Posted on August, 31, 2018 at 09:38 am
Deputy Finance and Economic Planning Minister, Dr Ashatu Kijaji said in Dodoma mid this week that if more loans are given to the agricultural sector which employs over 70 percent of rural people, economic growth will speed up.
Dr Kijaji who officitaed the launch of DCB Commercial Bank Plc’s Digital Banking System, a state of the art line-up of five digital items aimed at expanding the bank’s capacity to deliver services though digital platforms, said smallholder farmers have so far been neglected.
“As most of you know, the government’s second Five Year Development Plan which was launched in 2016, is focused on building a middle income semi industrial economy, which unfortunately cannot be realised without input from the agricultural sectior,” the Deputy Minister noted.
The DCB Digital Banking System package constitutes of: digital account, digital FDR, digital kibubu account, didital salary advance of up to 50 percent and cardless ATM acess services.
While commending DCB Bank Plc management for the innovation, Dr Kijaji dared commercial banks to compete through introduction of innovative financial products in the market.
“I assure you that if we focus o agro-investment, we shall be able to take Tanzania to the status of a middle income industrial economy before 2025 and especially if we create linkages between the financial sector and the agricultural sector,” she noted.
The Deputy Minister called upon banks to lower interest rates in line with Bank of Tanzania’s lowered discount rate from 16 to 8 percent and give the private sector relief to encourage borrowing.
Speaking at the launch, DCB Commercial Bank’s Board Chairman, Professor Lucian Msambichaka said the bank had improved its service delivery to customers since 2016 when it launched mobile services and over 250 ATM machines countrywide through a multiple banks code sharing switch christened Umoja Switch network.
“Today we witness again DCB Bank launching yet another set of services connected to digital mobile platform with the aim of reaching more customers wherever they are,” Prof Msambichaka said.
Seconding the Board Chair, DCB Commercial Bank’s Managing Director, Godfrey Ndalahwa said they shall continue to expand and better services to customers through innovative technology products.
“We shall put at the disposal of our customers the best services derieved from cutting age innovation in order to effectively compete in the market,” Ndalawa noted.
Speaking at the same event, former Prime Minister Mizengo Pinda, who was a special guest at the launch, commended DCB’s employees for coming up with innovative and reliable services for customers.
“Through these initiatives, DCB Bank plays a big role in supplementing government’s efforts to realise its goal of reaching universal access to financial services on schedule,” Pinda who is an accomplished modern commercial farmer noted.
Source: IPP Media