Summary
· All thanks go to the launch of a special account dubbed Mwanamke Hodari, an event that occurred over the weekend here in the city
Dar es Salaam. Azania Bank has started offering loans to women at one
percent interest rate on a monthly basis, in its wider efforts to empower them
economically.
All thanks go to the launch of a
special account dubbed Mwanamke Hodari, an event that occurred over the weekend
here in the city.
The bank’s managing director, Ms
Esther Mang’enya, said the account, which one can open free of charge, is
geared to address a challenge of capital that women are grappling with in their
businesses.
“This account is specifically for women who
have been facing difficulties in accessing loans due to conditions that are not
in their favour,” said Ms Mang’enya.
She said a borrower stood a chance
to borrow up to four times of her deposit.
She explained that the borrower will
need to have collateral worth 25 percent of the loans as opposed to 100 percent
required in commercial loans.
In case the borrower met her demise
or became ill to the extent of failing to pay back the loan, insurance would
come to a rescue, according to Ms Mang’enya.
There is no minimum balance required
for the operation of the account, whose launch was graced by the Minister for
Community Development, Gender, Women and Special Groups, Dr Dorothy
Gwajima.
“As a matter of fact, the account
owner can at any time withdraw her money without a limit and charges,” said Ms
Mang’enya.
Dr Gwajima, for her part, commended
Azania Bank for being innovative enough to come up with the product that will
positively impact the lives of women.
“It is high time women grabbed the
opportunity for prosperity of their businesses,” she said.
She went on to add: “It is time for
women to cultivate a culture of saving.”
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