18 February 2013

Tanzania: Minister - Tanzanians Need Good Financial Institutions

THE Bank of Africa (Tanzania) Limited (BoA) plans to open more branches in the country in support of the government's policy of sending financial services to people in rural areas.

The bank's Managing Director, Mr Ammishadai Owusu-Amoah, told a news conference in Dar es Salaam on Saturday that the firm's emphasis would continue to be placed on strategic expansion of its footprint within and outside Dar es Salaam.

"We will continue to serve the retail and SME markets and facilitate cross-border trade within the East African region," he said.

The MD said that the bank recognises the importance of financial institutions for the country's development and noted that the bank follows people where they are.

"We follow people where they are," Mr Owusu-Amoah said, adding that the bank's move to commission a branch at Mtibwa in Morogoro Region, last October, and last week's opening of another branch in Kahama District, Shinyanga Region is a testimony of the expansion agenda.

Finance and Economic Affairs Minister, Dr William Mgimwa, who was the chief guest, at Kahama urged other financial institutions to go out to the people. "Big and affluent economies such as Europe, America and South Africa have a strong base of banks and other financial institutions," he said.

"The government will continue supporting private banks in terms of conducive policies and good working environment to make sure that they achieve their objectives," he added.

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