Bank of Africa Tanzania to launch new SME products
Bank of Africa Tanzania has announced it is developing a range of new products aimed at small to medium-sized enterprises (SMEs).Managing Director of the financial institution Ammish Owusu-Amoah explained it is teaming up with other organisations such as the International Finance Corporation and Propaco of France to work on the initiative, Daily News reports.
By the end of the year, Bank of Africa Tanzania wants to have 20 branches across the country to complement the 16 it already operates in Dar es Salaam, Morogoro, Tunduma, Mwanza, Moshi, Mbeya and Arusha.
One of the products will see the bank enter the mobile money sector, which can give unbanked Tanzanians the chance to access financial services using their handsets.
According to Wireless Intelligence, 49 per cent of the country's population had mobile phones in the third quarter of last year, CGAP reports. This could mean a significant number of people may benefit from improvements in this area.
Bank of Africa Tanzania is also targeting SMEs in the agricultural sector. This industry contributes about half of the national income and three-quarters of merchandise exports, so could also gain from greater financial support for SMEs.