Teachers urged to invest, maintain financial discipline

Teachers have been urged to maintain financial discipline and invest to avoid unintentional borrowing for the betterment of their families.
Gelasius Byakanwa, Mtwara Regional Commissioner, made the call during the NMB Teachers Day 2020 in Mtwara,saying this should be done through financial training programme provided by NMB Bank Plc.
This year’s NMB Teacher’s Day theme is “NMB and Teachers – Step By Step.” It is aimed at bringing together NMB and teachers by focusing on listening and addressing challenges facing teachers as well as strengthening their relationship.
RC Byakanwa noted that the research shows that there has been an influxofaimless loans among teachers and that the bank should sensitise them on financial discipline to end the challenge of loans payback.
He urged the participants to make good use of the financial education so that they can practice and teach others, but also to advise what the bank can do to accelerate their development.
The RC called the bank to understand the environment, which teachers work and create friendly services for them.
“NMB supports the government efforts in terms of integrating Tanzanians into formal banking services systems. Teachers lead to borrow unproductive loans form NMB…so this is a platform that is going to change them and if you make good use of this education,” he stressed.
However, he said teachers are among the groups most afraid of commencing development projects and small investments, ending up relying on their salaries.
Byakanwa warned teachers not to compete for lending without goals and plans irresponsibly; and instead they should learn how to invest in the sectors of the economy
including livestock, fisheries and agriculture. Ally Ngingite, Senior Manager, Consumer Lending and Employee Banking at the NMB, assured the RC that the bank was well-positioned in disseminating financial discipline education to protect its customers from non-performing loans, saying NMB’s pride is to lend educated people about loans. “NMB’s pride is not only to lend to teachers or other groups in the community, but our pride is to obtain borrowers with goals and a vision of opportunities to benefit him, the nation and our bank. This is the secret of our endless efforts in educating these groups,” he said. He noted that currently NMB has more than 3.2 million customers, of who 2.5 million are connected to digital services, which have positive and friendly services for teachers, including NMB Mkononi, NMB Pamoja Account, NMB Mortgage Loan and NMB BancAssurance. Janeth Shango, NMB Southern Zone Manager, commended Mtwara teachers for enabling the region to rank second na- tionally in Form Six Examination results. Participants declared that there are teachers who have borrowed without plans and goals, a behaviour that hinders development due to unproductive spending. Sophia Luani, a teacher at Tandika Primary School in Mtwara Municipality, noted that teachers top in terms of unplanned loans, but she believed the financial education given will build new thinking in every project, business or entrepreneurship they will set up. “This forum has helped us tremendously and is going to change our mind- set. On behalf of my colleagues, I should say that NMB has done a great thing that should be emulated by other financial institutions. We are going to be good ambassadors not only for NMB, but for the education they have given us,” said Luani.