Exim Bank Expands Loan Services for Public Servants

Exim Bank Enhances Public Sector Loan Access via Utumishi Portal

Dar es Salaam, April 3, 2025 – In a strategic move aimed at empowering public servants to achieve their financial goals, Exim Bank Tanzania has announced significant improvements to its "Wafanyakazi Loan" product. The upgraded service now allows public sector employees to transfer their existing loans from other financial institutions directly through the government’s Utumishi Portal (Employee Self Service – ESS), making Exim the first financial institution in Tanzania to offer this capability.

The innovative offering is designed to provide government employees with more favorable loan terms, faster access to funds, and streamlined processes through a digital platform tailored to their needs.

Andrew Lyimo, Head of Retail and SME Banking at Exim Bank Tanzania, emphasized the bank’s mission to provide life-enhancing financial solutions.

"Our goal is to offer government employees financial services that support their development. By enabling loan buyouts from other institutions, we aim to ease their financial burdens and offer repayment terms that better align with their needs," Lyimo stated.

Government workers are now eligible for loans of up to TZS 200 million, with repayment periods extending to 10 years (120 months). This financing option opens avenues for public servants to start or expand businesses, increasing income streams beyond their regular salaries.

Lyimo further highlighted that the bank recognizes the financial challenges faced by public employees and remains committed to supporting their long-term financial stability.

In addition to the loan buyout service, Mtenya Cheya, Head of Product and Revenue Assurance at Exim Bank, revealed that borrowers can top up their loans every three months. Repayments are structured through Equated Monthly Installments (EMI), providing customers with a predictable and manageable budgeting framework throughout the loan tenure.

A critical component of the Wafanyakazi Loan is the inclusion of life insurance coverage for the duration of the loan. This feature ensures that in the event of the borrower’s death or permanent disability, the outstanding balance is fully covered—offering peace of mind to borrowers and their families.