20 December 2012

Tanzania: Exim Bank for More Branches in Comoro

EXIM Bank Tanzania is preparing to open two additional branches in the Comoros after recording strong performance in its five years operations in the Island nation.

Exim Bank Managing Director Antony Grant told a news conference that plans were underway to expand the bank's operations in the Comoros. "This month we are marking five years in the Union of Comoros.

Exim Bank Comoros is now having 18,000 customers and operates two branches, in the capital city of Moroni and on the island of Anjouan.

"At the meeting of the Board of Directors of Exim Bank Comoros last week that reviewed the progress of the bank in that Island country, it was decided to open two additional branches at new locations. Preparations are underway," he said.

Mr Grant said that in Comoros, the Bank has earned a leading position by providing a range of services and products including being the first in the country to offer a mobile banking van (called "Exim on Wheels").

The Bank is also a leader in Point-of-Sale facilities for merchants and the first in the country to launch ATMs. "Exim has also taken on a leading position in linking the trade and commerce between Tanzania and Comoros, by assisting customers in both countries to connect through financing, Letters of Credit, funds transfers and other banking services," he said.

The MD said the bank continued to remain in profit ever since its establishment. "The leading French development finance institution, PROPARCO, patronized Exim Bank Comoros with a loan of 4 million Euros in the year 2010, paving the way for the bank to accelerate its support to small and medium business in the country," said Mr Grant. The Chairman of Exim Bank, Mr Yogesh Manek, said,

"We are very pleased to have lived up to the commitment we made to President Jakaya Kikwete when Exim Bank was launched in Comoros. As both the Tanzanian and Comoros economies grow and regional trade expands, we will continue to support entrepreneurs and businesses in both countries."

As the prospects Exim Bank has also established a full banking presence in the Republic of Djibouti. Exim Bank Djibouti opened its doors in March 2011, and was formally inaugurated by President Ismail Omar Guelleh of Djibouti.

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