Govt reinstates call for financial support for entrepreneurs
DAR ES SALAAM: THE government has urged financial institutions to take an active role in fostering entrepreneurial growth, aiming to enhance the overall resilience of the economy.
This was said in Dar es Salaam at the weekend by the Industry and Trade Deputy Minister Mr Exaud Kigahe when closing the ‘Kariakoo Festival 2024’.
“The government aims to empower the entrepreneurial ecosystem by encouraging financial institutions to offer support through tailored loans, mentorship programmes and innovative financial products,” he said when closing the festive that was sponsored and organised by NMB Bank.
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The Deputy Minister commended NMB for the initiative by successfully establishing this platform to empower economic growth for traders in Kariakoo while saying the initiative seeks to drive innovation and ultimately enhance the country’s economic resilience and competitiveness.
Mr Kigahe said that Kariakoo, as the commercial hub of the country generating significant tax revenue, any efforts to uplift its traders recognised, valued and respected by the government.
The success of this event opens up opportunities not only for networking but also for collaboration and sharing new business strategies, as well as accessing affordable loans to foster economic growth and enhance their tax contributions.
“As a ministry, our joy comes from seeing entrepreneurs and traders succeed and you, the traders and entrepreneurs, should be honest and trustworthy with NMB.
“Borrow, work hard and ensure you repay loans to build trust and capacity to lend toothers. Do not misuse the term ‘Teleza Kidijitali’ to default on NMB loans, as this will hinder other borrowers,” he said.
NMB Head of the Business Department Alex Mgeni said that the bank has lent over 2.5tri/-to traders over the past two years, during which they have also provided 120bn/-as Mshiko Fasta loans to their customers.
“Statistics show that NMB has over 400,000 traders with accounts and in the past two years, we have disbursed loans worth 2.5tri/- to this crucial sector for economic development,” said Mr Mgeni.
Kariakoo Traders Association Chairperson Martin Mbwana expressed gratitude to NMB for embracing their idea of establishing the Kariakoo Festival and for agreeing to be the main sponsor, acknowledging and appreciating the institution’s contribution to their economic upliftment.
NMB was the main sponsor of the festival, which included not only Kariakoo traders but also public institutions related to commerce, led by the Tanzania Trade Development Authority (TanTrade), including the Business Registrations and Licensing Agency (BRELA).
Other institutions involved included the Tanzania Revenue Authority (TRA), the National Social Security Fund (NSSF), the Small Industries Development Organisation (SIDO), the Tanzania Bureau of Standards (TBS), the Fair Competition Commission (FCC) and the National Insurance Corporation (NIC).
