STANBIC BANK CUTS INTEREST RATES ON SALARIED LOANS

Stanbic Bank’s Head of Consumer and High Networth Clients, Omari Mtiga.

Dar es Salaam, Tanzania: Stanbic Bank Tanzania continues to make dreams for its clients a reality through tailored and innovative solutions. The bank has announced that it has reduced its interest rate on unsecured salaried loans for the public sector to 12.5% in a campaign that will run for three months.

The bank's new interest rate comes at a time when the government is looking at measures to maintain economic growth despite the impacts of the Covid- 19 pandemic and the world facing rising fuel and commodity prices.

While expounding on the campaign Stanbic Bank’s Head of Consumer and High Networth Clients Omari Mtiga, said " For three months public sector workers can access unsecured salaried loans for a 12.5% interest rate that will be issued within 48 working hours. Our aim is to ensure that there is quick and seamless access to loan services to ensure that our customers can fully benefit from the campaign period and beyond. “

He added that the bank has decided to cut interest rates to provide credit to its public sector customers, which would help boost their income and the nation's economy as a whole.

’’We understand the role played by public servants in the dispensation of public services throughout the year and their unwavering dedication to ensuring that they offer quality service. With this review, we seek to assist them to achieve their personal development goals which we believe, will help to boost morale and enhance effectiveness in their official undertakings,” he said.

Recently named Tanzania’s Bank of The Year by The Banker Magazine and Best Investment Bank by EMEA Finance, Stanbic bank’s focus on the public sector seeks to support the government achieve its socio-economic growth ambitions.