The initiative is set to stimulate business expansion,
create jobs, and drive overall economic development in the region.
Targeting 75 groups, containing 5 to 20, ZEEA has so far enlisted
16 groups from all economic sectors with a total request of Sh150 million.
Each group can access affordable loans with a maximum amount
of Ss30 million and a repayment tenure of 24 moths, equivalent to 2 years.
The MOU underscores TCB's commitment to financial inclusion
and economic empowerment by providing these targeted groups with access to
affordable loans, TCB and ZEEA will enable entrepreneurs to scale their
businesses, hire more staff, and contribute to reducing unemployment.
This support will also help businesses manage cash flow,
handle seasonal fluctuations, and invest in essential infrastructure, thereby
enhancing their long-term sustainability.
“We are excited to partner with ZEEA to support the
entrepreneurial spirit of Zanzibar’s women, youth, and special groups,” said
Adam Mihayo, CEO of Tanzania Commercial Bank.
He added “This initiative aligns with our mission to foster
economic development and financial inclusion. By empowering these groups, we
are not only helping individual businesses grow but also strengthening the
overall financial system and creating a more robust economic environment.”
The loan program is designed to encourage entrepreneurial activity, empowering individuals to start and grow their own businesses. This empowerment is expected to have a ripple effect, strengthening local economies, and supporting government initiatives aimed at reducing unemployment and fostering sustainable development.
“Access to credit is crucial for the success and growth of
small and medium enterprises,” said Ms. Lilian Mtali, Director of Retail and
SME Banking at TCB Bank.
She added that “Through this program, we aim to provide the
financial resources necessary for entrepreneurs to thrive, particularly those
who have been underserved by traditional banking services.”
In addition to fostering economic development, this
partnership also supports the growth of Zanzibar’s blue economy. By promoting
loans to empower businesses within this sector, TCB and ZEEA are contributing
to a vital area of economic activity that holds significant potential for
sustainable development.
TCB Bank’s proactive support of government initiatives and
its focus on financial inclusion positions it as a key player in Zanzibar’s
economic development. This partnership with ZEEA is a testament to TCB's
dedication to empowering special groups and fostering a thriving, inclusive
economy.
