DAR ES SALAAM: CRDB Bank has launched school fee loans for primary and secondary school students across the country.
The loans, Ada Fasta, loaned through the SimBanking programme, are part of CRDB’s ongoing efforts to meet the needs and expectations of its customers, helping them overcome financial challenges.
CRDB’s Acting Managing Director and CEO, Fredrick Nshekanabo, said yesterday that any parent or guardian can borrow up to 3.0m/-, which they can repay within six months.
“The loan interest rate is only 13 per cent per annum, which is a much lower rate compared to what is available in the market,” Mr Nshekanabo said.
The MD said that the service is being launched at a time when January is traditionally a month filled with significant financial challenges such as school fees, rent and other essential needs, especially after some people have spent substantial when celebrating the year-end holidays.
CRDB, a customer-centric bank, is always designing services and products that meet the needs of its clients, according to Mr Nshekanabo.
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The lender, one of the biggest in the country, for over a decade, introduced and promoted the School Fees Management System, which is now used by over 1,000 schools nationwide.
“All parents whose children are in schools using this system—whether they are CRDB customers or not—can benefit from this loan,” Mr Nshekanabo said.
A parent or guardian applying for this loan, he said, will have the funds directly transferred into the school’s account and they will receive a receipt confirming that the fee payment for their child has been made.
Additionally, customers can pay fees through M-Pesa, TigoPesa, Airtel Money, or HaloPesa without needing to bring the payment receipt to the school, as the payment details are transmitted directly to the school based on the control number issued.
