Through the plan, which was unveiled in Dar es Salaam over the weekend, Equity Bank will extend credit to the traders through Airtel Money and the pay back would be done through the same money transfer system. Equity Bank’s Operations Manager, Mr David Mukaru, said his bank has been on the forefront in providing loans to women as well as groups of small-scale entrepreneurs.
“Equity Bank has been a committed partner that boosts traders with capital to expand their dealings through provision of loans with reasonable interest rates,” Mr Mukaru said. For his part, Airtel Tanzania Public Relations Manager, Mr Jackson Mmbando, said the plan would make it easy for small-scale traders to get the loan and pay off through their mobile handsets.
“We aim to making operation of the loan scheme convenient and secure in a way that traders would not have to walk long distances to make refunds through the bank. Airtel continues to assist the community in a range of areas through Airtel Money,” he boasted.
The Chairperson of petty traders at Machinga Complex, Mr Abdubakar Rakesh, expressed gratitude for the plan, noting that inability to access loans was among major challenges facing the traders at the complex.
“Through this loan scheme, I am hopeful that traders will be able to boost their capital and improve efficiency,” he said. A local company, Ear Promotion, will coordinate and supervise the programme on behalf of Airtel and Equity Bank Tanzania.