Ruvuma RC dares commercial banks to aggressively pursue rural folks

COMMERCIAL banks should sensitize and extend their services to rural based people so that they can open bank accounts and become part of the economy’s formal financial industry.

Ruvuma Regional Commissioner, Christina Mndeme said here this week while opening a teachers’ forum organised by NMB bank Plc that sensitization of the public on the importance of having a bank account will mobilise many to open their personal accounts.

“There is an urgent need for financial institutions to develop special programs targeting rural areas to sensitise them on the importance of accessing banking services and products for national development,” Mndeme said in a speech read on her behalf by Tunduru District Commissioner, Julius Mtatiro.

She however commended the country’s largest commercial bank for taking its services to a broader part of the country with teachers being one of the largest beneficiaries of its whopping over 1trn/- loan portfolio.

The RC further noted that despite such a feat less than 40 percent of the country’s adults have a bank account which means that the majority are not benefiting from a rapidly growing vibrant banking industry which has more than 40 active banks.

“It is also true to note that teachers remain the largest group of public employees who have benefitted from NMB services and products,” she added while challenging NMB management to, “Continue issuing loans at affordable interest rates.”

Briefing the RC earlier, Songea NMB Branch Manager, Daniel Zake said the bank which has 229 physical branches, 800 ATM machines and 7,000 agents serves over 95 percent of the country’s administrative districts.

“The bank’s management has heard about various challenges being raise by clients and that interest rates are among items that are being discussed currently,” Zake said while noting that a process to address such issues is formal under banking regulations and rules