BRAC Tanzania Finance Limited (BTFL) has recently launched two branches in Ruvuma Region to bring financial services closer to the people, especially to women living in rural and hard to reach areas.
The opening of the two branches in the Namtumbo and Nyasa districts is a part of nine new branches which are established making up a total of 164 branches countrywide, whose aim is to liberate and empower women socially and economically.
Namtumbo District Commissioner Dr Julius Mingu urged women to ensure they use loans obtained to invest in their income-generating activities and not for other activities which may lead them to end up failing to repay the loans.
He commended BRAC for bringing the service much closer to the people, urging them to work closely with women as well as use the opportunity to provide financial literacy for the borrowers to continue growing their businesses.
“I believe that any good and thriving family is because there is a woman who is strong and resilient. Therefore, with this initiative geared to empower women, we expect to see the families being empowered socially and financially.
I urge BRAC to provide the necessary financial skills to enable these women to use their credit responsibly and grow their businesses which will result in prosperous families,” said Dr Mingu.
Meanwhile, the Deputy District Administrative Secretary of Nyasa District, Mr Paul Lugongo who launched the Nyasa branch cautioned women about spending the borrowed money on unnecessary activities like celebrations and women’s traditional dances.
The BTFL Senior Regional Manager Ms Roda Hassan said that BRAC is proud to continue realizing its mission of creating economic impact by providing financial access to more people and especially women in Tanzania.
“At BRAC we understand the challenges facing women in accessing financial products.
In cognizant of that we have created a credit facility which allows women to access loans for investing in their business.
Our loans are collateral free and offered in a group setting which also allows for the women to be able to exchange many ideas as they meet each week,” noted Ms Roda.