The Citizen (Dar es Salaam)
Vicent Mnyanyika
2 July 2009
Twiga Bancorp has repackaged its system for money transfer in a bid to control money laundering.
Under the new system, customers would be asked to provide all personal information by filling a special form, attach it a copy of identity card and explain reasons for money transfer.
Speaking to reporters at the 33rd Dar es Salaam International Trade Fair in Dar es Salaam yesterday, Twiga Bancorp head of investment banking Gadi Mbwilo, said the system would also control expatriation of foreign exchange from the country without due authority.
Mr Mbwilo said the system is in response to the escalation of terrorists attacks and money laundering.
"We don't want transferred money does fall in the hands of terrorists or became a source of money laundering," said Mr Bwilo.
When sending out money, one needs to fill in a simple send form and submit his/her passport or copy of an identification card, he added.
Meanwhile, Mr Bwilo said despite the effects of the global financial crisis, Twiga Bancorp has recorded an impressive business boom both in the number of new customers and growth of deposits.
"People have trust in us. The Government has 100 per cent stake in the bank," said Mr Bwilo, insisting that the effects of the global financial crisis has benefited the bank.
We have not lost customers during this period, recorded an increase in the number of new customers and deposits. We now have over 17,000 customers at our branches in Mwanza, Arusha and Dar es Salaam, he said.
He however, said his bank would soon start using collaterals to guarantee for people to draw loans.
Twiga Bancorp's have branches in Dar es Salaam, Mwanza and Arusha, and a new branch is to be opened in Dodoma soon.
Twiga Bancorp Limited, was previously known as the National Bureau de Change, a subsidiary of the then National Bank of Commerce.
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