Women's bank to be set up in Tanzania

Jul 12, 2012

A bank aimed at female consumers in Tanzania is in the process of being established, officials have stated.

A bank aimed at female consumers in Tanzania is in the process of being established, officials have stated.

According to Zainab Omar Mohammed, the country's youths, children and women's minister, females in Zanzibar will be able to receive loans soon, the Tanzania Daily News reports.

Omar Yussuf Mzee, finance economy and development planning minster, added that the government is committed to ensuring it does not take too long to open the bank.

However, he said he is worried about the amount of time it has taken so far to get it up and running.

Mr Mzee believes the cost of setting up the institution could be up to 15 billion Tanzanian shillings (€7.8 million).

This, he said, puts it in line with financial regulations in the country, as it is different from a typical community bank that costs under one billion shillings to establish.

"Therefore we need to move steadily towards opening the bank," Mr Mzee stated.ADNFCR-2976-ID-801406232-ADNFCR