TANZANIA: LAPF TO OFFER NEW EDUCATION LOANS

THE Local authorities Pension Fund (LAPF) is developing a new product for provision of loans to its members to finance higher education costs.

LAPF Managing Director, Mr Eliudi Sanga, said that the loan scheme would enable LAPF members to finance costs for higher education in local and foreign institutions.

"We have designed this new product to enable our members satisfy their demand for higher education.

"We have realised that many members have aspiration for attaining higher education, but fail to do so because of financial constraints," said Mr Sanga.

The LAPF chief called upon LAPF members to rush for such an opportunity because it was an effective means for one to attain higher education for his or her own benefits.

He said apart from such new loan scheme, LAPF has been offering housing and welfare loans to its members. He said LAPF loans do not bear high interest rates compared to those imposed by commercial banks.

"The LAPF has been offering loans to members through their Savings and Credit Co-operative Societies(SACCOS)," he said.

He also said that LAPF is not discriminatory as it recruits members from all categories including business persons, civil servants, informal business operators and other self-employed people.

The Director of Membership Service, Mr Valerian Mablangeti, said LAPF had set affordable interest rate on credit in order to enable economic empowerment of their members.

He said their corporation had been in forefront to improve pension benefits to its members apart from engaging in other business ventures.

LAPF Director of Investment, Ms Rose Metta, said that such social security fund had invested heavily in the real estate business through construction of towers such as Mwanza Commercial complex and millennium Tower.