THE MALKIA ACCOUNT: A CATALYST FOR WOMEN'S FINANCIAL EMPOWERMENT AND BUSINESS GROWTH

Mrs. Lilianfavour Makawa, Team Leader – Sales and Service/Support, CRDB Bank Plc, Ubungo Branch, Dar es Salaam, sharing insights on the Malkia Account and women's financial empowerment.

Why Every Woman Entrepreneur Needs a Savings Plan to Build Financial Security and Grow Her Business

By: Ms. Lilianfavour Makawa

Team Leader – Sales and Service/Support

CRDB Bank Plc, Ubungo Branch – Dar es Salaam, Tanzania

In today's dynamic business environment, women's economic empowerment should go beyond providing access to start-up capital. It should also involve equipping women with the knowledge and financial management skills necessary to save, make informed financial decisions, manage their businesses effectively and build sustainable economic futures.

Through my professional experience in banking, particularly in sales, customer service and customer support, I have come to appreciate the importance of financial literacy in helping customers understand and make effective use of banking services.

One of the most important lessons I would like to share is that financial success is not determined solely by how much money we earn, but also by how effectively we manage, save and invest what we have.

For a woman entrepreneur, generating business income is an important achievement. However, developing a structured approach to managing that income, setting aside savings and preparing for future financial needs is equally important in building a sustainable business.

In this regard, I would like to highlight the role of the CRDB Bank Malkia Account as one of the financial solutions designed to support women in developing a savings culture and achieving their financial goals.

1. THE MALKIA ACCOUNT: MORE THAN JUST A SAVINGS ACCOUNT

The Malkia Account is a special banking product offered by CRDB Bank, designed for women who want to save money and work towards achieving their financial goals.

In my view, the importance of this account goes beyond simply keeping money in a bank. It also provides an opportunity for women to develop financial discipline, establish savings habits and plan for their future.

Women have different financial aspirations. Some want to expand their businesses, establish new ventures, finance education, meet healthcare expenses or prepare for important family needs.

Rather than waiting until they have accumulated a substantial amount of money, women can begin saving gradually and consistently towards these objectives.

I strongly believe that saving is not simply about having a lot of money; it is about developing financial discipline. The amount you are able to save today can become part of the foundation for your success tomorrow.

2. WHY DO WOMEN ENTREPRENEURS NEED THE MALKIA ACCOUNT?

Many women in Tanzania are actively involved in different economic activities. They operate retail shops, beauty salons, restaurants, clothing businesses, cosmetics shops, agricultural enterprises, tailoring businesses and online ventures.

Despite their determination and entrepreneurial efforts, one challenge that may arise is the difficulty of separating business finances from personal expenditure.

For example, a woman may operate a business with good sales performance but struggle to expand because most of the money generated is directed towards daily expenses without a structured savings plan.

This is where having a dedicated savings account becomes important.

I encourage women entrepreneurs to develop a habit of setting aside a portion of their business income or profits for savings. This approach can support several objectives, including:

Increasing business capital: Savings can help entrepreneurs prepare financially to increase stock or introduce additional products and services.

Business expansion: Women can save towards opening new branches or expanding their business premises.

Purchasing business equipment: Savings can be directed towards acquiring sewing machines, salon equipment, refrigerators, production machinery and modern business tools.

Managing financial emergencies: Having savings can provide financial support when unexpected challenges arise.

Building financial independence: Savings can strengthen a woman's ability to plan her finances and make informed personal and business decisions.

I therefore encourage women not to view savings as money that is simply kept away from use, but as a resource being prepared to achieve future goals.

3. UNDERSTANDING THE BENEFITS OF THE CRDB MALKIA ACCOUNT

CRDB Bank provides several features under the Malkia Account that are designed to make saving more accessible and convenient for women.

Some of the key features and benefits advertised for this account include:

i. Affordable account opening

The account can be opened with a minimum initial deposit of TZS 5,000.

ii. Multiple currency options

The account is available in Tanzanian Shillings (TZS) and United States Dollars (USD).

iii. Interest on savings

The account provides for interest on savings, calculated and paid monthly in accordance with the applicable account terms and conditions.

iv. No monthly or transaction fees

The account is advertised as having no monthly maintenance or transaction fees.

v. Emergency loan facility

Eligible customers may access an emergency loan of up to 90% of their savings, subject to the bank's assessment and applicable terms and conditions.

vi. Insurance discounts

Customers may qualify for discounts of up to 15% on eligible insurance products purchased through CRDB Bank.

These features make the Malkia Account an option worth considering for women who want to develop a savings culture and strengthen their financial plans.

Customers should confirm current product terms, rates and eligibility requirements directly with CRDB Bank.

4. WHY I EMPHASISE THE IMPORTANCE OF BANK OPERATIONS IN FINANCIAL MANAGEMENT

In the banking industry, quality customer service goes beyond opening accounts or receiving service requests. It also involves ensuring that customers understand how to use banking services correctly, securely and efficiently.

Bank operations play an important role in ensuring that everyday banking activities are conducted accurately, efficiently and in accordance with established procedures.

From a customer's perspective, several areas deserve particular attention.

Accuracy of transactions: Customers should understand and verify their transactions and maintain appropriate records.

