DAR ES SALAAM: BANK of Africa Tanzania has reached more than 500 Small and Medium (SMEs) by providing them with business skills aimed at achieving financial growth and stability in business.
The bank’s Managing Director Ms Esther Cecil Maruma said in Dar es Salaam yesterday that in the bank’s three-year strategic (2022-24) has set aside 62.23bn/- for the SME sector alone and for last year 47.87bn/- has been loaned to SMEs.
This year, Mr Maruma said more than 20.67bn/- has been loaned by June this year benefiting over 16,000 SMEs.
“In our bank’s three-year strategic plan, this sensitive sector of entrepreneurs has been prioritised in a very unique way, including providing financial training to our customers,” she said at a one day workshop for entrepreneurs at the Kariakoo Market noting that this year this year the bank plans to reach more than 170 SMEs.
Statistics show that SMEs sector contributes about 30 per cent of the national income and in every 10 businesses, nine are businesses owned by SMEs.
“The fruits of what we are doing are reflected in the good results with the bank’s profitability increasing by 33 per cent from 6.03bn/- in June last year to 9bn/- June this year,” she said.
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The bank’s non-performing loans have reached 1.5 per cent which is less than the level required by Bank of Tanzania of 5 per cent.
She said is determined to continue investing in SMEs sector to ensure that through ‘Tukue Pamoja’ programme their business grow and contribute to economic development.
The Acting Head of Retail Banking, Ms Mwamvua Majeshi has assured businessmen that credit services will be provided on time without delay following banking regulations in the country.
Mr Frank Chaula, a businessman from Kariakoo, hailed Bank of Africa for the workshop, saying it has raised awareness on financial discipline, procurement rules and financial records management.
“I am excited for being among the businessman in this workshop as it will sharpen our minds on how to grow systematically in business and to address emerging business challenges,” he said.
For her part, Elia Komba, a transporter at Kariakoo Market, said the training workshop was useful for them as it imparted to them financial technical skills and other banking technology skills needed for their businesses.
