NMB to automate loan application for civil workers

ARUSHA: NMB Bank has revealed plan to start automating the process of digital applications for loans aimed at civil workers commonly known as e-Loan process.

The Bank’s Chief Internal Auditor, Mr Benedicto Baragomwa, said yesterday during heads of administration and human resource conference that the lender is fully prepared for the automation process and is eager to cater for the needs of civil servants.

“This new digital system promises not only to save time but also to reduce costs associated with loan processing,” he said.

Minister of State in the President’s Office responsible for Public Service Management and Good Governance, George Simbachawene emphasised the importance of implementing the system to streamline services for civil servants.

“It is crucial to have a system like this in place as it will not only save time but also ensure that civil servants have ample time to serve Tanzanians,” he said at the conference.

“The digital applications will eliminate the need for paper-based processes and manual verifications, providing civil servants with a faster and more streamlined way to access loans,” he said.

By deploying a digital platform for loan applications, the bank aims to enhance transparency, reduce paperwork, and expedite the loan approval process.

This innovative step by NMB marks a significant milestone in revolutionising the banking services offered to civil workers and contributes to the government’s digital transformation agenda.

The e-Loan system was introduced by the Office of the President – Public Service Management and Good Governance, with the aim of facilitating public servants to access loans from recognised financial institutions approved by their employers, thereby preventing them from borrowing from informal sources.

Meanwhile DAILY NEWS Reporter in Manyara reports that youth have been urged to capitalise on NMB’s ‘Mshikofasta’ loan to improve their economic standing.

The Minister of State, Prime Minister’s Office – Policy, Parliament, and Coordination, Jenista Mhagama made the remarks yesterday at the NMB pavilion during the launch of the National Youth Week celebrations, which started last Sunday and will conclude on Saturday this week in Babati District, Manyara Region.

The Minister highlighted that the ‘Mshikofasta’ loan service aligns with the main objectives of the celebrations, which include addressing challenges faced by the youth, such as a lack of capital and job opportunities.

Previously, the NMB Bank’s Northern Zone Manager, Baraka Ladislaus, explained that they introduced the ‘Mshikofasta’ loan service to facilitate their customers engaged in entrepreneurial activities in accessing funds quickly through their mobile phones.

“This service aims to assist entrepreneurs in obtaining quick loans through their mobile phones for their day-to-day business operations,” he said.

Ms Mhagama was accompanied by the Minister of State in the Office of the Prime Minister responsible for Labour, Youth, Employment and Persons with Disabilities, Prof Joyce Ndalichako.