Minister challenges banks on innovation

INDUSTRY and Trade Minister Abdallah Kigoda has challenged banks and financial institutions to enhance competitiveness in delivery of their services.

Dr Kigoda said this when he officiated the launch of new Bank of Africa (BOA) Business Centre. More than 50 commercial banks are currently operating in the country.

He said establishment of the centre was expected to contribute to the attainment of the government's strategic objective of increasing access to financial services. He said it support corporate bodies, individuals and public corporations by delivering banking services.

It would host all enterprise customers in a one stop shop, providing them with complete enterprise banking packages including transactional banking for enterprise and cash management services. Other services will include credit facilities processing, various international payment arrangements, tender and payment guarantees.

'The government is happy to see this kind of investors who add value and enhance economic growth of the nation,' he said.

The minister challenged that bank to think how to support small and medium enterprises and industries that sometimes cannot get funding from outside Tanzania like international contractors thereby reducing their capacity to work on bigger projects both locally and internationally.

The bank's board Chairperson, Dr Mwanaidi Maajar, said the business centre was another milestone in the growth of banking in Tanzania.

She said that the introduction of the business centre in countries where Bank of Africa operates, including Tanzania, reaffirms the bank’s commitment to supporting the enterprise customers across Tanzania and in particular in Dar es Salaam.

She said that the bank supports the endeavors toward the growth of the financial sectors and economy in Tanzania. Chairman, Bank of Africa Group, Mr Mohamed Bennani said the group is committed to Tanzania and East Africa as a whole.

The bank has now 20 branches in the country -- 11 of them in Dar es Salaam and the rest located in Arusha, Kilimanjaro, Mwanza, Kahama, Morogoro, Mtibwa, Mbeya urban, Tunduma and Mtwara.

• 409