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Wednesday, June 29, 2016

Zanzibar bank allocates 2bn/- for small businesses

  • SMALL business entrepreneurs can join People’s Bank of Zanzibar and get low interest rate loans to grow their businesses.
People’s Bank of Zanzibar (PBZ) Limited, Managing Director, Juma Hafidh and Director of Human Resources and Administration, Viwa Juma said in Dar es Salaam on Monday evening that to cater for more customers on the Mainland, PBZ will open more branches including one in Mtwara next month.

Speaking after hosting an Iftar for in Dar es Salaam clients, Hafidh said another branch will also be opened in Zanzibar where the bank has its headquarters.

He pointed out that PBZ is expanding its branches to more places both in the islands and on the Mainland. A number of new innovative products will also be introduced in the market.

“The bank is in the process of improving its service delivery in all areas. Such improvement is geared towards providing high quality services coupled with innovative products that will strategically add to the present product portfolios,” he said.

Hafidh also said that the bank is in the process of starting to disburse the loans to small businesses countrywide to help them grow.

PBZ has a wide range of retail, corporate and institutional products covering current, business and savings accounts.

“We also have Islamic banking products includes current accounts, Murabaha financing, Baimuajal financing, Sharia compliant and many more,” the PBZ MD noted.

Seconding his boss, Juma called upon the public especially entrepreneurs to join the bank so that they can benefit from soft loans set for them.

“We have set over 2bn/- to provide soft loans to small and medium size enterprises and that’s why we are emphasizing to them to join our bank,” she said.

“Technology has brought new products, new alternative delivery channels, flexibility and has elongated banking business hours from eight we were used to, to 24 hours for a whole week,” the PBZ Director noted.

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