By Guardian Reporter , The Guardian
THE National Economic Empowerment Council (NEEC) in partnership with the Ministry of Education, Science, and Technology prepares guidelines to ensure that entrepreneurship is taught in schools right from the grassroots to the university level.
NEEC Executive Director, Beng’i Issa made the remarks in Dar es Salaam over the weekend during the signing of a memorandum of understanding (MoU) between NMB Bank and the Tanzania Association of Women Owners of Schools and Colleges (TAWOSCO) geared towards enhancing financial inclusion.
According to her, if one has an entrepreneurship mindset, one will be successful in whatever he or she does.
Speaking on the signed MoU, Issa hinted that many banks have been skeptical about offering loans to school entrepreneurs as such business loans take so long to break even.
She commended the bank for embarking on the financial literacy drive across the country urging that it is pivotal in ensuring the sustainability of businesses.
Filbert Mponzi, the bank’s chief retail banking said education sector development is among the bank’s top priorities which is why the bank has for years been investing massively in the development of the sector.
Under the MoU terms, the lender through its digital FlexMalipo proposition will offer several sustainable banking options to TAWOSCO as part of its efforts to support education sector development across Tanzania.
“The signing of this MoU with TAWOSCO underscores our bank’s commitment towards accelerating the development of the education sector. I am optimistic that this collaboration will spur the sector's growth and I take this opportunity to thank TAWOSCO management for choosing to partner with us,” he said.
Mponzi noted that all the schools under the TAWOSCO umbrella would be incorporated into the bank’s digital FlexMalipo system to enable them to collect school fees while enjoying a number of benefits including bank loans, insurance covers and financial literacy.
“This partnership will be a win-win for all the parties involved including school owners, parents, and the students as we will be providing financial literacy through our NMB Business Club program,” he stressed.
NMB Bank Chief Finance Officer (CFO) Juma Kimori speaking on behalf of the bank’s Chief Executive Officer (CEO) Ruth Zaipuna during the event said, “This is not just an ordinary MoU since it comes with many digital solutions attached to it that will address existing challenges,”
He added, “For instance, parents have been making big queues in banks to pay school fees, through our digital FlexMalipo proposition, such challenges will now be history”
Kimori said the bank’s collaboration with TAWOSCO will also synergize and enable the bank to provide loans to school owners in the form of asset financing, loans for renovation, and administration loans.
“Very many banks have for years been so skeptical to offer loans to schools but NMB Bank has dared and I can authoritatively reveal that we will be providing loans to school owners and their staff at an interest rate of only 14 percent. This is with effect from today” Kimori said.
Kimori during the event urged both parties to adhere to the terms of the MoU adding that feedback was essential to ensure the smooth running of the partnership.
TAWOSCO Secretary, Aisha Mzee commended the bank for its decision to partner with her organization and promised that her organization will always adhere to the terms and conditions of the partnership that have been set.
“I take this opportunity to urge TAWOSCO members to develop payment plans once you secure loans from NMB. This will enhance your credibility,” she stressed.
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