CRDB BANK PROVIDES 1.2BN/- TO YOUTH, WOMEN GROUPS IN ZANZIBAR - FINANCIAL-24
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| Zanzibar President Dr. Ali Mohamed Shein, CRDB Bank Board Chairperson, Ally Hussein Laay (third left) and the Bank's Managing Director, Dr. Charles Kimei, cut a ribbon to officially inaugurate the Bank's branch at Madungu area in Chake Chake over the weekend. |
The fund named after the president is managed by CRDB after President Shein asked the bank, some five years ago to look into means to enable youth and women to access loan with minimum bank’s conditions.
According to CRDB Managing Director, Charles Kimei, the fund so far has reached 1,341 people in Zanzibar mostly small and medium entrepreneurs deal in clove, seaweed and rice farming and fishing.
“The fund has turned up to be successful as most of the borrowers were start-up businesses and repayment rate was very high,” Dr Kimei told Zanzibar President Dr Ali Mohamed Shein during the bank’s Chake Chake branch inauguration over the weekend.
The Fund started with initial deposits of 100m/- and increased o 150m/- by 2015. “The deposits are increasing very well, so is the amount loaned out,” Dr Kimei said. He said the repayment rate was also high as out of total money loaned out only 30m/- are yet to be paid back.
Most beneficiaries are female where they control about two-third of amount lent or 852 compared to 459 males. During the inauguration of the branch, the first for the largest bank in Pemba, the bank also donated 150 desks to two primary schools which are facing acute need of desk — as most pupils are seating on floors.
CRDB’s Director of Marketing, Research and Customer Services Tully Esther Mwambapa said the desks would go to Madungu and Chanjajawire Primary Schools. “Initially we planned all desks to go to Chanjajawire but after visiting Madungu, which is opposite our branch we ask the desks to be distributed fifty-fifty to both schools,” Ms Mwambapa said.
She said after a brief tour to Madungu they found out the school with over 1,500 pupils has a single desk and 36 teachers. “The toilets are also in the critical condition, therefore we donated 5m/- extra to build new toilets as well,” Ms Mwambapa said amid cheers from some pupils and residents of Madungu who attended the ceremony.
The CRDB MD also increased the school desk donation to 20m/- more that will be put into the president’s basket envisaging to end desk shortage in the twin islands of Zanzibar.
Dr Shein thanked CRDB saying he knew their presence in Pemba would enable it to solve many challenges people are facing through their corporate responsibility. “I commend the bank as I know it is one of the best in the country.
I am not ashamed to support them as it’s a Tanzanian bank run by nationals,” Dr Shein said. He also thanked the bank to name the fund after his name. Dr Shein sold the idea to CRDB of establishing and managing such fund to enable youth and women to access loans under minimum bank condition.
CRDB did not only establish but also donated the seed money as well. In Pemba alone the bank has served 20 SACCOS and reached out to 31,000 small businesses most in seaweed and rice farming and fishery.
The bank under Corporate Social Responsibility each year set aside 1.0 per cent of its profit toward the scheme.
Daily News
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