Food vendors, entrepreneurs lectured on securing capital

Women entrepreneurs, including food vendors, have been urged to exploit the opportunity offered by NMB Bank to open Fanikiwa Account to hasten their capital growth

Speaking at the Kisarawe Mama Lishe Festival 2020, Benedicto Baragomwa, Chief Financial Officer at the bank, said Fanikiwa Account ‘’is the right choice of women entrepreneurs and food vendors, where they have opened 80,750 accounts at NMB bank countrywide’’. 

The festival, which was sponsored by NMB Bamk, is aimed at providing financial discipline education, building skills, adding value and exchanging ideas for participants. 

It was coordinated by Kisarawe District Comissioner, Jokate Mwegelo. 

“We have already provided 1,963 loans worth Tsh5.3 billion through Fanikiwa Account; but we also have Pamoja Account, which is special for formalised groups to enable them manage collections and expenditure of group members,” Baragomwa said. 

He reported that NMB Bank was happy to be part of the festival, which they used it to prove the bank’s proximity to the Tanzanian community, especially businessmen and entrepreneurs of all cadres and disciplines. 

Baragomwa commended the government for paying greater attention to creating an enabling environment for entrepreneurs, especially small-scale holders, to grow their businesses, hence contributing to the growth of individual and the national income. 

He said the bank is positioned to use its skills and experts it has to prepare a training programme for food vendors participated in the festival in terms of financial education, open account, and creating a culture of savings. 

The senior bank official said the bank has spent a total of Tsh640 billion to facilitate Small and Medium Enterprises (SME’s) and agriculture. 

It also provided more than Tsh600 billion for potential investors, including Tsh2.2 trillion lent to private customers. 

The Kisarawe Mama Lishe Festival 2020 brought together 17 groups of Mama Lishe and entrepreneurs.