Account security: It is important to protect account information, PINs, passwords and other confidential details. Customers should never allow unauthorised individuals to access or use their banking credentials.

Understanding banking products: Customers should know the type of account they hold, the applicable charges, operating conditions and available services.

Customer service and support: When customers experience challenges, they should use official bank communication channels to seek assistance and appropriate solutions.

Digital banking efficiency: Digital banking services can improve access to financial services and reduce the need to visit physical branches for every transaction.

In my professional view, an effective banking relationship should go beyond providing financial products. It should also involve helping customers understand the services available to them and how to use those services responsibly.

5. A FINANCIAL EXAMPLE: HOW TZS 50,000 MONTHLY CAN BUILD YOUR SAVINGS

Sometimes people postpone saving because they believe their income is too small to make a meaningful contribution.

However, I always encourage individuals to start with an amount they can comfortably afford.

Consider a woman entrepreneur who decides to save TZS 50,000 every month.

Within one year, she will have accumulated TZS 600,000, excluding any interest.

If she maintains the same savings routine for two years, she will have saved TZS 1,200,000. Over three years, the total will reach TZS 1,800,000, excluding interest and any changes in the amount saved.

This simple example demonstrates how consistency and financial discipline can produce meaningful results over time.

For a woman running a business, such savings could contribute towards increasing stock, purchasing equipment or implementing another business development plan.

The most important thing is to establish a clear financial goal and remain committed to achieving it.

6. THE MALKIA ACCOUNT AND THE VISION OF WOMEN'S ECONOMIC EMPOWERMENT

Women's economic empowerment requires collaboration between women themselves, financial institutions, the private sector and other development stakeholders.

Through its broader Malkia initiative, CRDB Bank has continued to emphasise financial inclusion and access to financial and non-financial services for women, including entrepreneurs seeking to strengthen and grow their businesses.

It is important to understand that savings accounts and credit facilities serve different purposes.

The Malkia Account is designed to support women's savings, while loans and other financial facilities are separate products offered subject to their respective eligibility criteria and terms and conditions.

I encourage women to take advantage of financial education opportunities, learn about available banking services and ask questions before making financial decisions.

A woman with financial knowledge is better positioned to plan her business, evaluate opportunities and manage the challenges that may arise along the way.

7. HOW CAN YOU OPEN A MALKIA ACCOUNT?

According to CRDB Bank's product information, women aged 18 years and above can apply for a Malkia Account using an acceptable identification document.

Some of the identification documents that may be accepted include:

• National Identification Number or NIDA identification card.
• Voter's identification card.
• Passport.
• Driving licence.
• Zanzibar identification card.

Applications can be made through the SimBanking App or by visiting a CRDB Bank branch for further information and assistance.

I encourage women who are interested in opening this account to visit a CRDB Bank branch or use the bank's official communication channels to obtain detailed information about the account requirements and application procedures.

8. MY MESSAGE TO WOMEN ENTREPRENEURS

I would like to use this opportunity to encourage all women, particularly those involved in small, medium-sized and large businesses, to recognise the importance of financial planning.

Do not focus only on how much money you earn every day. Also consider how much you can set aside for your future.

Do not wait until your business becomes big before you start saving. Begin with an amount you can afford, develop financial discipline and continue improving your financial plans as your business grows.

I also encourage women not to hesitate to ask questions about banking services. Understand your rights as a customer, know the costs associated with the services you use and seek professional assistance through official banking channels.

I believe that genuine economic empowerment begins when a woman has the knowledge, confidence and ability to make informed decisions about her financial resources.

The Malkia Account can be part of that journey. What matters is taking the first step, setting financial goals and working consistently towards achieving them.

CONCLUSION: WOMEN, START BUILDING YOUR SAVINGS TODAY FOR A BETTER TOMORROW

Financial success is not achieved overnight. It requires planning, discipline, knowledge and the effective use of available opportunities.

For women entrepreneurs, developing a consistent savings culture is an important step towards building sustainable businesses and strengthening their financial independence.

Through the CRDB Bank Malkia Account, women have an opportunity to begin or strengthen their savings journey and prepare for the achievement of their financial goals.

Remember: Your business may be small today, but with proper financial planning, consistent saving and informed decisions, you can build a strong foundation for greater growth tomorrow.

LET US HEAR FROM YOU!

I would love to hear from women entrepreneurs and aspiring business owners:

• Do you have a regular habit of setting aside part of your business income for savings?

• What is the biggest challenge preventing you from saving consistently?

• If you could save towards one major financial goal, would you choose to increase your business capital, expand your business or invest in a new venture?

Share your thoughts and experiences in the comments section. Financial empowerment begins with learning, asking questions and taking action.

ABOUT THE AUTHOR

Mrs. Lilianfavour Makawa

Team Leader – Sales and Service/Support

CRDB Bank Plc, Ubungo Branch

Dar es Salaam, Tanzania.

This article is intended for financial education and general awareness. Product features, rates and conditions should be confirmed through CRDB Bank's official channels.

