Financial institutions including various banks have been urged to come up with a special mechanism for lending money at low interest rates to citizens wishing to buy houses from the National Social Security Fund (NSSF).

This was noted yesterday by the NSSF Director General William Erio, shortly after signing a Memorandum of Understanding (MOU) with various higher learning institutions in Dar es Salaam, that he indicated the intention to provide housing for the students, located in Mtoni Kijichi, Dar es Salaam.

"This is an opportunity for banks and it is the right time to start the process for those who want to buy these houses to set up a lending arrangement and possibly with special interest that will be affordable to enable Tanzanians to own a house," he said.

Erio noted that NSSF houses are great opportunity for all Tanzanians to buy or rent an existing three to five-bedroom houses.

He emphasized that banks should take advantage of this opportunity by setting up a special window of credit for those interested in buying or planning to obtain loans from the respective banks.

In addition, he invited financial institutions including banks to visit the houses and find the possibility to buy the houses for their staff.

He explained that among those who intend to use the buildings are students from various colleges.

Erio said they have signed a Memorandum of Understanding (MOU) with the Dar es Salaam University College of Education (DUCE), which needs space for 3,000 students.

He said the Institute of Financial Management (IFM) needs space for 3,500 students, Dar es Salaam Institute of Technology (DIT), needs space for 320 students, Tanzania Institute of Accountancy (TIA) needs space for 5,000 students and Mwalimu Nyerere Memorial Academy requires approximately 6000 spaces for their students.

"So we have signed a Memorandum of Understanding (MOU) that is important to both parties, to us when we finalize the leasing procedures we know where the market is and they are sure they are going to talk to students to tell them about these houses," he said.

He further said, in the Mtoni Kijichi project area there are houses that are ready for use, which can accommodate 4,000 students.

Professor Stephen Maluka, Acting Principal of the Dar es Salaam University College of Education (DUCE), congratulated the fifth-phase government on the idea since the university has 6,000 students, but the college's capacity is to accommodate 420 students.

"You will see more than 5,000 students who are struggling with places to stay, we congratulate the Government efforts to consider accommodation for our students," he said.

The Deputy Rector of the Institute of Financial Management (Academic, Research, and Consultancy), Imanueli Mnzava, said they thank the NSSF for accommodating their students in the houses.

Some students, including Deogratus Medson, President under the Students Government of DUCE, thanked Dr. John Magufuli for solving the housing challenge of university students.

Vice President of Student Government of Mwalimu Nyerere Memorial Academy, Amida Hussein, thanked the Government through the NSSF for the housing opportunity which will solve the housing challenge the long run.

This will go hand in hand with the availability of prices for renting or buying NSSF houses from a Government Valuer.