PENSIONERS TO BENEFIT FROM NEW TANZANIA POSTAL BANK & NSSF LOAN DEAL

TPB Managing Director, Sabasaba Moshingi.

Dar es Salaam. Pensioners, under the National Social Security Fund (NSSF) programme, can now easily acquire loans from the Tanzania Postal Bank (TPB), thanks to a programme launched on Monday.

The programme, dubbed ‘Wastaafu Loan’, is aimed at enabling retired NSSF members to acquire loans from banks that can empower them economically.

Speaking in Dar es Salaam on Monday, TPB Managing Director Sabasaba Moshingi, said the bank initiated the programme after realising that pensioners had found it difficult to get loans from financial institutions.

“Financial institutions are afraid of giving money to these people because they fear they would default but we understand their importance to the growth of the economy,” he said, adding that the loans were insured and that the interest rate was below 12 per cent. The loan is repayable in one to three years.

In his remarks the NSSF Operations Director, Mr Crescentius Magori said TPB has been the first bank to offer such loans and that they are looking forward to working together with other financial institutions to help retired workers with loans.

“We congratulate TPB for the innovation and we hope the programme will go a long way in ensuring that we empower such people” he said.