Exim Bank enhances financial support for civil servants with loan takeover solutions

Dar es Salaam. Exim Bank Tanzania has taken a bold step in enhancing the financial well-being of government employees by introducing an innovative loan takeover solution through its "Wafanyakazi Loan" product.

In a groundbreaking move, Exim Bank has become the first financial institution in Tanzania to offer a service that enables public sector employees to transfer their existing loans from other institutions to Exim Bank via the Employee Self Service (ESS) portal.

This enhancement, aimed at easing the financial burden of civil servants, promises more favorable loan terms, faster processing times, and enhanced convenience.

According to Andrew Lyimo, Exim Bank’s Head of Retail Banking, the goal of this initiative is to provide government employees with improved financial solutions that make a tangible difference in their lives.

“Our aim is to ease the financial pressure on government employees by offering better loan terms, which are more aligned with their financial needs,” said Lyimo.

“By taking over their existing loans, we want to give them the opportunity to achieve better repayment options and improve their financial stability.”

The Wafanyakazi Loan product, which is now even more accessible, provides government workers with the financial capital needed to start or expand businesses, giving them the ability to generate additional income streams beyond their salaries.

Civil servants can borrow amounts up to Sh200 million, with repayment terms extending up to 10 years (120 months).

Lyimo further emphasized the bank’s understanding of the challenges faced by salaried employees, saying, “We want to empower them by providing access to loans that allow them to build a more secure financial future. Our loan takeover solution is an important step in helping civil servants gain financial independence.”

In addition to the loan takeover feature, the Wafanyakazi Loan also offers borrowers the flexibility to top up their loan amounts every three months. Loan repayments are structured as Equal Monthly Instalments (EMI) throughout the loan period, providing borrowers with predictable, manageable payments.

Furthermore, the loan package includes credit life insurance, ensuring that any outstanding loan balances are settled in the event of the borrower’s death or permanent disability. This added security offers peace of mind to both the borrower and their family.

Mtenya Cheya, Exim Bank’s Head of Products and Revenue Assurance, highlighted that this initiative not only offers financial relief to civil servants but also ensures they have the tools to build a secure financial future. “This product is designed to be flexible, supportive, and secure—giving employees the financial freedom they need while safeguarding their families,” said Cheya.

Exim Bank’s move to enhance its Wafanyakazi Loan product is a clear indication of its commitment to providing innovative financial solutions that cater to the needs of Tanzania's public sector workers.

 With this new initiative, Exim Bank is poised to make a significant impact on the financial well-being of government employees, allowing them to access better terms, improve their financial stability, and achieve their personal and business goals.