Tanzania Women Bank Disburses Sh120bn Loans to 86,000 Women

Oct 26, 2017 | The Citizen; All Africa

Tanzania Women Bank has since 2007 issued a total of Sh120 billion worth credit to 86,000 women, according to its director general Mr Japhet Justine.

This comes at a time when financial institutions were struggling to inch down the financial inclusion gap. National Microfinance Bank (NMB) managing director Ineke Bussemaker said of 7.5 million of Tanzanians who had bank accounts, women were accounting for only 30 per cent. She attributed the trend to lack of collateral among women, saying the bank was doing all what it could to establish accounts which are easily available and affordable. "We are also doing all in our power to design and develop products which will attract more women," noted Mr Bussemaker. Speaking to The Citizen on Tuesday, October 25 on the sideline interview of the Women's World Banking Making Finance Work for Women Global Summit in the city, the Visa Foundation's senior vice president for global financial inclusion Stephen Kehoe made financial commitment of up to $20 million (Sh44.6 billion) to Women's World Banking in five years to 2022. Its Initial focus is India, Mexico, Egypt and Nigeria, as key markets to drive growth among low-income, women-owned small enterprises. He said women and women-owned businesses continue to be disproportionately excluded from accessing formal financial services, impacting hundreds of millions of individuals with a significant effect on families and communities. "By supporting measures to include women, there is a strong multiplier effect in terms of increased financial health for all. For this reason, the Visa Foundation chose to focus its first grant on women-owned enterprises and has selected Women's World Banking as our first grant recipient," noted Mr Kehoe. Women's World Banking president and chief executive officer Marry Iskenderian is optimistic that with the Visa Foundation's support, there will be sustainable solutions for women entrepreneurs to build their enterprises and establish financial safety nets while also advancing leadership skills and financial capabilities. Read more on All Africa. Source: All Africa