By Guardian Correspondent , The Guardian
CIVIL servants in the country will now enjoy access to timely soft credits, after Ecobank Tanzania established a special lending scheme to enable them to meet financial obligations.
Speaking during the launch of the new financing scheme in Dar es Salaam on Tuesday, Ecobank Tanzania Managing Director, Dr Charles Asiedu said after application, the servants can have the loans in their accounts within 24 hours, which can be repaid up to a period of seven years.
He said the initiative seeks to avail a quicker and affordable financing option for all government employees across the country.
“We believe that this loan will go a long way in fulfilling dreams and plans for many civil servants which include raising their incomes,” he said.
Dr Asiedu further said the bank is always committed to providing service that will see many livelihoods improving; hence the loan which he said will help many of their customers and also civil servants to achieve their goals.
“With this client centred innovative loan, we have streamlined the loan application process to easily cater for any civil servants,” he asserted.
Head of Consumer Banking, Ruth Mwaiselage further indicated that to apply, the civil servants only need to present their proof of employment in the public service.
“For public servants who already have loans through other financial institutions, Ecobank will buy their loans and give them the chance to get good loans to reach their goals,” she said.
She said the account of civil servants is free and has no monthly deductions and explained that the loans have life insurance to protect the borrowers in case of death, permanent disability or dismissal from job.
Ecobank is actively expanding and exploring opportunities within the value chain of the corporate sector, such as small-scale enterprises (SMEs) that are part of their ecosystem, she said.
According to Mwaiselage, the tenure of 7 years drives up the affordability making it possible for more civil servants to get loans of substantial amounts of up to a maximum of 125m/-.
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