Exim Bank has become the first financial institution in Tanzania to facilitate the acquisition of existing loans for public sector employees from other institutions via the Employee Self Service (ESS) portal. This groundbreaking service is designed to provide civil servants with more favorable loan terms, improved speed, and enhanced convenience, all through the innovative platform.
Mr. Andrew Lyimo, Exim Bank’s Head of Retail Banking, emphasized that the primary objective is to ensure that government employees benefit from better financial solutions. “Our goal is to provide government employees with financial services that make a tangible difference in their lives. By taking over their existing loans, we aim to ease their financial burden and offer better repayment terms tailored to their individual financial needs,” said Mr. Lyimo.
Exim Bank’s Wafanyakazi Loan empowers government workers by providing them with the financial capital necessary to start or expand businesses, thus enabling them to generate additional income streams beyond their monthly salaries. Civil servants can now access loan amounts of up to 200m/- million, with repayment terms of up to 120 months (10 years).
Mr. Lyimo further noted, “We understand the financial challenges faced by salaried employees, and through this initiative, we hope to assist them in achieving financial stability.”
In addition to the loan takeover feature, Mtenya Cheya, Head of Products and Revenue Assurance, highlighted that borrowers will have the flexibility to top up their loans every three months. Loan repayments will be structured as Equal Monthly Instalments (EMI) throughout the loan tenure, providing further ease and predictability for borrowers.
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Additionally, the loan package includes credit life insurance, ensuring that outstanding loan balances are settled in the event of the borrower’s death or permanent disability, offering peace of mind to both the employee and their family.
