Dar Es Salaam-In a groundbreaking move set to transform the landscape of agricultural financing in Tanzania, PASS Trust has entered into a partnership with Victoria Finance PLC, a leading digital business loan provider. The agreement, signed by PASS Trust CEO Yohane Kaduma and Victoria Finance PLC CEO Julius Mcharo, was formalized during a press conference at the offices of Victoria Finance PLC in Dar Es Salaam on October 23, 2023.
Through this collaboration, agricultural entrepreneurs can now apply for business loans directly through their mobile phones, with Victoria Finance PLC providing instant loan approval. PASS Trust will simultaneously provide the partner bank with an 80% digital guarantee for the loan amount, streamlining the lending process significantly.
This service aims to simplify loan disbursements, reduce the time taken for loan approval, enhance the likelihood of banks extending credit to a larger number of farmers, decrease the operational costs associated with loan processing, and boost agricultural productivity through value chain improvements in the country.
PASS Trust takes pride in generating approximately 2.7 million employment opportunities that have positively impacted the lives of Tanzanians through the agricultural business revolution. The organization firmly believes that this innovative solution, known as Digital Credit Guarantee (DCG) for agricultural business loans, will continue to create numerous employment opportunities in the agricultural sector and alleviate poverty through agricultural business transformations.
PASS Trust continues its collaboration with economic empowerment stakeholders in the agricultural sector, particularly in financial services and business development services. This collaboration is part of the organization's commitment to supporting the government's efforts in poverty reduction at both individual and national levels. The innovative approach to digital agricultural financing signifies a significant leap toward economic empowerment and prosperity for Tanzanian entrepreneurs and farmers.
