Deputy Governor of the Bank of Tanzania, Ms. Sauda Kassim Msemo (middle) Visited an entrepreneur's exhibit.
In a bid to promote financial inclusion and empower women entrepreneurs, Absa Tanzania has officially unveiled the "Absa She Business Account." The launch took place in Dar es Salaam, accompanied by a call from the Deputy Governor of the Bank of Tanzania, Ms. Sauda Kassim Msemo, urging banks and financial institutions to operate with professionalism and adhere to ethical standards.
The Absa She Business Account aligns with the Tanzanian government's efforts, under the leadership of Her Excellency Mama Samia Suluhu Hassan, to enhance financial inclusion, especially in rural areas where access to financial institutions is limited.
Ms. Sauda commended the initiative, emphasizing the government's commitment to supporting financial inclusion, particularly for women. She highlighted the significance of the Absa She Business Account, structured to attract women in business with no monthly or transaction fees, offering them an opportunity to increase their capital.
The Deputy Governor acknowledged the unique challenges women face in entrepreneurship, such as maintaining proper financial records, calculating profits and losses, and expanding their businesses. The Absa She Business Account, besides facilitating regular banking transactions, provides free training to account holders, addressing these challenges and enhancing the knowledge base of women entrepreneurs.
Obedi Laiser, the Managing Director of Absa Bank Tanzania, emphasized that the Absa She Business Account goes beyond a typical bank account. It offers a comprehensive set of financial and non-financial solutions uniquely packaged to address the challenges faced by businesswomen, particularly those in Micro, Small, and Medium Enterprises (SMEs).
The account, structured without monthly charges or transaction fees, aims to drive financial inclusion, especially for small and micro-businesses. Thanks to partnerships with the African Guarantee Fund and the African Development Bank through the Affirmative Finance Action for Women in Africa (AFAWA) program, businesswomen with limited collateral can access loans through the Absa She Business Account.
Furthermore, the account provides business development services such as coaching, mentoring, and training on business development and operations. This initiative is set to significantly boost the growth of women-led businesses in Tanzania.
The launch of the Absa She Business Account is aligned with the upcoming International Women’s Day and Diversity, Equity, and Inclusion (DEI) initiatives. As part of Absa's commitment to progress for women, the Managing Director emphasized the bank's dedication to inspiring inclusion through this innovative solution.
Absa She Business Account holders will enjoy additional benefits, including access to business debit and credit cards, internet banking, and the ability to withdraw and deposit cash through ATMs and Absa Wakala across the country. The initiative reflects Absa's dedication to supporting and celebrating the economic narratives of women entrepreneurs in Tanzania.