Read More

NMB BANK SUPPORTS TANZANIA'S CASHEW PROCESSING AMBITIONS AS CBT ASSURES INVESTORS OF RAW MATERIAL SUPPLIES

MTWARA; November 7, 2026 - The Tanzania Cashew Board (CBT) has assured investors planning to establish cashew processing factories in the country of adequate raw cashew nut supplies, as the government intensifies efforts to expand domestic processing capacity by 2030.

CBT Director General, Francis Alfred, said the Board would work to ensure that investors committing substantial capital to cashew processing facilities have reliable access to raw materials and do not face factory operational disruptions due to shortages.

Alfred made the remarks during a cashew stakeholders' meeting organised by NMB Bank in Mtwara on November 7, 2026. The meeting brought together processors, buyers and traders to explore financing opportunities and address challenges affecting different segments of the cashew industry.

He welcomed NMB Bank's engagement with industry stakeholders, noting that collaboration between financial institutions and businesses across the cashew value chain was essential to increasing production, strengthening the industry and supporting Tanzania's ambition to expand domestic processing capacity by 2030.

Alfred also called on other financial institutions to engage directly with industry players and develop financing solutions that respond to their needs.

He further urged banks to ensure timely payments to farmers, explaining that prompt payments would enable farmers to meet their financial obligations and adequately prepare for subsequent production activities.

NMB Pledges Support for Cashew Industry

Speaking at the meeting, NMB Bank's Head of Agribusiness for Wholesale Banking, Christopher Mwalugenge, said the bank was ready to support businesses operating across the cashew value chain throughout the 2026/2027 marketing season.

He explained that NMB's financing solutions were designed to help auction buyers and primary-market participants secure sufficient quantities of raw cashew nuts while ensuring that domestic processors have access to the raw materials needed to maintain continuous factory operations.

For exporters, Mwalugenge said the bank provides tailored financial solutions to facilitate timely purchases and enable businesses to meet their international supply contracts.

He added that NMB had also strengthened its payment and transaction services to facilitate commercial activities and improve financial efficiency across the cashew value chain.

Strengthening Financing and Domestic Processing

The engagement between NMB Bank and cashew industry stakeholders is expected to strengthen coordination between financial institutions and businesses, with particular emphasis on access to working capital, increased domestic processing capacity and timely payments to farmers.

The initiative comes at a time when Tanzania is seeking to capture greater value from its cashew production by expanding local processing rather than relying predominantly on the export of raw cashew nuts.

Reliable financing, adequate raw material supplies and efficient payment systems are therefore expected to play an important role in attracting investment, supporting existing processors and creating a more competitive domestic cashew industry.

Through its engagement with industry stakeholders, NMB Bank continues to position itself as a financial partner in supporting agricultural value chains and businesses contributing to Tanzania's economic development.

Read More

AFRICA'S LEADING VOICES ON ETHICS, GOVERNANCE AND RESPONSIBLE BUSINESS CONVERGE IN TANZANIA FOR THE ABSA BEN-AFRICA CONFERENCE 2026

Absa Bank Tanzania Managing Director, Obedi Laiser (centre), shakes hands with BEN-Africa President, Dr Bryan Robinson, during the conclusion of the two-day Absa BEN-Africa 2026 Conference, sponsored by Absa Bank, at the University of Dar es Salaam Business School (UDBS) in Dar es Salaam today. The conference was jointly organised by Absa Bank, BEN-Africa and the University of Dar es Salaam, focusing on the role of ethical principles in promoting sustainable business practices and economic development across Africa. Left is Absa Bank Tanzania Director of Legal and Compliance, Alistides Kashasira.

Dar es Salaam, Tanzania | 6 November 2026 - The Absa Business Ethics Network of Africa (BEN-Africa) Conference 2026 concluded successfully today at the University of Dar es Salaam Business School (UDBS), bringing together a diverse and influential gathering of scholars, business leaders, policymakers, regulators, students, development practitioners and ethics professionals from across Africa and beyond.

Hosted at the University of Dar es Salaam, in partnership with Absa Bank Tanzania and BEN-Africa, the two-day conference provided a vibrant platform for critical dialogue on ethical leadership, responsible business conduct and sustainable development under the theme: "Contrasting Perspectives on Business Ethics: Afrocentricity and Beyond"

The conference attracted participants from numerous African countries, as well as delegates from Europe and the United States, with many attending in person and others joining virtually through digital platforms, reflecting the growing international significance of conversations around Africa's contribution to global business ethics.

Opening the conference, Justice (Emeritus) Sivangilwa Sikalalilwa Mwangesi, Commissioner of the President's Office - Ethics Secretariat and Guest of Honour, challenged delegates to view ethics not as an obstacle to development, but as its foundation, emphasizing that sustainable prosperity, effective governance and public trust are inseparable from ethical leadership.

In welcoming delegates, the Chairman of the Board of Absa Bank Tanzania, Paul Makanza highlighted the importance of bringing together academia, business, government and civil society to collectively address the ethical challenges and opportunities shaping Africa's future.

Over the course of two days, participants engaged in rich and thought-provoking discussions across a range of themes including:

· Afrocentric and Western perspectives on business ethics.

· Profit, power and the future of responsible business.

· Sustainable economic growth and institutional accountability.

· Responsible entrepreneurship.

· Corporate citizenship and social impact.

· Ethics in tourism.

