Deputy Speaker salutes bank for lowering Malkia Account’s interest

03Jul 2020
The Guardian Reporter
Dar es Salaam
The Guardian
Deputy Speaker salutes bank for lowering Malkia Account’s interest

LOWERING of interest rates charged on loans acquired by Malkia Account business women will help ease the burden of repayment and enable women to actively participate in big investments including owning industries.

New CRDB Bank headquarters building under construction in Dar es Salaam.

Deputy House Speaker, Dr Tulia Ackson said in Dar es Salaam this week while re-launching the account which is exclusively targeted at women that hiked interest rates have for long time discouraged women from borrowing and taking part in big business investments.

“Reduction of interest rate from 24 percent to 14 percent is an important milestone in empowering women through bank borrowing,” Dr Ackson said while commending CRDB Bank Plc’s management for innovating the women targeted account.

“reducing interest rates means reducing a big burden of repayment to women which allows them to invest more in their businesses and grow bigger,” she noted while stressing that women remain marginalised in participation in the running of the country’s economy with only 60 percent accessing formal financial services.

She said Malkia Account is an important product for businesswomen hence urged them to open the account en-mass so that they exploit opportunities that come with it. “I am one of the first women to have opened the Malkia Account when it was started in 2009, I am happy to see that CRDB is today introducing improvements that will empower and liberate women economically,” the Deputy Speaker noted.

Briefing the House Speaker before the launch, CRDB’s Managing Director, Abdulmajid Nsekela said the Malkia Account is aimed at recognising and giving women opportunities to reach their targets in growing their businesses.

“Until March this year, the bank had already disbursed loans worth 600bn/- to more than 55 women,” Nsekela said while unveiling that more than 30,000 women and holders of the exclusive account.

He said apart from lowering the interest rate, the bank has also streamlined the process of acquiring loans under the account. “As a local bank we felt compelled to find solutions to women’s financial need through this innovative account,” the CRDB Bank Plc’s CEO noted while urging women to seize opportunities being provided by the exclusive account.