Catholic Church opens bank in Tanzania

The Catholic Church in Tanzania has opened the first Catholic Commercial Bank in Africa. The Mkombozi Bank will not only offer financial services but also business education to its customers. It was established using local resources from the Catholic community in this East African country.

The Catholic Church believes that if it has to serve the people well, these kinds of projects are inevitable,” said Cardinal Polycarp Pengo, Archbishop of Dar es Salaam, in the opening ceremony for the bank in Dar es Salaam.

Cardinal Pengo highlighted that the bank was just one among many projects - universities, schools, hospitals, farms - that the church operates in the country and that are open to all Tanzanians, without religious discrimination.

Chief Guest at the ceremony Retired President Ali Hassan Mwinyi challenged other religions in the country to emulate the Catholics, saying with many commercial banks coming up, people will have good services, get employment and the government will be able to collect more taxes.

"What has impressed me most is to hear that this bank has been established using resources of Tanzanians, without aids from foreigners," Mr. Mwinyi said, just prior to opening his own saving account with the bank.

Although the official opening ceremony of the bank has taken place only now, it had already begun its services in August 2009. Executive Director of the bank, Edwina Lupembe, highlighted the social role of Mkombozi Bank.

The bank finally intends to offer loans to small farmers, to support poverty reduction in rural areas launched by the government. Similarly, Catholic parishes in the US once formed credit unions as alternatives to traditional banks in order to ensure fair dealings in the offering of loans and interest rates.

Comments

Catholic drag show displays depths of sexual disorientation

'Gender expression and identity, for some people, is not an area to be explored. For some people, that simply is wrong,' 'However, the law of the church is silent on cross dressing. There no evidence that cross dressing is inherently homosexual.'

Finding the joy of Easter, throughout the Christian year

All too often, many Christians have a funereal approach to their faith during the year. A paschal perspective lends joy and hope. Christ is risen! Indeed He is risen!

That Tell-Tale Heart: Questions to ask in cases of comatose patients

Proponents of organ donations have played fast and loose with the defintion of death in order to advance their goals. Obamacare may have irrevocably changed the physician/patient relationship, thus encouraging euthanasia.

Titanic survivors recall previously unknown gruesome details

Two sisters recount seeing 'Titanic' officers chopping off the hands of survivors grasping at lifeboats.

This page took 0.1094seconds to load