· Ubuntu and Artificial Intelligence.

· Governance in an increasingly interconnected world.

The conference featured renowned scholars, senior executives, regulators and thought leaders who brought diverse viewpoints and practical experiences to the discussions.

Among the key themes emerging from the various panel sessions was the recognition that Africa possesses unique philosophical traditions and value systems capable of enriching global discourse on ethics and responsible leadership. Participants explored how concepts such as Ubuntu, collective responsibility, human dignity and stakeholder inclusivity can inform modern governance and business practices.

Delegates also engaged in robust debate on the relationship between profitability and purpose, agreeing that sustainable success requires organizations to balance commercial objectives with social responsibility, environmental stewardship and ethical conduct.

The discussions further underscored the growing importance of ethical leadership in addressing emerging challenges such as technological disruption, artificial intelligence, climate change, inequality and evolving stakeholder expectations.

Commenting on the success of the conference, Obedi S. Laiser, Managing Director of Absa Bank Tanzania, said: "The quality of dialogue we have witnessed over the past two days has been exceptional. This conference has demonstrated that Africa has both the intellectual capacity and leadership required to shape global conversations on ethics, governance and responsible business. As Absa, we remain committed to supporting platforms that strengthen ethical leadership because we believe trust, integrity and accountability are essential for sustainable growth and shared prosperity."

Speaking on behalf of BEN-Africa, conference organizers commended Tanzania for hosting a highly successful event and acknowledged the strong collaboration between Absa Bank Tanzania, the University of Dar es Salaam and various stakeholders who contributed to the conference's success.

Dr Bryan Robinson, President of BEN-Africa, said: "The 2026 BEN-Africa Conference has once again demonstrated the importance of creating spaces where diverse voices can engage in constructive dialogue on the ethical challenges and opportunities facing our continent. The richness of the discussions over these two days, spanning business, academia, public policy and civil society, reflects the growing recognition that ethical leadership is fundamental to Africa's development. We are particularly encouraged by the strong participation from across Africa and beyond, which highlights the increasing global relevance of African perspectives on business ethics."

The University of Dar es Salaam Business School, led by Prof. Omari Khalifa Mbura, also reaffirmed the critical role of higher learning institutions in developing future leaders capable of navigating complex ethical challenges facing society, business and government.

Beyond the formal programme, the conference fostered meaningful networking, collaboration and knowledge exchange among participants from different sectors, disciplines and geographies. Several delegates noted the value of creating stronger linkages between academic research, public policy and business practice in advancing ethical leadership across Africa.

As delegates departed, there was broad consensus that the conversations initiated during the conference should continue beyond the event itself and translate into practical action within institutions, businesses, governments and communities across the continent.

The 2026 BEN-Africa Conference concluded with a renewed commitment among delegates to champion integrity, accountability and responsible leadership as essential building blocks for Africa's sustainable development and long-term prosperity.

For more information, please contact:

Aron Luhanga

Director of Marketing & Corporate Affairs

Absa Bank Tanzania Limited

+255 768 221 717

aron.luhanga@absa.africa

About Absa Bank Tanzania

Absa Bank Tanzania Limited is one of Tanzania’s leading financial institutions offering an integrated set of products and services across Corporate and Investment Banking, Business Banking with solutions for SMEs, and Retail Banking. Backed by its 21-year legacy in Tanzania and inspired by the people it serves, Absa is committed to finding local solutions to uniquely local challenges and everything we do is focused on bringing possibility to life.

Absa Bank Tanzania is part of Absa Group Limited, one of Africa’s largest diversified financial services groups. Absa Group employees approximately 40, 000 professionals operating in South Africa, Zambia, Botswana, Mozambique, Seychelles, Mauritius, Kenya, Tanzania, Uganda, Ghana. The Group has representative offices in Nigeria, Namibia, London and New York, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia. Absa is a truly African brand, inspired by the people we serve and determined to be the financial services Group Africa can be proud of.

For more about Absa Bank Tanzania, its products and services, visit www.absa.co.tz

About The University of Dar es Salaam (UDSM)

The University of Dar es Salaam (UDSM) is the oldest public higher learning institution in Tanzania. Established in 1961, UDSM is a comprehensive and multidisciplinary university located on the Mwalimu Nyerere Main Campus in Dar es Salaam, alongside constituent colleges including DUCE and MUCE. With a student population exceeding 35,000, the university advances economic, social, and technological development through quality teaching, innovative research, and public service under the motto "Hekima ni Uhuru" (Wisdom is Freedom).

University of Dar es Salaam Business School (UDBS) is a leading business school in Africa and a leader of business education and research in Tanzania. Located at the UDSM Main Campus (Mlimani), UDBS fosters entrepreneurial job creators through quality undergraduate, postgraduate, and consultancy programs under the motto "Knowledge for Management Excellence (KNOW ME)".

About BEN-Africa

BEN-Africa, or the Business Ethics Network of Africa, is a continent-wide network established in 1999 that promotes ethical leadership, responsible business conduct, good governance and thought leadership across Africa. It brings together academics, business leaders, policymakers, regulators and civil society to exchange ideas and pursue practical solutions to ethical challenges facing the continent.

