BANKING institutions in the country have been challenged to improve services and penetrate to the lower communities as statistics show that Tanzania still lags behind in financial deepening amongst its population.
The Minister for Finance and Economic Affairs Dr William Mgimwa said in Dar es Salaam over the weekend that despite the country fairing impressively in financial services, there were still some challenges that need to be addressed.
He was speaking during an event where the DCB Commercial Bank Ltd launched three new services namely DCB Mobile, DCB Connect (internet banking) and DCB Jirani. The new products according, to the bank, target to penetrate the bank services to the larger community without necessarily investing heavily in building physical infrastructure.
"Tanzania is still behind in East Africa for financial deepening... to cope with other countries in the region, innovation, efficiency and quality services should be part of the banking operations," he said.
He challenged the bank to remain creative and innovative, noting that the new services indicated that the bank is heading to the right business direction. The minister urged the banking institutions to uphold integrity and maintain their market share, cautioning that it was hard to retain an aggrieved customer who chooses quitting without a word if unhappy with poor services.
DCB Commercial Bank Managing Director Edmund Mkwawa said despite a number of achievements, the bank still faces difficulties of operating without stable deposits. However, he said through the provision of new products that will be offered with the partnership of Maxicom Company with its Maximalipo system, the bank will reach more customers who will be served very closely with qualified agents.
"Already we have hired 195 Maximalipo agents to facilitate smooth and timely provision of services particularly through DCB Jirani product," he said.
Maxicom Chief Operating Officer Mr Ahmed Lussasi said his company whose services are increasingly becoming popular among the business community will deliver and meet the expectations of its new partner. DCB has grown since its inception in 2002, with capital growing from 1.1bn/- to 30.6bn/- in the over ten years of operations.