CRDB lends 70bn/- to support mining sector

CRDB Bank has provided 70bn/- low-interest loans to small-scale miners in Geita region, aiming at supporting government’s efforts on empowerment of the mining sector countrywide.

CRDB Credit Director, Mr Xavery Makwi, commented on the programme over the weekend during the inauguration ceremony of the new CRDB branch in Bukombe District in Geita.

He said that the special programme is implemented to achieve the government’s goal of raising small-scale miners to abandon the use of poor technology in mining activities.

“We also make sure that there are geological details that show the level of minerals accessible in the ground so that they can be sure of the place they are mining,” the credit officer said.

CRDB Western Region Manager, Mr Jumanne Wagana said the process of lending to small miners in Geita officially started in 2021, adding that so far it has reached a good stage.

He said the beneficiaries of the loans include stakeholders who sell mineral equipment and chemicals, stakeholders who mine as well as those purchasing minerals at official markets.

Bukombe District Commissioner, Mr Said Nkumba urged financial institutions to ensure that they provide education before issuing loans to beneficiaries so that the money provided can be productive in achieving the goal.

“Banks should consider the needs of the people, and be able to motivate the people to realise the importance of using banking services for personal development and the nation as a whole,” he said.

He said that his office has been receiving many complaints from citizens after    receiving loans from unofficial institutions or individuals at exorbitant interest rates.