TCB VOWS TO MAKE FINANCE WORK FOR WOMEN

 

Tanzania Commercial Bank has vowed to use its recently formed Business Forum for Women to promote women’s economic dignity and prosperity by making finance work for them.

 

The oldest bank in the country says it will accomplish the noble mission by becoming market leader for advancing their financial inclusion and the top driver of innovative financial services for this potentially lucrative market segment.

 

The ultimate goal of the undertaking, senior officials of the bank explained here yesterday, is to support efforts of the government to empower them economically and boost their effective engagement in productive activities.

 

Speaking during the second edition of the TCB Business Forum for Women, the officials said the endeavour revolves around catapulting women banking to unprecedented new heights.

 

The strategy to make that possible, they noted, mostly involves enlightenment on available economic empowerment and entrepreneurship opportunities at the bank.

 

Equally important, the forum’s resource persons explained, will be use of existing and new innovative financial solutions that will be supported by TCB’s financial muscle, digital prowess, unrivalled market outreach and its innovation champions.

 

The Mbeya TCB Business Forum for Women attracted about 250 participants who used the roundtable to discuss and share business ideas and experiences, network, forge alliances and learn from the bank’s experts.

 

It was officially opened by Deputy Speaker Dr Tulia Ackson, who said women are a formidable but sidelined economic force. The Mbeya Urban lawmaker said focus of the forum’s deliberations was timely and augurs well with the government’s efforts to leave no woman behind in creating a prosperous Tanzania.

 

“With this initiative, TCB is going to play a significant transformative role in changing the financial and economic status of women. I congratulate you for coming up with this idea and investing time and resources to make it a success,” Dr Ackson noted.

 

Premised on the theme of “The Role of Women in the Development of the National Economy” the TCB women empowerment platform was officially launched early this month in Dodoma.

 

CEO Sabasaba Moshingi said similar roundtables will be organised in Zanzibar, Morogoro, Arusha, Mwanza and Dar es Salaam with the next scheduled to be held in the isles next month. The forums also accord participants a platform to see, hear and learn from successful businesswomen and get to know TCB and its services better.

 

“With the many economic barriers women face and the financial challenges they encounter, we are committed to ensure this financial and economic empowerment agenda delivers the desired result,” Mr Moshingi emphasized.

 

“Through these forums, we want to serve the women market segment better and get to know their unique financial needs,” he noted. “The ultimate goal is to enhance the contribution of women in national building.”

 

The CEO told the TCB success story during 2007 – 2020 to illustrate the viability of the new networking platform and why he is optimistic it will succeed. He said during the period the fortunes of the 96-year old lender blossomed splendidly with its balance sheet ballooning by over 1,000 per cent to top slightly above TZS 1.04 trillion in 2020.

 

Its loan book surged to TZS704 billion at the end of quarter one this year. TCB special services for women include Tabasamu account and several credit facilities.

 

To date, the bank has extended over TZS 120 billion loans to women who account for about 50 per cent of its one million customers. In fiscal year 2020/21, TCB loaned 7,637 women-owned and run micro and small enterprises some TZS 25.81 billion.

 

“The takeover of TWB in 2018 obliges us to give special attention to women banking and that’s why we are here today,” he pointed out.

 

Some of the forum’s resource persons, who were all TCB women staff, said the gatherings seek to show the bank’s readiness and ability support women entrepreneurs.

 

They said TCB offers women abundant commercial and empowerment opportunities through services such as its Nishike Mkono Bima and Kinamama Policy bancassurance solutions.