Bank of Africa expands into Tanzanian mortgage market

Jun 28, 2012

Consumers in Tanzania are being offered the chance to obtain mortgages from the Bank of Africa.

Consumers in Tanzania are being offered the chance to obtain mortgages from the Bank of Africa.

According to Ammish Owusu-Amoah, home loans are a vital product for developing economies and their continued financial development, the Tanzania Daily News reports.

As a result, the organisation has purchased nearly ten percent of the Tanzanian Mortgage Refinance Company as part of its effort to support growth in this market.

Mr Owusu-Amoah has urged people in the country to overcome their fear of home loans, stating: "A mortgage is not a burden as many of us are made to believe, but rather a burden reliever."

He described the move as a big milestone in the Bank of Africa's efforts to bolster its presence in Tanzania's financial services industry.

Mr Owusu-Amoah added that anyone in the country who earns a regular salary should consider the advantages of taking out a mortgage when purchasing a property.

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