CRDB bank pushes financial inclusion for women entrepreneur

ZANZIBAR: IN a bid to deepen financial inclusion, CRDB Bank has launched a targeted initiative to equip Zanzibar’s women entrepreneurs with essential financial skills.

The programme, introduced during a seminar in Unguja, emphasises the importance of safe money storage and access to formal banking to reduce risks and unlock business growth.

The call was made by CRDB Zanzibar Branch Manager Fatma Nassor while opening a financial literacy training seminar for women entrepreneurs and their affiliated groups in Kikwajuni, Zanzibar.

Ms Fatma explained that banking is the only assured way to safeguard investments and ensure sustainable growth and that the seminar is part of CRDB’s Imbeju (Seed) programme, which is aimed at educating women and youths on the importance of opening bank accounts that can serve as collateral when seeking loans to grow their businesses.

“For money to be productive in the future, it must be stored safely in a secure environment like a bank. Through this seminar and the ‘Imbeju’ project, we aim to build knowledge, eliminate fear and support small entrepreneurs to grow into large-scale businesses and improve their livelihoods,” she said.

She added that CRDB has various departments and financial experts who are equipped to teach proper borrowing practices and effective ways to use loans for business success.

During his session on ‘Account Literacy’, CRDB officer Mr Nassor Ali explained that Imbeju is a group-based account tailored for officially registered groups to access business loans, especially targeting women.

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However, he clarified that the account is open to men as well, as the goal is to uplift all community members economically.

“It’s an inclusive account that requires no monthly maintenance fees apart from a small withdrawal charge. There’s no minimum operating balance, meaning even small amounts can be used for group activities,” he explained.

In another session titled ‘Money and Loans’, Mr Juma Seif discussed the social dynamics around money in families and communities. He warned that individuals managing group funds often face pressure, particularly from spouses, during emergencies, which may lead to debt if not handled carefully.

Mr Seif highlighted that keeping money in the bank promotes financial discipline, reduces temptation for impulsive spending, and protects group treasurers from accusations or misuse of funds.

“Having consistent savings in the bank also boosts trustworthiness and creditworthiness, especially when the group’s capital grows due to successful business ventures,” he added.

Participants expressed gratitude to CRDB for the valuable training, vowing to use the knowledge gained to uplift their economic status.

Ms Hamida Abdalla, Chairperson of the Mashallah group, attributed their success to strong leadership and financial discipline, noting that their group of 22 members, established 25 years ago, engages in poultry farming, secondhand clothing sales, hair product manufacturing and catering services.

“Our success lies in good management. We began with a loan of 30m/-, which we were supposed to repay in two years. We cleared it in just one year.

That built our credibility with CRDB. We also made sure our members are knowledgeable and committed to their responsibilities,” she said. Hamida listed achievements such as members building homes, performing Hajj (Muslim pilgrimage) and travelling abroad for business expansion.

She also praised CRDB’s customer service and efficiency, saying the bank operates without bureaucracy. The Mwanamke Mpambanaji (Woman Fighter) group, secretary and trainer, Ms Rauhiya Abdalla Khamis thanked CRDB for guiding her trainees on how to access loans to support their entrepreneurship.

“I have trained many youths in making different products. They had the skills but lacked knowledge on how to apply for loans. This training has empowered us to plan strategically for financial growth,” she said.

She praised CRDB for offering transparent and accessible services, calling the bank a ‘true partner for hustlers’. The one-day seminar concluded with an account opening drive, allowing unbanked participants to open CRDB accounts on the spot, a step toward deepening their entrepreneurial engagement.