Absa Bank Tanzania Managing Director, Obedi Laiser, speaks during the conclusion of the two-day Absa BEN-Africa 2026 Conference, sponsored by the bank, at the University of Dar es Salaam Business School (UDBS) in Dar es Salaam today. The conference was jointly organised by Absa Bank, BEN-Africa and the University of Dar es Salaam, focusing on the role of ethical principles in promoting sustainable business practices and economic development across Africa.

University of Dar es Salaam Business School (UDBS) Dean, Prof. Omari Mbura, speaks during the conclusion of the two-day Absa BEN-Africa 2026 Conference, sponsored by Absa Bank, at the UDBS Conference Hall in Dar es Salaam today. The conference was jointly organised by Absa Bank, BEN-Africa and the University of Dar es Salaam, focusing on the role of ethical principles in promoting sustainable business practices and economic development across Africa.

Absa Bank Tanzania Managing Director, Obedi Laiser (second left), shakes hands with the Commissioner of the Ethics Secretariat in the President's Office, retired Judge Sivangilwa Sikalalilwa Mwangesi, during the conclusion of the two-day Absa BEN-Africa 2026 Conference, sponsored by the bank, at the University of Dar es Salaam Business School (UDBS) in Dar es Salaam today. The conference was jointly organised by Absa Bank, BEN-Africa and the University of Dar es Salaam, focusing on the role of ethical principles in promoting sustainable business practices and economic development across Africa. From left are Absa Group Senior Ethics Specialist, Moses Chisadza, and Absa Bank Tanzania Board Chairman, Paul Makanza.

Absa Bank Tanzania Managing Director, Obedi Laiser (seated centre), poses for a group photo with some of the bank's employees during the conclusion of the two-day Absa BEN-Africa 2026 Business Ethics Conference at the University of Dar es Salaam Business School (UDBS) in Dar es Salaam today.

Read More

ARE YOUR MONEY AND FINANCES WORKING FOR YOU, OR ARE YOU WORKING FOR MONEY?

Understanding the Secrets of Effective Financial Management, Savings and Business Growth

In everyday life, many people work hard to earn money, increase their income and improve their financial well-being. However, despite these efforts, some individuals still struggle to achieve their financial goals. Some spend years working without building sufficient savings, while many entrepreneurs face challenges in separating business finances from personal expenses.

This situation raises an important question: Are we simply working to earn money, or are we learning how to make our money work for us and help us achieve our financial goals?

The truth is that financial success does not depend solely on how much money a person earns, but also on how effectively that money is planned, managed, spent, saved and invested.

In this article, we explore essential principles of financial management and how banking services can become an important part of the financial growth journey for individuals and businesses.

This article draws on the professional perspective of Ms. Lilianfavour Makawa, Team Leader – Sales and Service/Support, CRDB Bank Plc, Ubungo Branch, Dar es Salaam.

1. A High Income Does Not Guarantee Financial Success

One important misconception that people need to reconsider is the belief that earning a high income automatically translates into financial success.

An individual may earn a substantial salary but still have no savings at the end of the month. Similarly, a business owner may record impressive sales figures but struggle to determine whether the business is making a profit or gradually consuming its working capital.

In many cases, the underlying challenge is financial management.

Everyone needs a financial plan that clearly outlines income and expenditure, helping them understand where their money goes. It is equally important to distinguish between essential needs, regular expenses and unnecessary spending.

Setting financial goals, monitoring expenditure and maintaining financial discipline are important steps towards building a strong personal financial foundation.

2. Saving Money Is Not Only for People with High Incomes

There is a common misconception that saving money is only possible for people earning high salaries or business owners making substantial profits.

However, saving begins with discipline and consistency, not necessarily with a large amount of money.

An individual can start by setting aside a portion of their income whenever they receive a salary or generate business revenue. The most important thing is to establish a realistic savings routine and maintain it consistently over time.

Savings can help individuals in several ways, including:

• Managing unexpected financial emergencies.

• Achieving short-term and long-term financial goals.

• Reducing dependence on loans for ordinary personal expenses.

• Starting or expanding a business.

• Preparing for important future financial obligations.

Through various banking services, customers can explore suitable ways of saving and managing their money according to their individual needs and financial objectives.

3. Loans: An Opportunity for Growth or a Financial Burden?

Loans are among the financial services that can help individuals and businesses implement their financial plans.

For entrepreneurs, borrowing can provide an opportunity to increase stock, purchase equipment, expand business premises or improve production capacity.

For individuals, loans may also help meet specific financial needs, depending on the terms and conditions of the relevant loan product.

However, before taking out a loan, there are several important considerations.

First, have a clear reason for borrowing. Do not rush into taking a loan simply because it is available. Understand what you intend to do with the money and how it will contribute to improving your financial situation.

Second, understand the cost of borrowing. Make sure you understand the interest rate, applicable fees, repayment period and other conditions before signing a loan agreement.

Third, assess your repayment capacity. Ensure that the repayment obligations are manageable in relation to your income and other financial commitments.

Fourth, use the loan for its intended purpose. If you borrow money to support your business, ensure that the funds are directed towards the activities outlined in your business plan.

A properly planned loan can become a tool for financial development. However, borrowing without considering repayment capacity can create serious financial challenges.

