Tanzania: NMB Eyes Three Key Sectors With 9 Pc Interest

NMB Bank has urged farmers, fishermen and livestock keepers to tap loan opportunities offered by the lender after slashing interest rates to 9 per cent from May this year.

This was said by the NMB official responsible for Control and Implementation, Oscar Nyirenda said here over the weekend during the meeting with members of the business club from Lindi and Mtwara.

“Farmers, fishermen and livestock keepers have a reason to increase borrowing and expand their economic activities after NMB cut down lending cost to 9 per cent from over 10 per cent last year,” he said.

He added, “The reduction of lending rates to single digit is the implementation of the plea made by President Samia Suluhu Hassan last year seeking commercial lenders to cut down cost of lending to give relief to borrowers,”

He said also that special arrangement for interest rates will be made for small scale business people borrowing between 500,000/- and 5m/- when they meet the criteria.

He said before President Samia’s call for commercial lenders to reduce interest rates, NMB had already slashed it to 10 per cent last year and heeding to the Head of the State plea, the lender cut it down again to 9 per cent.

The NMB Southern Zone Manager Janeth Shango said that NMB is ready to serve and provide business people with loans and financial education that are necessary in expanding their business.