9 January 2018

Tanzania: Prof Luoga Assumes Office, Licences New Bank

BANK of Tanzania Governor, Prof Florens Luoga led to his office by Acting Manager Public Relations and Protocol Department, Ms Anna Mlatie, not in the picture. On the Governor's left is Acting Director of Human Resource and Administration, Ms Aziza Salum and Acting Manager Estates Department, Mr Christopher Nyondo. (Photo BoT)

THE new Bank of Tanzania (BoT) governor Prof Florens Luoga yesterday assumed the office with the Bank licencing new commercial bank, the Guaranty Trust Bank (Tanzania) Limited.

The licence, issued on December 28, 2018 allows the bank to carry out banking business in Tanzania as a commercial bank. The entry of the Guaranty Trust Tanzania into the market, that was licensed in December last year, brings the total number of commercial banks operating in the country to 38.

Prof Luoga told the BoT staff to work hard in building a strong and efficient institution that can provide solutions to challenges instead of entertaining the language of failure. "We are not here to entertain failures in the institution but provide best solutions to challenges facing the financial sector and the economy. If we fail, it means the country has failed. Thus, there is change for the language of failure at the BoT," he said.

Prof Luoga said BoT works closely with many institutions from within and outside the country thus his first move will be to meet them. "I will start meeting key stakeholders of the Bank, citing few like the World Bank and the International Monetary Fund (IMF)," he said.

Prof Luoga said he has already met the Minister of Finance and Planning Dr Phillip Mpango to share the ministry's expectations from him and the Bank as an institution. As an independent institution, BoT should integrate and work efficiently with the whole country's governance system.

He said his office was open for any individual wishing to meet and advise him on improving the efficiency of the Bank. He told the BoT staff to expect changes in the institution which is common wherever changes of leadership occur in any organisation.

"Some things have started changing slowly at the Bank to pay way for new people to takeover... .," he said adding that some changes are already been worked out and it will continue involving closely the Bank staff. "My first duty is to meet Bank's directors for learning and comprehending their duties, challenges and staff working in the department," he said.

I will also visit the branches in order to meet the staff and discuss together the challenges they face.

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