4. A Bank Is More Than Just a Place to Keep Your Money!

When many people think about banks, the first things that come to mind are depositing and withdrawing money. However, banking services play a much broader role in the economic lives of individuals and businesses.

Banks provide various services that can support:

• Safeguarding money and managing bank accounts.

• Facilitating payments and financial transactions.

• Accessing credit facilities, subject to applicable eligibility requirements.

• Helping businesses manage income and payments.

• Accessing digital banking services.

• Supporting customers in managing their financial needs.

It is therefore important for every customer to understand the banking services available and select those that best match their financial needs.

A good relationship between a customer and a bank should not end after opening an account. Customers should continue learning, asking questions and exploring financial services that can support their financial journey.

5. Digital Banking: Is Technology Making Our Financial Lives Easier?

Technological advancements have significantly transformed the way people conduct financial transactions and manage their money.

Through digital banking services, customers can conveniently perform various transactions without necessarily having to visit a physical bank branch every time they need a banking service.

These services are particularly valuable to business owners who need to make payments, receive money and manage their business operations efficiently.

However, despite the convenience offered by digital banking, the security of personal information and financial assets must never be overlooked.

Every digital banking user should:

• Keep their PINs and passwords confidential.

• Never share sensitive account information with other people.

• Avoid clicking on suspicious or unfamiliar links received through messages.

• Verify transactions and payment information.

• Use official bank communication channels whenever assistance is required.

Technology should be a tool for making life easier, not a source of financial loss resulting from negligence or fraudulent activities.

6. Business Owners: Separate Business Money from Personal Finances

One of the challenges facing many small and medium-sized business owners is the tendency to mix business finances with personal expenses.

An entrepreneur may generate impressive sales but still struggle to determine the actual profit because business income is spent without a clear financial management system.

To improve business financial management, entrepreneurs should:

• Separate business finances from personal spending.

• Maintain accurate records of income and expenditure.

• Monitor customer debts and business liabilities.

• Understand operational costs.

• Set aside funds for business expansion.

• Use appropriate banking services to simplify the collection and management of business funds.

A business owner who understands the cash flow of their business is better positioned to make informed and productive decisions.

High sales do not necessarily mean high profits. What matters is understanding the money coming into the business, the money going out and the amount remaining after all expenses have been accounted for.

7. How Can You Start Building a Strong Financial Future?

Financial success is a journey that requires planning, patience and discipline. Although there is no single financial formula that works for everyone, several practical steps can help individuals get started.

Step One: Set Financial Goals. Decide what you want to achieve financially within the next six months, one year or five years.

Step Two: Develop a Budget. Understand your income and plan your expenditure before spending your money.

Step Three: Build a Savings Culture. Start saving an amount you can comfortably afford and increase it as your income allows.

Step Four: Learn About Financial Services. Do not use banking services merely out of habit. Understand their costs, benefits, terms and conditions, and how they can support your financial objectives.

Step Five: Make Informed Borrowing and Investment Decisions. Research available opportunities, assess potential risks and avoid making financial decisions based solely on promises of quick returns.

Step Six: Keep Learning. Financial knowledge helps you make better decisions as your financial needs and circumstances change.

CONCLUSION: IT IS TIME TO CHANGE THE WAY WE THINK ABOUT MONEY

Building a strong financial future does not necessarily mean having a lot of money today. It requires learning how to make effective use of the resources available to you, setting realistic financial goals and taking consistent steps towards long-term financial stability.

Banks and financial services can play an important role in this journey. However, achieving financial success also requires personal discipline, financial knowledge and informed decision-making.

Ultimately, the question is not simply how much money you earn, but what you do with the money you receive.

Are your finances working for you, or are you still working for money without a clear plan to grow it?

---

WE WANT TO HEAR FROM YOU!

We would love to hear your thoughts and experiences.

1. What is the biggest challenge you face when it comes to saving money?

2. What do you consider the most important factor before taking a bank loan?

3. If you had an opportunity to ask a banking professional one question, what would you want to know?

Share your thoughts or questions in the comments section. Financial literacy begins with asking questions, learning and taking action.

ABOUT THE CONTRIBUTOR

Ms. Lilianfavour Makawa is the Team Leader – Sales and Service/Support at CRDB Bank Plc, Ubungo Branch, Dar es Salaam.

Through her professional role in sales and customer service, she brings a valuable perspective on the importance of banking services in supporting individuals and business activities.

This article is intended for financial education and general awareness of banking services. For specific information about banking products, services, charges and terms and conditions, please contact the relevant bank directly.

Read More

NMB SECURES US$30 MILLION FROM CHINA DEVELOPMENT BANK TO BOOST SME FINANCING IN TANZANIA

NMB Bank Plc Managing Director and Chief Executive Officer, Ruth Zaipuna (right), shakes hands with China Development Bank (CDB) President, Huang Zhiqiang, during the signing ceremony of a US$30 million loan facility aimed at expanding financing for micro, small and medium-sized enterprises (MSMEs) in Tanzania. The ceremony was held at NMB Bank’s headquarters in Dar es Salaam.

