CRDB Bank has cut women loans interest rates by over 40 percent through “Malkia/ Queen Account,” a move that will ease repayment burden and increase their wellbeing.
The largest lender move, which received accolades from outgoing Deputy Speaker Dr Tulia Ackson, saw the rates slashed to 14 percent from 24 percent.
CRDB said it want to reach out more women entrepreneurs despite dishing out some 600bn/-at the end of this year’s quarter one to over 55,000 women country wide.
Dr Ackson, who was the chief guest at Malkia [Queen] Account symposium yesterday, said the women interest cut poised to woo more entrepreneurs to apply for the loans.
“The decrease in interest means it reduces the high burden of loan repayment on women to remain with extra funds for investment in their business and thus leads to success,” said Dr Ackson said.
She said researches show that women are contributing considerably in economic development by 54 percent but only 60 percent are reached by banking services.
“I also commended (CRDB) on improving the collateral conditions. This will encourage and entice more women with access credits” Dr Ackson said wooing women to seize the opportunity.
She said the Malkia Account will help them achieve their goals by starting saving small amount of money which will help warrant to receive financial institutions trust.
The country yesterday qualified for middle-income bracket which also was part and parcel of banking industry effort to empower wananchi financially.
“We are proud to be a middle-income country. CRDB continues to empower women and enable (the government) to achieve its national and global goals in equitable participation in development activities,” she said.
The activities are outlined in the Sustainable Development Goals 2030.
CRDB Gropu CEO and Managing Director, Abdulmajid Nsekela said the Malkia Account centred on recognising and enabling a woman to achieve their goals through business and entrepreneurial loans while building up savings.
“Some 30,000 women have already open Malkia Account though the number is still low due to high interest charged and stiff security conditions,” Mr Nsekela said adding: “After realising this we said as a largest home growing bank we have to do something on reducing interest and easing loaning conditions… we have done that,” Mr Nsekela said.
To further enable women entrepreneur in realising their goals, the bank also embarked on education programme by introducing ‘Malkia Rafiki’ [Queen Friend] experts at every branch countrywide.
“When at our branch, please, asks for Malkia Rafiki, who will assist women to reach their goals,” the CRDB chief said during the symposium under a motto ‘Fanikisha Zaidi na CRDB Malkia’ loosing translating to ‘drive to higher heights of success with CRDB Malkia’.