BoT now to offer community bank guidelines in Manyara

Finance deputy minister Mwigulu Nchemba (L) has a word with Jenista Mhagama, Minister of State in Prime Minister's Office in Dodoma yesterday.

 The Bank of Tanzania (BoT) is ready to offer professional guidelines on how to set off a community bank in Dongobesh ward, Manyara Region which will also cater for other neighbouring wards in the region.

 

Finance Deputy Minister, Mwigulu Nchemba, made the announcement yesterday in the National Assembly during the questions and answer session.

 

He was responding to a question by Special Seats MP (CCM) Martha Umbulla who wanted to know of government plans in the establishment of a bank in the said ward.

 

"Dongobesh has all basic requirements for the establishment of a bank…if established, the bank will cater also for other wards such as Hydom, Maretadu, Manghang, Tumati, Endamitay, Bashay and Yaedachini, what is government doing to support the establishment,” she enquired.Nchemba responded saying; "The government will not be involved in establishing any business...we will only create conducive environment to attract the private sector to invest in various sectors including the banking sector.”

 

“Moreover, through the Central Bank, the government will provide professional consultation to the ward in question as well as other areas that are ready for the investment," he said.

 

According to him, the government will continue to influence the banking sector to extend their financial services to urban and rural areas.

 

SOURCE: THE GUARDIAN