DAR ES SALAAM; November 5, 2026 - NMB Bank Plc has secured a US$30 million loan facility from China Development Bank (CDB) to expand access to financing for small and medium-sized enterprises (SMEs) in Tanzania, providing additional capital to support business expansion, investment and trade.

The financing agreement was signed at NMB Bank’s headquarters in Dar es Salaam, strengthening cooperation between the two financial institutions and enhancing the bank’s capacity to support Tanzanian enterprises, including businesses engaged in trade with China.

Speaking during the signing ceremony, NMB Bank Managing Director and Chief Executive Officer, Ruth Zaipuna, said limited access to adequate financing remains one of the major challenges facing entrepreneurs seeking to expand their businesses and compete in wider markets.

“Small businesses are central to Tanzania’s economy, yet access to adequate financing remains a challenge for many entrepreneurs. This US$30 million facility will strengthen our ability to respond to their financing needs, support business expansion and facilitate trade. Our focus is to ensure that more Tanzanian businesses have access to the capital they need to grow,” Zaipuna said.

Strengthening Tanzania-China Trade Relations

Zaipuna said the partnership would further strengthen NMB’s relationships with Chinese financial institutions and business partners, creating additional opportunities for Tanzanian importers and exporters to access financing and cross-border payment services.

Through its partnership with China’s Cross-border Interbank Payment System (CIPS), NMB provides renminbi (RMB) payment services, RMB-denominated business accounts and trade finance solutions designed to facilitate transactions between Tanzania and China.

The bank also facilitates Canton Fair business tours, connecting Tanzanian entrepreneurs with Chinese manufacturers and suppliers to explore commercial opportunities and establish new business relationships.

These initiatives form part of NMB’s broader efforts to support businesses involved in international trade by providing financial solutions that simplify cross-border transactions and strengthen commercial partnerships.

Recognition for SME Banking Excellence

The agreement comes following NMB’s recognition by Global Finance as Tanzania’s Best SME Bank for 2026, reflecting the bank’s continued commitment to supporting the growth and development of small and medium-sized enterprises.

The US$30 million facility is expected to enhance NMB’s capacity to provide financing to SMEs, enabling more businesses to invest, expand operations, improve competitiveness and explore new markets.

The partnership also underscores the growing financial and economic cooperation between Tanzania and China, particularly in supporting private-sector development and facilitating international trade.

Ultimately, the financing is expected to contribute to financial inclusion, private-sector investment and Tanzania’s long-term economic development priorities under National Development Vision 2050.

Read More

CRDB YALENGA KUKUZA BIASHARA YA KIKANDA KUPITIA UFIKIAJI WA MASOKO NA HUDUMA ZA KIFEDHA DRC

Mwenyekiti wa Bodi ya Wakurugenzi wa Benki ya CRDB, Prof. Neema Mori, na Mkurugenzi Mtendaji wa Benki ya CRDB, Dkt. Abdulmajid Nsekela, wameongoza ujumbe wa Benki ya CRDB katika mazungumzo na Waziri Mkuu wa Jamhuri ya Kidemokrasia ya Congo (DRC), Mhe. Judith Suminwa Tuluka, yaliyofanyika leo jijini Dar es Salaam.Mazungumzo hayo ni sehemu ya juhudi za kimkakati za Benki ya CRDB katika kuimarisha ushirikiano wa kiuchumi wa kikanda, kuunganisha masoko na kufungua fursa mpya za biashara, uwekezaji na maendeleo kati ya Tanzania na DRC, na kwa upana zaidi, katika ukanda wa Afrika Mashariki na Kati.

Mhe. Judith Suminwa Tuluka ameeleza utayari wa Serikali ya DRC kushirikiana na Benki ya CRDB katika maeneo mbalimbali ya kimkakati, akitambua nafasi ya sekta ya fedha katika kuharakisha maendeleo, kurahisisha biashara na kuchochea uwekezaji wenye tija kwa wananchi wa nchi hizo mbili.

Kwa upande wake, Uongozi wa Benki ya CRDB umesisitiza dhamira ya Benki kuwa mshirika wa kimkakati katika utekelezaji wa ajenda za maendeleo ya kikanda, ikiwemo kutumia fursa zinazotokana na Ushoroba wa Kati na Ushoroba wa Lobito kuimarisha biashara, uwekezaji na miunganiko ya kiuchumi. Juhudi hizi pia zitalenga kupanua wigo wa uwezeshaji kwa vijana, wanawake na biashara ndogo na za kati (SMEs).

Sambamba na hilo, Benki imethibitisha dhamira yake ya kuendelea kuwekeza nchini DRC na kupanua wigo wa huduma zake nje ya Lubumbashi na Kinshasa, hatua itakayoiwezesha kuwafikia wateja wengi zaidi na kushiriki kikamilifu katika fursa zinazochochewa na ukuaji wa uchumi wa nchi hiyo.

Kupitia uwepo wake Tanzania, Burundi na DRC, Benki ya CRDB inazidi kujijenga kama taasisi ya kifedha yenye mtazamo na ushawishi wa kikanda, inayokwenda zaidi ya kutoa huduma za kibenki na kuchukua nafasi ya kuunganisha mitaji, biashara, wawekezaji na fursa za maendeleo katika Afrika Mashariki na Kati.

