort to empower wananchi financially.
"We are proud to be
a middle-income country. CRDB continues to empower women and enable
(the government) to achieve its national and global goals in equitable
participation in development activities," she said.
The activities are outlined in the Sustainable Development Goals 2030.
CRDB Gropu CEO and
Managing Director, Abdulmajid Nsekela said the Malkia Account centred on
recognising and enabling a woman to achieve their goals through
business and entrepreneurial loans while building up savings.
"Some 30,000 women
have already open Malkia Account though the number is still low due to
high interest charged and stiff security conditions," Mr Nsekela said
adding: "After realising this we said as a largest home growing bank we
have to do something on reducing interest and easing loaning
conditions... we have done that," Mr Nsekela said.
To further enable
women entrepreneur in realising their goals, the bank also embarked on
education programme by introducing 'Malkia Rafiki' [Queen Friend]
experts at every branch countrywide.
"When at our
branch, please, asks for Malkia Rafiki, who will assist women to reach
their goals," the CRDB chief said during the symposium under a motto
'Fanikisha Zaidi na CRDB Malkia' loosing translating to 'drive to higher
heights of success with CRDB Malkia'.
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