NMB BANK EYES ‘BODABODA’ RIDERS WITH TSHS 5 BILLION IN LOANS SCHEME

The Minister of State in the Prime Minister's Office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), Jenista Mhagama (right) and NMB Bank Plc, Chief Executive Officer, Ruth Zaipuna (centre) try one of the tricycles during an event at which the lender announced that it had set aside TShs 5 billion for lending to youth who work as 'Bodaboda' motor cycle 'taxi' drivers in Dar es Salaam over the weekend. Looking on is NMB Bank Chief of Retail Banking, Filbert Mponzi.

Dar es Salaam - Bodaboda riders now have every reason to boost their incomes as NMB Bank Plc sets aside Sh5 billion for lending to them.The money, set aside the NMB Mastaboda loan initiative, is geared towards helping the youth who are engaged in the motorcycles business popularly known as ‘Bodaboda’ so that they can grow their businesses and contribute to the country’s economic growth.

Available data shows that Tanzania was home to over two million Bodaboda taxi riders who would benefit from the initiative and join the banked segment of the society.

The minister for State in the Prime Minister’s Office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), Ms Jenista Mhagama, graced the launch of the NMB Mastaboda loan initiative in Dar es Salaam at the weekend during the event that was also attended by about 300 ‘Bodaboda taxi’ riders.
To qualify for the loan, a Bodaboda rider will be required to open an account with NMB Bank Plc.

Apart from operating the account for three months consecutively and being a member of the of bodaboda riders’ associations, one will also be required to possess a National Identification card.

Speaking during the event, Ms Mhagama said the loan initiative was complimenting government efforts to empower youth so that they can actively participate in Tanzania’s economic growth efforts.

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