Tanzania opens Africa’s first women’s bank

Tanzania has opened an all-women’s bank — becoming the first country in Africa to do so.

The Tanzania Women’s Bank, which was opened on July 28, will support women’s economic activities.

It is the 28th bank in Tanzania and has 500 customers already, 70 per cent of whom are women.

A gender specific bank is a milestone for women on a continent where many cannot access banking services despite their enormous contribution to economic development.

Although men are allowed to open accounts, the bank’s services will centre essentially on women.

“In Tanzania and throughout Africa, women have less access to banking services because they are not well informed,” Margareth Mattabi Chacha, executive director of the bank said.

“They mostly don’t work and are not economically strong to open accounts with regular banks.”

To enable women to access services, the bank has simplified otherwise onerous administrative procedures.

All that one needs to open an account is an identification document and an initial sum of Tsh 3,000 ($2) deposit.

Other banks require title deeds or other proof of wealth for one to open an account.

There will be no monthly bank charges.

Ms Chacha said that in addition to serving women’s financial needs, the bank will train them in basic business skills and money management.

She said women’s groups have long campaigned for a financial institution of their own.

“Women’s groups called for the establishment of this type of bank way back in 1999. They wanted a place where they would be listened to and where their needs would be taken into account,” said Ms Chacha.

“It took them 10 years to collect the necessary funds. Their biggest challenge was to satisfy all the conditions needed to be recognised as a bank. So far, the initiative is a success,” she said.