Tanzania: Government set to sell its shares in Women`s bank

TWB general manager Magreth Chacha

The government is planning to sell its shares in Tanzania Women’s Bank (TWB) to entrepreneurs next year in a move to enable the gentle gender have more control on the bank.

“The government plans to sell its shares to interested entrepreneurs, but women are highly encouraged to buy more of the lot,” TWB general manager Magreth Chacha said.

She revealed this on Saturday when addressing Dar es Salaam-based entrepreneurs in a meeting organised by the bank to enhance skills among leaders of different entrepreneurial groups.

The skills are meant to assist them in managing and controlling entrepreneurs especially in getting access to loans from the bank.

Earlier, Chacha noted currently the bank holds 4.8 billion shares, adding that they expect to get 2.0 billion shares from the government to make to a total number of 6.8 billion shares.

“When the government sells its shares, entrepreneurs will get the opportunity to borrow up to 20m/-,” she explained.

Chacha added that lack of total control in the bank caused it’s lending ceiling to entrepreneurs to be below 5m/-.

Officially established in 2009, its stands firm today with over 30,000 customers, the number that is expected to jump to 100,000 before 2012.

“As customers, we are facing a lot of challenges when we access loans. Some entrepreneurs are illiterate, some do not know how to access loans and use it. Yet they want loans. In some cases for those of in groups some do produce less as needed by the group,” Faustine Mwita, chairman of Banana branch entrepreneurs said.

Mwita said when they began as a group they were only 80 people but now they are 800. They expect the number to reach 1,000 by next year.

“This ill mean that a new bank branch should be set up. Currently we’re still negotiating with the bank management to see how they can help us to keep our money away from bandits,” he said.

TWB hold, support and monitor different entrepreneurial groups in Dar es Salaam with an interest to support young entrepreneurs with access to loan at minimum expenses.

SOURCE: THE GUARDIAN