NATIONAL ECONOMIC EMPOWERMENT COUNCIL UPBEAT ON VILLAGE BANKS

Acting Chief Executive Officer, Tanzania Postal Bank (TPB), Moses Manyanta (left), presents a dummy ATM card of the bank to the president of Village Community Bank (VICOBA) Endelevu, Devota Likokola to mark the inauguration of a special TPB ATM card that will be used by members of VICOBA in the country, in Dar es Salaam over the weekend. Looking on are the Bank's Board of Trustees Chairperson, Professor Letticia Rutashobya (second left), and Executive Secretary of National Economic Empowerment Council, Beng' Issa.

Local entrepreneurs have been urged to join Village Community Banks (Vicoba) to attain sustainable development individually and that of the nation.

The Executive Secretary, National Economic Empowerment Council (NEEC), Ms Beng'i Issa, made the appeal in Dar es Salaam over the weekend at the inauguration of a special Tanzania Postal Bank (TPB) ATM card for members of Vicoba.

The ATM card to be used through the Postal Bank intends to facilitate and smoothen transactions by members of Vicoba throughout Tanzania.

Efforts to come up with the special ATM card by TPB, Vicoba Sustainable Development Agency and NEEC. Vicoba is currently having over 5,000 groups membership throughout the country.

"This is a very important milestone," Ms Issa said. TPB Board Chairperson, Prof. Leticia Rutashobya, said the inauguration of the ATM was a clear testimony of the commitment of the bank to serve entrepreneurs.

"We are happy to serve entrepreneurs," she said. A Coordinator of health at Vicoba Sustainable Development Agency, Ms Ikupa Njela, said the new ATM card was a triumph for members of Vicoba.

"This card will further help develop Vicoba members in our country," she said. Recently, NEEC announced that it will provide 700m/- to TPB as guarantee for loans to be extended by the bank to entrepreneurs under the government's Mwananchi Empowerment Fund.

Among other duties, the fund seeks to assist individual citizens or groups such as Vicoba to access soft loans by direct lending or guarantee system. The money will be deposited at a bank's special fixed deposit.

That will enable the bank to lend soft loans using its own funds three times of the guaranteed money given by NEEC. There will be a flat interest rate of 11 per cent.

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