NMB woos Mwanza SMEs to its Sh5 billion tricycle loan plan
Mwanza. The NMB Bank Plc took its motorcycle – popularly known as bodaboda - loan project to Mwanza yesterday, targeting to youth who engage in the business of transporting passengers and goods.
The bank has set aside Sh5 billion for motorcycle loans to bodaboda operators across the country through its initiative codenamed Masta Boda loan.
Bank’s chief executive officer Ruth Zaipuna said here yesterday that the service, which was first launched in Dar es Salaam a few days ago, will ultimately be rolled out across the country.
In Mwanza, the bank is specifically targeting to serve over 9,000 bodaboda operators.
With time, the service will be rolled out in Kagera, Mara and other lake zone regions.
She said during the launch of the Masta Boda loan rollout here yesterday. Ms Zaipuna said apart from enabling bodaboda operators to own their own motorcycles, the loan plan was also part of supporting government’s efforts in curbing youth unemployment.
“We have set aside Sh5 billion for a start; an amount that will increase depending on response and demand. We have already launched this service in Dar es Salaam; today we are in Mwanza and we will go to Dodoma, Arusha and finally all regions,” said Ms Zaipuna
Speaking during the event, Magu District Commissioner Salum Kalli for initiating loans for people in that income category, saying the group was full of youthful entrepreneurs.
“Bodaboda operators are an important group in the community due to their transport service in areas where vehicles are not accessible; the government will continue to improve their working environment, including ensuring their safety and security, ”said Mr Kalli
He urged bodaboda riders through their groups to embrace motorcycle loans from the NMB Bank, urging them to adhere to road safety rules and regulations.
According to the secretary general of the Mwanza Region motorcyclists’ union, Mr Samuel Kigumi, the region has more than 9,000 bodaboda operators in all seven districts and eight councils.
Earlier, the Head of the Card Business from NMB Bank Headquarters, Mr Filbert Casmir, mentioned motorcycle loan conditions as having a bank account with NMB Bank, using electronic payments (Mastacard QR) and being a bodaboda group member.
“We urge those interested to be loan beneficiaries to join groups, open a bank account and run it for at least three months before applying for a loan to allow bank officials monitor their financial system and discipline,” said Mr Casmir.
Other conditions to have Masta Boda Road loans according to the NMB Bank chief Retail Banking, Mr Filbert Mponzi is National Identity Card (NIDA), driving licence and identification letter from the group leadership.
