Tanzania: Stanbic, Chinese Bank Strike Deal

Dar es Salaam — Stanbic Bank Tanzania, Industrial Commercial Bank of China (ICBC) and the Tanzania Tourism Board (TTB) have partnered in a banking initiative that will reward Chinese who visit Tanzania.

The initiative is expected to cement trade ties, boost investment flows and encourage tourism between Tanzania and China.

The initiative dubbed 'I Go Tanzania' allows ICBC cardholders travelling to Tanzania for leisure to get up to 12 per cent discounts on certain transactions and up to 30 per cent discounts on unique wildlife safari getaways among other incentives. This is part of ICBC's I Go Global rewards scheme for its card holders in China.

"This partnership represents a dynamic meeting of our two countries' banking and business sectors, with the close involvement of the public sector too. In so doing, it perfectly illustrates how, in the spirit of our #TanzaniaUnforgetable movement, tourism truly cuts across different industries and sectors, and affects each and every one of us," said the minister for Tourism and Natural Resources, Dr Hamisi Kigwangalla, who graced the occasion.

He hailed the I Go Tanzania private-public partnership and said that "tourism growth from China will help us in our ongoing drive to create new and sustainable jobs in the tourism value chain."

The Chinese Ambassador to Tanzania, Wang Ke, acknowledged the launch by describing the occasion as a new dawn between Tanzania and China.

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"Our partnership has borne nothing but good fruits so far and we are proud to be Tanzania's largest trade partner and the biggest foreign investor," she stated.

Stanbic Bank Tanzania chief executive officer Ken Cockerill highlighted that the initiative will help promote Tanzania's tourism sector and will increase the partnership and economic cooperation between China and Tanzania. "We believe that I Go Tanzania campaign will offer our Chinese customers a seamless banking experience while they are here and will turn into mutual benefits for Tanzania's economy," said Mr Cockerill.

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