NMB Introduces New Facility to Support Title Deed Acquisition for Tanzanians
•Loan Repayable on a monthly basis for up to two years
Mbeya – August 11, 2021 NMB Bank Plc has today partnered with the Government to launch a new micro- loan facility, designed to help Tanzanians, survey and registrar their land. The loan is an easy to access instalment loan.
Plot Loan is the first of its kind in the market where NMB will enable Tanzania’s through the loan to survey their land and or register their land and attain their title deed. The loan will be paid directly to the Government.
The Minister for Land, Housing and Human Settlement Development - William Lukuvi said the aim of the partnership with NMB Bank is to help most Tanzanians to formalize their land and get their respective title deeds.
Mr Lukuvi further said, the government has invested their trust through NMB to finance the project that is expected to ensure more Hectors of land are formalized across all districts in Tanzania for the next 5 years.
Most importantly the plot loan by NMB goes well with the government efforts to ensure that every citizen owning land & living within cities gets thier entitled title deeds. Which also make it easier for title deed owners to formally gain access bank loans. I would encourage all of you to take advantage of NMB's plot loan offering today," said Minister Lukuvi.
For now, we have started with Mbalali as our pilot area, after which we shall roll it out country wide. This will enable us to achieve our target before end of the year 2025.
"After consultation with the government through the Ministry of Lands, we have agreed to provide this service to help more Tanzanians get title deeds to the land they own and at the same time contribute to the development of the country through fees paid in the process of land formalization.” Said the NMB Bank’s Acting Chief Internal Audit – Benedicto Baragomwa.
Mr. Baragomwa added that “Cash flow challenges have been a major challenge that has hindered the majority of Tanzanians to formally own land, that is why we have brought a solution by introducing our Plot Loan facility.”
We are offering micro loans to both NMB and non NMB customers (salaried workers, business owners, businesses, farmers) in a bid to support the Government initiative around land formalization.
NMB Plot Loan is a straightforward, transparent and affordable solution. It meets a critical credit need for customers who might be deterred by need for capital to complete their land formalization process.
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