Exim Bank has signed a Memorandum of Understanding (MoU) with the Tanzania Police Force that seeks to provide stress-free and affordable loans to police officers as part of the bank’s ‘Wafanyakazi Loan’ proposition that caters for Public Parastatals.
The new MoU signed in Dar es Salaam at the weekend reiterates Exim bank’s commitment to continue empowering Tanzanians financially through provision of seamless banking services and increase financial inclusion across the country.
Speaking during the signing ceremony, the Exim Bank’s Chief Finance Officer (CFO) Shani Kinswaga expressed optimism that the new MoU signed between his bank and the Police Force will go a long way in cementing mutual relationships between the two entities.
Kinswaga said the bank remains at the forefront of redefining Tanzania’s banking industry and impact on the lives of customers through seamless access to financial services, while leveraging flexible digital solutions and tailor-made services.
“We have had a series of meetings with the Police Force on how we can capitalize on implementing this Wafanyakazi Loan proposition to create a win-win situation and we are glad that these discussions have finally materialized by signing this MoU with the Tanzania Police Force today. As bank, we are grateful this for unique opportunity and faith bestowed on us and we believe the loans provided though this scheme will be a catalyst to development,” Kinswaga he said.
He noted that through Exim bank’s ‘Wafanyakazi Loan’ proposition, police officers will be able to secure loans ranging from one million shillings to 160m/- that can be payable between 6 to 96 months depending on the borrower’s commitment which can be used to pursue their dreams including mortgage financing, buying cars and tuition fees to further their education.
“Unlike other loans currently in the market, the borrowers of Wafanyakazi Loan don’t have to produce any collateral in terms of fixed assets. They only requires to have a salary slip, bank statement and an introduction letter from their employer and upon meeting all the requirements, the borrowers can receive their stipulated loans in just 48 hours,” Kinswaga said.
He however cautioned the potential ‘Wafanyakazi Loan’ borrowers to spend the money borrowed wisely on projects that will add value and come up with a devised repayment plan so as to ensure that the loans are paid back timely.
“At Exim Bank, we have always been passionate about creating opportunities for our customers by providing value-added services in line with delivering superior customer experience to our customers. I this Wafanyakazi Loan proposition if well utilized will help to provide alternative finance solutions to police officers to pursue their dreams,” he added,
On his part, the Commissioner of Police, Finance and Logistics Liberati Sabas Materu who represented Inspector General of Police (IGP) Camilius Wambura during the event said the MoU has come timely and thanked Exim Bank for its faith in Tanzania Police Force.
“Economists believe that you cannot make progress without borrowing but this needs a lot of discipline. Am grateful to Exim Bank for extending this ‘Wafanyakazi Loan’ proposition to our police officers and I believe these loans will help improve their socio-economic welfare if adequately utilized,” CP Materu
CP Materu during the event reiterated Tanzania Police’s commitment to continue working closely with Exim Bank to ensure success of the Wafanyakazi Loan scheme.
“As an institution, we have concrete systems in place and we will ensure that this MoU is implemented to the fullest. Whoever will have access to Exim Bank’s Wafanyakazi Loan will be entitled to pay back as initially agreed,” he added.