The Citizen (Dar es Salaam)
Samuel Kamndaya
22 May 2008
Exim Bank has invested over $250,000 (over Sh300 million) to bring Tanzania's first Mobile Automated Teller Machine (Mobile ATM).
The Mobile ATM, complete with its modern security system, was launched in Dar es Salaam yesterday at a ceremony presided over by the Dar es Salaam regional commissioner, Mr Abbas Kandoro.
To operate in Dar es Salaam and its environs, the service aims to bringing banking services closer to the bank's customers.
The bank's resident director, Mr Hanif Jaffer, told The Citizen exclusively:
"The vehicle contains a tracking system.
It is designed in such a way that it will not travel by force in case it is hijacked. In addition, it will always contain armed security guards".
The Mobile ATM will enable the bank's clients to withdraw money and open accounts with the bank.
On his part, Mr Kandoro praised the bank for the innovation, and said:
"With the growing competition in the banking industry, it is only the creative ones that will survive.
"With services like the Mobile ATM, people should be informed about the benefits of traveling with just pay cards or ATM cards instead of riskily traveling with money".
There are 34 commercial banks in the country - up from less than four before the sector was liberalized in 1991.
Mr Kandoro urged banks to help instill a culture of saving in the minds of Tanzanians.
He wanted the banks to ensure that banking services are also accessed by wananchi in rural areas.
"You need to remember that 80 per cent of Tanzanians live in the rural areas.
About 85 per cent of the rural population depends on agriculture, and banks should design services that will allow them to embark on commercial farming," he said.
He noted that the problem of petty traders commonly known as 'Machinga' in Dar es Salaam would only be solved if agriculture was well developed.
Exim Bank started its operations in the country some 11 years ago.
During these years, its customer deposits have grown from Sh3 billion to Sh315 billion.
Consequently, it recorded a profit before tax of Sh8.8 billion until the end of 2007 as its capital went up to Sh26.6 billion from just Sh1 billion in 1997.
This record puts the bank at the ninth position in the country in terms of profits and customer deposits.
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