TANZANIA Commercial Bank (TCB) has debuted a networking forum for advancing women banking in the country that seeks to empower them economically through tailor made financial solutions.
The lender said the roundtable will mostly be a platform for supporting women in business and sensitising them on the bank’s services that can help solve their entrepreneurship challenges for the economic prosperity of the country.
The inaugural TCB Women Business Forum was held yesterday in Dodoma with most of its deliberations dwelling on the role women can play to spur sustainable growth of the national economy.
Dodoma Regional Commissioner Anthony Mtaka who graced its opening commended TCB for the investment and decision to empower women economically.
“Similar events will be conducted in six regions of Tanzania Mainland, namely Dodoma, Arusha, Mwanza, Morogoro, Mbeya and Dar es Salaam as well as Zanzibar to offer women a platform to connect, share knowledge and ideas on entrepreneurial issues,” CEO Sabasaba Moshingi said.
According to him, the rationale behind the platform is to recognise and appreciate the transformative power of women and their role in economic development. Revealing that the next forum will be held in Zanzibar tentatively next week, he said currently women comprise 50 per cent of TCB customers.
Mr Moshingi said TCB is obliged to drive and support the national women economic empowerment agenda after its acquisition of Tanzania Women Bank (TWB). He added that the merge with TWB, Twiga Bancorp and TIB Corporate has greatly boosted its fortunes in the market.
With a clear empowerment strategy and a wide range of banking solutions, he pointed out, TCB is well positioned to serve even less privileged women groups noting that the bank now has the requisite financial muscle to effectively do that.
Figures he gave put the bank’s deposit and asset bases at 888bn/- and about 1.04trn/- at the end of 2020 respectively. Whereas its pre-tax profit rose from less than a billion in 2007 to 21bn/- last year, the loans portfolio surged from 36bn/- to 618bn/ during the period.
“Already TCB has unique services for women such as the Tabasamu account, a special service window at all branches, and a life insurance product for groups whose members are mostly women,” Mr Moshingi noted when profiling the bank.
“We have also extended more than 120bn/- loans to women borrowers and managed to mobilise deposits worth 11.9bn/- through accounts of more than 300,000 saving groups whose 85 per cent members are women,” he told the gathering.
Themed: “The Role of Women in the Growth and Development of the National Economy” the forum attracted about 300 participants mostly women entrepreneurs. It was also attended by lawmakers, public and private sector officials, civil society, female students, women with special needs and other stakeholders.
Mr Mtaka said the initiative was not only a noble idea but also top notch creativity for enabling women-owned and women-ledbusinesses to prosper. He challenged TCB to accord them the opportunity to unleash their entrepreneurial and support their endeavours for financial liberty.
Senior officials of the bank said the TCB Women Business Forum project augurs well with the aspirations of President Mama Samia Suluhu Hassan to increase women’s participation in managing the national economy.
“In that regard, banking and other financial institutions are a pivotal aspect in shaping that government agenda and Tanzania Commercial Bank has shown the way with today’s inauguration of this platform,” they explained.