Teachers' union to establish bank

Mwalimu House, Dar es Salaam
The Tanzania Teachers Union (TTU) needs 15bn/-  to establish Mwalimu Commercial Bank Limited which is planned to be opened this year.

This was revealed by TTU President Mr Gratian Mukoba when he was launching Morogoro Regional Teachers Block, where he said teachers want to establish their financial institution so that they could get loan easily.

He said after construction of teachers' regional buildings in 21 regions, the union would be focusing on establishment of a teachers' bank.

"Nowadays most of the students do not want to be teachers because of poor working conditions, including low salaries but we want to change teachers' welfare," he said.

Mr Mukoba said TTU was now working hard in making sure that after two to three years there will be the large number of students who will be eager to join teachers colleges at their will without being forced.
Mr Mukoba

He said the buildings for the envisaged Mwalimu Bank would be located in Dar es Salaam and the bank will open branches country-wide up to the district levels.

"As the teachers managed to build these modern regional Offices through their monthly contributions, we believe that through our contribution we will also manage to establish this bank soon," he said.

Speaking at the function, the Chairman of Construction Committee from National Service Economic Wing (SUMA JKT), Eng Yahya Msulwa congratulated teachers for their commitment to having a strong financial institution.

He said the construction of that building which started in March 2010 at the cost of 347m/- but after two years it can be used to get the loan of up to 10bn/- as the value of building and land keep on increasing yearly.

SUMA JKT Managing Director, Lieutenant Colonel Mkochi Kichogo appreciated TTU for the trust to the firm by giving them the contract of building 21 regional buildings at the cost of more than 7bn/-.

Mr Mkochi said out of 21 buildings, SUMA had already handed over 13 buildings and the remaining are at the finishing stage.
Source: The Daily News,www.dailynews.co.tz, reported by Amina Juma in Morogoro
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