Transport operators who run three-wheeled motorcycles, commonly known as bajaj, have been urged to formalize their activities in order to benefit from various economic opportunities, including access to loans.
The Acting Director of Nzega Town Council, Mr. Omary Mungu, called on the operators to work in unity and officially register themselves as a group so they can benefit from funds allocated for special groups.
“Leaders of the bajaj operators’ association who have been elected should act quickly to register and formalize their group. Nzega Town Council will establish a good system to provide them with loans. Once the funds are repaid, they will revolve to benefit others and help improve their economic status,” he said.
Meanwhile, a Loans Officer from CRDB Bank, Nzega Branch, Mr. Richard Litilo, said the bank is working on a suitable system to provide loans to these transport operators through groups so they can expand their businesses. He added that once the system is finalized, it will be implemented.
In addition, Mr. Litilo explained that CRDB Bank already offers individual loans for purchasing bajaj, whereby the applicant contributes 30 percent of the cost while the bank finances the remaining 70 percent.
“For example, if a bajaj costs 10 million Tanzanian shillings, the applicant contributes 3 million, and the bank provides a loan of 7 million. The bajaj itself serves as collateral. The loan carries an interest rate of 20 percent, and the borrower is required to repay 71,500 shillings weekly until the loan is fully settled,” he said.
Regarding the requirements, he noted that applicants must be residents of Nzega who are recognized by their local government authorities. He also advised operators to obtain insurance to protect their vehicles against risks such as accidents or fire.
The event took place at the Nzega Town Council meeting hall, where transport operators gathered to elect leaders of their association, including a chairperson, secretary, and treasurer. The election was supervised by the Community Development Department.
