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PRIDE (T) issues 150bn/- loans since inception
2006-05-16 07:26:19
By Emmanuel Chacha Kahama
Pride Tanzania has issued soft loans amounting to 150bn/- to its members since inception more than ten years ago in the fund’s endeavour to eradicate poverty.
Speaking during the marking of fifth-year anniversary of Kahama Branch, the fund’s board Chairman, Idd Simba said that at least 70,000 members of the organisation had benefited from its loan services.
’’Since our commencement in 1994 we have provided 950,000 soft loans to our members, 65 per cent of which are women. Currently, the loans that are still in the hands of the borrowers amount to 15bn/- ,’’ he noted.
The chairman added that the loans repayment was successful by 99 per cent since, at least every member who borrowed had repaid the money within the prescribed period.
He said the minimum loan rate is 50,000/-, while the highest amount is 15m/-.
He said that the organisation had spread its services by opening 28 branches countrywide and that the generated income had enabled it to self run by 100 per cent since the year 2000.
’’After eleven years, PRIDE Tanzania has become one of the top microfinance institutions that provide credit and saving services, not only in the country, but also in East and Central Africa,’’ he said.
He added: ’’We really commend the government, NORAD and SIDA for enabling us to achieve this success. And we commend our customers for adhering to our regulations, hence repay the loans as per the conditions’’.
Simba revealed that PRIDE was in the process of introducing a new loan called ’Fahari’ and that the microfinance’s board and management were looking for possibilities of reducing both the interest rate and the loan fee.
The chairman, however, said that poor infrastructure had hindered them to take the services to the rural areas.
He added that with improved infrastructure by the government, the microfinance would enable the wananchi to enjoy its services.
Speaking about the Kahama branch, Simba said that by last month it had dished out 8,591 loans amounting to 1.2bn/- to 914 members since inception in 2000.
Making his remarks, the Shinyanga Regional Commissioner, Dr Yohana Balele, said that the number of members who benefit from PRIDE was still minimal compared to the country’s population.
Hence, he challenged the organisation to reach out as many people as possible.
He said that the services were vital in the fight against poverty, adding that they should be spread in order to reach more people, particularly those living in rural areas.
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