CRDB BANK LAUNCHES AFFORDABLE SCHOOL FEES LOANS

The Acting CEO of CRDB Bank, Fredrick Nshekanabo (right), at the launch event of school fees loans for primary & secondary schools. He is flanked by; Head of Personal Banking - Stephen Adili (second right), Head of Business Operations - Feruzi Korongo (second left) as well as the Head of Business at Sanlam Life Tanzania - Kyenekiki Kyando.  

Dar es Salaam: CRDB Bank has launched school fees loans for primary and secondary school students across the country.

The loans, Ada Fasta, loaned through the SimBanking App, are part of CRDB’s ongoing efforts to meet the needs and expectations of its customers, helping them overcome financial challenges.

CRDB Bank Acting Managing Director and CEO, Fredrick Nshekanabo, said yesterday that any parent or guardian can borrow up to 3 Million Tanzania Shillings, which they can repay within six months.

“The loan interest rate is only 13 per cent per annum, which is a much lower rate compared to what is available in the market,” Mr. Nshekanabo said.

Mr. Nshekanabo said that the service is being launched at a time when January is traditionally a month filled with significant financial challenges such as school fees, rent and other essential needs, especially after some people have spent substantial when celebrating the year-end holidays.

CRDB, a customer-centric bank, is always designing products and services that meet the needs of its clients, according to Mr. Nshekanabo.

The lender, one of the biggest in the country, for over a decade, introduced and promoted the School Fees Management System, which is now used by over 1,000 schools nationwide.

“All parents whose children are in schools using this system—whether they are CRDB customers or not—can benefit from this loan,” Mr. Nshekanabo said.

A parent or guardian applying for this loan, he said, will have the funds directly transferred into the school’s account and they will receive a receipt confirming that the school fees payment for their child has been made.

Additionally, customers can pay school fees through M-Pesa, TigoPesa, Airtel Money, or HaloPesa without the need to bring payment receipts to the school, as the payment details are transmitted directly to the school based on the control number issued.

Daily News