Zanzibar Economic Empowerment Agency starts issuing digital loans to boost local businesses
The online transition aims to make it easier for citizens to access funds
Zanzibar Economic Empowerment Agency (ZEEA) has introduced digital loans to help citizens access financial support quickly for business growth and economic improvement.
ZEEA Loan Officer Suleiman Ali Hamad announced that the loan application process will now be conducted online, replacing the traditional paper-based method.
This transition aims to make it easier for citizens to access funds. To ensure a smooth shift, training sessions have been organized for municipal officers, council leaders, group representatives, youth officers, officers for persons with disabilities, and officials from the women and children's departments in Gombani, Pemba.
During one of these sessions, Mr. Hamad emphasized that digital loan disbursement has already started. He encouraged the participants to understand the new system so they could help others apply successfully.
Meanwhile, the ZEEA Coordinator for Pemba, Mr. Haji Mohamed Haji, explained that applicants must be part of a registered group and possess a Zanzibar ID card to be eligible for these loans.
Savings and Loans Officer from the Pemba Department of Cooperative Development, Ms. Zuwena Abdalla Suleiman, stressed the importance of group leaders meeting the necessary qualifications.
If a leader does not meet the criteria, the group must adjust its constitution to replace them. She highlighted the importance of education to ensure all members understand the requirements, including having a valid Zanzibar resident ID card.
Additionally, Mr. Majid Makilla, an Inclusive Finance Officer from Airpay Tanzania, revealed that his company developed the digital loan disbursement system for ZEEA to ensure efficiency. He mentioned their commitment to training citizens on how to use the new platform and announced that a step-by-step instructional video would be created to guide users through the application process.
Loan and Sales Officer from the National Commercial Bank (TCB), Mr. Khamis Juma Khamis, emphasized that the new digital system would enhance transparency and offer a great opportunity for citizens to access loans to grow their businesses.
He reassured that, in partnership with ZEEA and Airpay, they are dedicated to ensuring the timely disbursement of loans.
This initiative, backed by the government, aims to support economic development and provide citizens with financial resources to expand their businesses.