GOVERNMENT PLANS TO DISMANTLE TIB DEVELOPMENT BANK

TIB Managing Director, Peter Noni

Tanzania government has embarked in a plan to split TIB Development Bank into two different arms - TIB Development Bank and TIB Corporate Finance - a move meant to increase efficiency.

According to the Managing Director, Peter Noni, the first arm, TIB Development Bank, will be dealing with improving loans issuance to both small scale and large scale traders, while the second arm, TIB Corporate Finance, will involve in achieving the current target of improving various infrastructural systems.

He further said that the bank has started building infrastructure that will help small scale traders and farmers achieve their goals.

“We have started working with other African countries like South Africa in ensuring that traders and farmers in Tanzania have a wider market access for their produce,” he said. 

According to Mr. Noni, the bank has already introduced finance leasing services in which applicants pay 20 percent of the items they apply for and the remaining 80 percent serviced within the agreed time-frame.