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.

Once the bank is firmly entrenched, the founders plan to expand regionally and, eventually, across the continent.

Although the bank is just a few days old, plans are at advanced stages to open branches in other Tanzanian towns.

“Many women live in the countryside,” said Ms Chacha. “Trips to ATM machines are long and costly. We will make banking available through mobile phones, a service provided by a number of banks in Africa,” she said.

The bank, like several microcredit facilities, is yet another step towards the economic empowerment of women.

Margaret Sitta, the Minister for Community Development, Gender and Children, said the bank would continue to sell its shares to raise capital.

“Women are especially encouraged to buy shares,” she said, adding that the government offered Tsh2 billion ($1.2 million) to enable the bank start its activities.

Ukerewe MP Gertrude Mongella praised the achievement, saying it would bring “a true revolution to Kenya.”

She said it was an honour for Tanzanian women who have struggled over the years to see their dream come true.

She singled out Minister Sofia Simba and the late Salome Mbatia as among women leaders who played a key role in establishment of the bank.

The bank targets mainly women who have inadequate capital to grow their businesses.