Posted on April, 1, 2022 at 09:42 am
NMB bank has said the reduction of interest rates on agriculture loans has attracted more farmers to borrow, which will ultimately boost the sector's development and economic growth.
Speaking at the NMB Business Club that brought together entrepreneurs and traders from all over Dodoma yesterday, grapes and horticultural farmer, Hezekiah Chibulunje (former minister) said lowering lending rates and the way bank staff visit and educate them on efficient use of loans has enticed many farmers to borrow to expand their agricultural activities.
"In my lifetime, I have never considered borrowing from the bank for agricultural activities would be possible despite being involved in farming all the time," he said.
He said that the bank staff visited him and advised him on how he can improve and support himself in agriculture using bank loans.
"I am not alone, many farmers in our area were encouraged and told that it is possible, especially when they told us the interest on the loan is now only 10 per cent," said Chibulunje.
NMB Senior Business Manager, Mashaga Changarawe said there are many things that have been improved within the bank as they are making changes due to the business environment and times.
For example, the bank has increased the amount to be borrowed to 75m/- from 50m/- for small business owners while significantly reducing the terms and conditions that were previously required.
Source: Daily News