Posted on March, 7, 2022 at 08:37 am
The empowerment of women is very important for their sustainable social and economic development as well as for the growth of the country’s economy in general.
Financial institutions are important partners in ensuring that this happens in our societies, particularly by playing a major role in supporting women in terms of providing them with soft loans that can help them extricate themselves from dire poverty.
In all parts of the world, women continue to face numerous hurdles and threats to their lives, health and well-being as a result of being overburdened with work and for lacking power and influence.
Therefore, it is our call to banks and other financial institutions to ensure that there should be a level playing field so that a large section of women in different parts of the country, especially in rural areas, gain access to the crucial financing mechanisms they require to bring about positive changes to their livelihoods.
It is also really advisable that before such financing mechanism in the form of loans are made accessible, these women and groups of young people should be provided with education on how to prudently invest, keep financial records, and manage their businesses so that they would be in the position to effectively service the loans.
Recently, Zanzibar President Hussein Ali Mwinyi exerted his weight on the support for empowering women economically when he hosted a delegation of the Tanzania Commercial Bank (TCB) at State House in Unguja.
According to the President, supporting women financially is critical in Zanzibar, where they comprise the majority of general entrepreneurs, especially those engaged in seaweed farming.
For instance, the blue economy of Zanzibar can be boosted by providing enough loans to women and youth engaged in seaweed farming that is one of the areas playing a role in propelling Zanzibar’s economy.
Not only that, but also improving the status of women enhances their decision-making capacity at all levels in all spheres of life.
Experience shows that development programmes are most effective when steps have been taken to empower women.
Financial education and professional advice and guidance
Therefore, financial education is one of the most important means of empowering women with the knowledge, skills and self-confidence necessary to participate fully in the development process.
Another area that women and youth need to be educated on is the enterprising spirit, that is, inculcating in them the business acumen to empower their understanding of business opportunities and how to effectively make good use of them.
For instance, agriculture is an area that employs about 70 percent of Tanzania’s work force. But, in order to engage meaningfully in the sector, one needs to invest heavily in machinery, equipment, farm preparation, implements, storage facilities, irrigation infrastructure and well researched market potential.
Banks and financial institutions are best positioned to enable marginalised farmers undertake farming in a way that is more productive.
These entities have financial powers to fund research on best crops to cultivate, and establish market links that the farmers need for their crops.
The same applies to the animal husbandry sub-sector, fish farming as well as bee keeping. All these are areas which, when adequately funded and players guarded well with professional advice, can help transform the economies of individuals as well as whole societies.
Women and youth are a huge asset that Tanzania has and in order to realise their potential, partnerships with banks is crucial.
Source: The Citizen