Issues

National Microfinance Bank (NMB) is the only bank in Lushoto district, and with a single branch in Lushoto town, which means that Bumbuli’s population is effectively denied access to the formal financial services infrastructure.

There is an urgent need to bring some basic financial services to Bumbuli, either through the establishment of a community bank, or by attracting an existing financial institution to establish a branch in Bumbuli. This will reduce the cost and inconvenience to teachers and other public employees of receiving their monthly salary payments; it will improve the efficiency and safety of payments for agricultural produce; it will introduce products to allow people to save money conveniently and securely; and they will offer loan and other credit products for entrepreneurship activities.