Trending
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
- Portugal’s Galp Energia projects 10 billion barrels in Namibia’s new oil find
- Wärtsilä Energy offers tips on how Africa can navigate energy transition and grid reliability
Browsing: Loans for business
Tanzania’s financial services sector, which contributed approximately 3.8 percent to the country’s total GDP on average over the past five years, was weighed down by subdued loan demand in 2020.
This is according to a report by Deloitte which indicates that the slowdown of the economy owing to the coronavirus pandemic as well as declining income levels also affected the sector.
According to the report, loans and advances to customers on the other hand increased by approximately 4.5 percent in 2020 compared to 13.6 percent in 2019 as people turned to credit for relief.
“Economic uncertainty coupled with contracting income levels in 2020 decreased loan demand, subsequently leading to a suppressed credit growth of 4.5 percent in 2020 compared to 13.6 percent in 2019,” the report says.
The report also reveals that the country’s banking sector assets accounted for about 13.8 percent of total GDP while customer deposits accounted for …