Tanzania Bank Targets Three Million Small BusinessesThursday, May 12, 2016 > 10:16:07
(All Africa By Timothy Kitundu)
The National Bank of Commerce (NBC) last week launched its Business Banking product that focuses on about three million Small and Medium Enterprises (SMEs).
The "I am delighted to note that the manufacturing sector which this initiative focuses on will greatly contribute to support the government in its quest of poverty eradication as well as fortify the economic activities undertaken by SMEs in the country," Dr. Adelhelm Meru, the Permanent Secretary, Ministry of Industry, Trade and Investment said during the launch.
Sectors to be covered include agriculture, transportation, manufacturing, communications and those who are in need of trade financing.
He said it will play a pivotal role to promote businesses as well as boost SMEs that play an important role in spurring economic growth in Tanzania.
He said the government has positioned itself in building a strong manufacturing nation and most players in this vital are the SMEs who are the driving force of the economic development of Tanzania.
Dr. Meru said: "The issue of access to credit facilities which will form an integral part of this initiative has in past posed a challenge to small enterprises and, at times this challenge most of the times scares off SMEs from participating fully in the putting up of manufacturing ventures hence derailment of the efforts of small enterprises."
Dr. Meru however, applauded the banking sector in the country calling upon the players to come up with appropriate programmes for SMEs and maintain the stance of regulating the credit facility to suit the small enterprises so as to provide slots for them and enable them borrow without hindrances.
The NBC Managing Director Edward Marks said the scheme does not exclusively benefit the players in the sectors mentioned, but also offers services suitable to businesses that are in dire need of trade finance sponsorship and insurance services.
"All these will be managed by special corporate and communication experts who will be offering consultancy services as well as helping entrepreneurs' identify their opportunities in their businesses hence NBC recognizes the dire need of financial education that to SMEs therefore NBC is willing to provide them with experts in who are positioned to impart skills and knowledge to small enterprises," he said.
NBC Board Chairman Nehemiah Mchechu advised the respective beneficiaries to seize this opportunity and make use of this service that will enable them access credit facilities.