Dar es Salaam, Feb. 19 -- DAR ES SALAAM: THE Bank of Tanzania (BoT) has urged the public to prioritise borrowing for income-generating activities instead of addressing short-term financial challenges, which often lead to defaults.

The BoTs Senior Chief Officer in the Microfinance Services Regulatory Department, Mr Deogratias Mnyamani, emphasised that borrowing without a clear plan for generating returns makes it difficult for individuals to repay loans on time.

“Most people borrow money from various sources to address immediate challenges, but these loans dont necessarily help generate income,” he said on Monday during a BoT campaign promoting responsible borrowing in Mabibo, Dar es Salaam.

The central bank launched a natio...