Ecobank offers 12pc interest rate loans

TANZANIA: ECOBANK Tanzania is offering a 12 per cent interest rate loan to civil servants to enable them to access affordable credits.

Ecobank Tanzania’s Managing Director Dr Charles Asiedu further said civil servants are allowed to borrow up to 125m/- at ago in a repayment period of seven years.

“Now is the time for us to extend our services to the public servants to enable them maximising their income capacity,” said Dr Asiedu.

Through this, public employees do not need to present and asset as a security to access a loan, but rather the status of being employed within government institutions and once everything is completed, the loan will be processed in 24 hours.

Eco’s Head of Consumer Banking Ms Ruth Mwaiselage said apart from the affordable interest, the borrower’s account will not have monthly charges and also loans offered have life insurance.

“All of our loans are insured to protect the borrower when is faced with various challenges such as death, permanent disability and possibly dismissed from employment,” she said.

She added that to the customers who have loans from other financial institutions, the lender buys their loans and gives them the chance to restructure and top up the amount to meet their life goals.

The bank in 2020 had a non performing loans (NPLs) ratio of 38 per cent and registered a loss of 11bn/-, but in the following year, the lender dropped the ratio to 7.7 per cent mostly through write-offs to clean their book.

In 2022, the NPLs ratio dropped to 5.0 per cent and last year to a further 2.7 per cent, signifies the positive growth of the bank.

Ecobank Tanzania, a subsidiary of Ecobank group, has five branches in the country in Dar es Salaam, Arusha, and Mwanza with seven ATMs and more than 700 agents.

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