TANZANIA: CRDB, Tigo partner to offer affordable loan

CRDB Bank has allocated over 10bn/- for offering loans to Tigopesa customers to invest and expand businesses that will contribute to the country’s economic growth.

CRDB Bank CEO Mr Abdulmajid Nsekela said more than million customers are expected to benefit and access loan through this initiative.

“We intend to serve Tigo customers who meet the requirements to help them invest in various economic activities,” he said after signing the agreement with Tigo Tanzania in Dar es Salaam recently.

According to the FinScope Survey 2023 results, the level of access and use of formal financial services increased to 89 per cent and 76 per cent in 2023 from 86 per cent and 65 per cent in 2017, respectively.

Through the deal, eligible Tigopesa customers can access loans between 500,000/- and 2.0m/- through the improved Tigo Nivushe service.

The agreement was signed after a successful three month trial where approximately 100,000 customers were reached.

Tigopesa Chief Executive Officer Ms Angelica Pesha said the collaboration will help customers to access the loans without the need for guarantors.

“This collaboration is eliminating the common hassles associating with money borrowing where through this pact, borrowers will access loans through their mobile phones,” she said.