TANZANIA: NMB BANK OFFERS SUPPORT FOR BIKE LOANS

IN an attempt to fight joblessness, the National Microfinance Bank (NMB) has started providing loans for acquiring three wheeler, motorbikes and tricycles, which could be used to generate income.

This was said in Dar es Salaam by the NMB Loan Officer, Ms Donatila Wapalila at the ongoing Dar es Salaam International Trade Fair (DITF).

NMB is listed on the Dar es Salaam Stock Exchange (DSE) and on Wednesday its counter had 20,941 shares traded at weighted average price of 4,000 /- ex-dividend per share in 46 deals.

She said NMB has partnered with three automobile companies to help Tanzanians acquire motorbikes and tricycles that could contribute significantly to the improvement of living standards.

"The bank, which has the widest branch network in Tanzania, is offering affordable loans to those willing to own motorbikes and tricycles obtained from Fair Deal Auto Private Ltd, Car and General Limited Ltd and Quality Motors Limited," she said.

She said the move was in line with NMB's commitment of bringing financial services that directly impact on lives of its customers and Tanzanians in general.

To get the loan, Ms Wapalila said one will be required to pay 30 per cent of the price which is returnable after payback period for the motorcycle or tricycle as sold by the three companies.

One will be required to repay the loans in a period of 24 months with money being paid in accordance with the agreement between the client and the bank.

In the same manner, the loans come with an insurance policy that seeks to cover eventualities such as death and accidents that may occur to the loan holder. Currently, the loans are now available at 21 of NMB's branches countrywide.