Kwa CRDB, mipaka si kikwazo cha fursa, bali ni daraja la kuunganisha uchumi, masoko na mustakabali wa maendeleo ya kikanda.

Read More

AIRTEL TANZANIA EXTENDS NETWORK COVERAGE WITH NEW TOWER IN BAGAMOYO

Bagamoyo, November 2, 2026 – Airtel Tanzania has strengthened its network presence in the Coastal Region with the launch of a new telecommunications tower in Sanzale, Bagamoyo, in a move aimed at enhancing connectivity and supporting the growing digital needs of the local community, Kila Kona.

The investment is expected to benefit residents across more than 12 streets in Sanzale and surrounding areas, including entrepreneurs and businesses that increasingly rely on reliable connectivity to communicate with customers, facilitate digital payments, access information and manage their daily activities.

Speaking during the launch, Lusajo Venance Mwakapeje said the new tower addresses a long-standing connectivity challenge in the area, noting that even the village chairperson's residence previously lacked Airtel network coverage.

"Residents had experienced significant network challenges, but since the installation of this tower, the situation has changed considerably. The infrastructure will serve Sanzale and more than 12 surrounding streets, bringing Airtel's communication, Airtel Money and internet services closer to the community," he said.

Improved connectivity is also expected to facilitate communication and enable residents to report emergencies and other community challenges more effectively.

Mbaraka Sita Omary, a village chairman, said the previous lack of network coverage had made communication difficult, particularly when reporting urgent matters.

"Previously, the network was unavailable, making it difficult for residents to communicate or report challenges in the community. Since the tower was installed, things have started to change. Today, I have already been able to receive reports and address a few challenges raised by residents in our street. I believe that in the next three to five years, Sanzale will be a very different place, thanks to Airtel," he said.

Meanwhile, Yusra Rwengino, a local resident, said the area had previously experienced serious network challenges.

"Communication was indeed a major problem. However, we are grateful to Airtel for installing this tower, as the situation has now changed significantly and connectivity has greatly improved," she said.

The investment comes at a time when digital services are becoming increasingly important to Tanzania's social and economic development. Reliable mobile networks play a critical role in connecting businesses with customers, facilitating digital transactions, supporting access to information and enabling communities to participate in the growing digital economy.

Data from the Tanzania Communications Regulatory Authority (TCRA) highlights this growing demand. Internet subscriptions reached 62.79 million by June 2026, representing a 6.48% increase during the quarter. Meanwhile, data traffic grew by 11.65% to 1,041 petabytes, while internet penetration stood at 89.7%.

These developments underscore the importance of continued investment in telecommunications infrastructure to expand digital access and support economic activities across the country.

The launch of the Sanzale tower reflects Airtel Tanzania's continued commitment to extending reliable connectivity to communities Kila Kona, helping residents stay connected, businesses access new opportunities and more people benefit from Tanzania's expanding digital economy.

Read More

AIRTEL TANZANIA EXPANDS NETWORK COVERAGE, PROMOTES ENVIRONMENTAL RESPONSIBILITY IN GONGO LA MBOTO

Dar es Salaam, October 29, 2026 – Airtel Tanzania has combined investment in telecommunications infrastructure with environmental responsibility through a community clean-up exercise held around its newly launched communication tower in Gongo la Mboto Markaz, Dar es Salaam.

The initiative brought together Airtel Tanzania employees, local government leaders and community members, who joined hands to collect litter and clear waste from the surroundings of the newly established communication site, contributing to efforts to create a cleaner and healthier environment.

The new communication tower is expected to benefit more than 10,460 residents in Gongo la Mboto and Ukonga by improving network coverage and providing more reliable communication services to households, businesses and other users.

The investment underscores Airtel Tanzania’s continued commitment to expanding its network infrastructure and improving access to digital services, enabling residents, young people and entrepreneurs to participate more effectively in the growing digital economy.

Speaking during the launch, Bernard John, a resident and Markaz Street local government representative, commended Airtel Tanzania for constructing and launching the tower, saying improved connectivity would create new opportunities for young people and entrepreneurs in the surrounding communities.

He noted that better access to communication services would support business activities, improve access to information and enable residents to explore employment and entrepreneurship opportunities through digital platforms.

Reliable mobile connectivity is increasingly important for small businesses, allowing entrepreneurs to reach customers, market their products and services, communicate with suppliers and manage daily operations more efficiently. Improved network access also enables residents to benefit from digital communication platforms and a wider range of online services.

Beyond the investment in network infrastructure, the environmental clean-up exercise demonstrated the importance of responsible corporate engagement and collaboration with local communities.

By bringing together employees, local leaders and residents to improve the surroundings of the communication site, Airtel Tanzania reinforced the role of collective action in maintaining clean neighbourhoods and protecting the environment.

As Dar es Salaam continues to grow, demand for reliable telecommunications services is also increasing. Investments such as the new Gongo la Mboto Markaz tower are therefore important in supporting communication needs, facilitating business growth and expanding access to digital opportunities.

Through its continued network expansion initiatives, Airtel Tanzania aims to bring reliable connectivity closer to more people and businesses across the country, advancing its commitment to connecting communities through Kila Kona.

Read More