In Summary
  • In a bid to promote savings and extend lending, TPB Plc and Tanzania Fishermen Trust Fund have signed a memorandum of understanding to establish twin financial services products, targeting fishermen communities in Tanzania.

Dar es Salaam. TPB Bank Plc and Tanzania Fisheries Trust Fund (TFTF) yesterday signed a memorandum of understanding to launch two schemes for fishermen.

One of the schemes, the Wavuvi, will enable fishermen to save their money without incurring operating charges.

The second scheme will involve providing soft loans to capitalise their projects.

TPB board chairman Edmund Mndolwa said by saving earnings, the fishermen would avoid risks of having their money lost or stolen.

He said the service would be available to all 76 TPB Bank branches and more than 1,000 agents countrywide.

TFTF chairman Alphonce Mkama said the partnership aimed at inculcating the savings culture and enabling borrowers to capitalise their projects.

“We encountered a lot of challenges in our activities. TPB Bank comes to our rescue. I call on fishermen to open their accounts with the bank,” said Mr Mkama.

Tanganyika Postal Office Savings Bank (now (TPB Bank) came into being in 1925 when Tanganyika was under British rule. It later became a Savings Bank under the then East African Post and Telecommunications which ceased to operate after the collapse of the East African Community. The Tanzania Posts & Telecommunications Corporation (TP&TC) came into being to cater for the Tanzanian market.

TPB was established by the Tanzania Postal Bank Act No. 11 of 1991.