A CULTURE of savings has been singled out as one of the prerequisites for growing businesses and creating a secure future in the country.
That was pointed out by the Managing Director of Bank of Africa Tanzania, Mr Ammish Owusu-Amoah when talking about the bank's ongoing promotion dubbed Grow and Win campaign to journalists over the weekend.
He said savings is a habit that has eluded many Africans and it is very important that as a nation, Tanzania does all that is possible to develop this habit, hence the idea of the Grow and Win campaign which seeks to encourage the bank's customers and non-customers to fatten their accounts and open new ones.
"We all complain about the low percentage of the banking population despite having over 40 banks," he said, adding that the bank's initiative seek to change that trend. He explained that research has proven that nations which have high savings rate have also high investment rates.
"Bank of Africa Tanzania is committed to help develop a culture of saving," he said, adding that the message should go to all SMEs and corporate clients that they should be able to grow their accounts and also get something from the bank. He said the campaign targets both current and new customers as well as staff within the bank.
"We expect that those with accounts will continue to bank and grow their deposits in both their current and saving accounts...those who are not banking at all have to make sure that they stop keeping their money under the bed and pillows and enjoy our services," he noted, adding that as they will grow deposit or open accounts there will be some prizes.
He named some of the prizes as fridges and home music theatres. The bank will also be offering attractive interest rates to customers. "No matter what prize you will win, everybody will get up to 10 per cent interest rate, so we want to encourage people to take advantage of this campaign and increase the return on their savings," he emphasised.
The campaign that started in May in different stages will run up to July, this year. The bank has been in a vigorous expansion drive seeking to offer better services to customers. The bank has six branches in Morogoro, Tunduma, Mwanza, Moshi, Mbeya and Arusha, apart from the country headquarters in Dar es Salaam.
Bank of Africa Tanzania is part of a Pan African bank called Bank of Africa Group. The Group operates in West Africa (Benin, Burkina Faso, Ghana, Ivory Coast, Mali, Niger and Senegal) and in East Africa (Burundi, Djibouti, Kenya, Madagascar, Tanzania and Uganda). It is also present in the Democratic Republic of Congo and in France.
In addition to its 14 commercial banks, the Group also includes a finance company, a housing bank, a leasing company, one brokerage and two investment firms, as well as a management company and a representative office in Paris.