Banks challenged to improve, widen financial services
DODOMA: THE Bank of Tanzania (BoT) and commercial banks in the country have been challenged to develop effective programmes and customer services to enhance and broaden financial services for various groups, including retirees.
Deputy Minister of State, President’s Office, Finance and Planning Juma Makungu Juma specifically advised retirees to invest their pensions wisely for sustainable and profitable returns.
He mentioned several bonds, such as Samia Infrastructure, Kijani, Jamii, Jasiri and Sukuk, as safe and promising investment opportunities that offer lucrative returns of up to 11 per cent annually.
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The deputy minister responded to a question from Mwanakwerekwe Representative Ameir Abdalla Ameir, who inquired about the support retirees receive to make wise investments for sustainable income in their old age.
He also recommended that pensioners invest in government bonds to earn good returns to meet their needs and secure their funds.
The deputy minister informed the house that pensioners have been trained on the best ways to invest their pensions in fixed deposits.
Additionally, commercial banks offer loans to retirees using their pensions as collateral.
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