NMB Bank has officially launched a motorcycle and tricycle loan for the Highlands Zone regions through the NMB MastaBoda Loan campaign that is specifically for young people to engage in passenger transport as a way of eking out a living.
During the launch that took place in Tunduma in Songwe Region, NMB Highlands Regional Manager Straton Chilongola said the loans offered are affordable for young people, whose condition requires one to have an account in the bank.
He said the launch of the loans to the youth group was in line with government directives issued by Minister of State for Employment by Jenister Mhagama in October 2019, during the launch of the NMB Mastaboda campaign aimed at connecting bodaboda youths to the payment system.
The Manager further said the bank initiated the initiative to support the efforts of the government in contributing to provide employment solutions to young people and enable them to enter the formal banking system with a broader interest in promoting the development of our country.
Songwe Regional Commissioner, Omary Mgumba, who graced the campaign launch, congratulated NMB for bringing the youths together and providing them with loans that create further employment for them.
“I extol the bank for also reducing interest rates and extending the loan payment period so that borrowers can afford it. This would boost the national economy,” he added.
However, Mr Mgumba urged the motorcyclists to be disciplined with loan money, adding that they should have a culture of keeping their records by opening an account in the bank.
In a related development, the Chairman of the bodaboda and bajaj in Dar es Salaam Michael Massawe said that since the introduction of the campaign, the bank has enabled many young people to own the machines and now selfemployed.