Dar es Salaam - CRDB Bank has introduced "Ada Fasta" school fee loans to assist parents and guardians in meeting the educational needs of their children. These loans, accessible through the SimBanking platform, are designed to ease financial burdens associated with school fees, particularly during the January school term when financial strain is often high.

"Ada Fasta" offers loans of up to 3 million Tanzanian Shillings with a competitive interest rate of 13% per annum, significantly lower than prevailing market rates. The loans are repayable within six months.

"We understand the financial challenges faced by parents, especially during this time of year," said Fredrick Nshekanabo, CRDB Bank's Acting Managing Director and CEO. "Ada Fasta is part of our commitment to providing customer-centric solutions that address their needs."

The bank's School Fees Management System, currently utilized by over 1,000 schools nationwide, facilitates the loan process. Parents, regardless of their banking status, can access the loans if their children's schools use this system. Loan proceeds are directly transferred to the school's account, and borrowers receive a payment confirmation receipt.

Furthermore, parents can conveniently pay school fees through various mobile money platforms, including M-Pesa, TigoPesa, Airtel Money, and HaloPesa. Payment details are automatically transmitted to the school, eliminating the need for physical receipt submission.

This initiative underscores CRDB Bank's dedication to supporting education and providing innovative financial solutions to its customers.