TPB Bank and Tanzania Fisheries Trust Fund (TFTF) have signed a Memorandum of Understanding (MoU) where all fishermen will be able to save their monies through a special account.
The account, among other things, aimed to change the way fishermen put their money and enabling them buy fishing gears. The account comes with a distinct ATM card “Wavuvi Card”.
The signing ceremony was held yesterday at the bank headquarters and target to curl-in a total of 4.5 million fishermen in the country.
TPB Board Chairman Dr Edmund Mndolwa said the new banking service will make fishermen adopt a saving culture and avoid various risks of keeping money under the pillow.
“We have decided to introduce the Wavuvi Card to help them to save their monies and through that, they would be identified and those who will meet our criteria and regulations would get soft loans,” said Mndolwa.
Mndolwa said the services are now available at all 76 banks’ branches and over 1,000 TPB agents across the country.
He said apart from financial services education that the bank will offer, the fishermen would be able to secure soft loans as per rules and regulations set by the bank.
TFTF Chairman, Alphonce Mkama thanked the bank for the service that would make their members to change their saving culture.
“This is a historical moment for us as we have suffered for many years due to lack of tailor-made banking services, we have the window now,” said Mkama.
He said out of 4.5 million fishermen, only 56,000 are TFTF members.