Tanzanian women set up bank

A group of high-profile women in Dar es Salaam have opened a bank aimed at providing basic financial services to female entrepreneurs, reports the BBC, Women on the Web and East African Business Week.

According to the BBC:

The bank says women need only an ID card or passport to open an account, unlike other banks which require title deeds or other proofs of wealth.

And applicants need only 3,000 Tanzanian shillings ($2) in savings – much less than other banks.

Although the bank, which is based in Dar es Salaam, targets women with its services, men can also open accounts.

The bank’s management says it will give women expert help and advice.

Although Business Week says that it’s causing managing director Margaret Chacha a loss of sleep, it seems like a good sign that the bank will be offering loans with a relatively low interest rate, unlike some other initiatives meant to help small businesswomen, issues which definitely apply in Tanzania.

On a side note, the bank is capitalised with $212,1212 in government money, and actually looks like it could do some good, interesting in the context of the billions of pounds spent bailing out banks in this country.

(Via @CamfedUK

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