NMB, CTM Tanzania partner on house loans

NMB Bank has signed an agreement with CTM Tanzania which will enable the bank’s customers to access loans for purchasing finishing materials for home construction sold by CTM.

Customers will benefit from a discount ranging from 2.0 per cent to 10 per cent.

Speaking at the event yesterday, NMB Chief of Retail Banking, Filbert Mponzi said NMB and CTM are committed to providing financial solutions and construction services to their customers.

“Today, we are here to sign a partnership with CTM that enables Tanzanians to access quality products from this company.

‘Lipa baadaye’ is a system that allows NMB and CTM customers to find financial solutions through loans for home improvement and the purchase of CTM products such as tiles, toilets, sinks, bathroom cabinets, and free construction advice.

Unlike other housing loans offered by NMB, Lipa baadae allows customers to borrow step by step based on their specific needs for finishing the construction.

CTM Managing Director Shiraz Satchu said after nearly nine months of negotiations the deal is through.

“We have worked on this matter for nearly nine months, analyzing and evaluating it until we reached this point [yesterday],” Mr Satchu said. CTM has been in business for 40 years.

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