Tanzania: Banks Told to Be More Innovative to Survive

Oct 31, 2017 | Tanzania Daily News; All Africa

Financial institutions need to come up with products that are relevant with local realities and banking needs instead of adopting products from abroad which fail in the market, Kilimanjaro Regional Commissioner Ms. Anna Mghwira has said.

Speaking at the launch of Barclays Bank Tanzania's ultra-modern branch in Moshi over the weekend, Ms Mghwira said banking and financial institutions should be innovative in bringing products which can feed local market and give boost to the current drive by the phase-five government to transform the economy to a semi-industrial economy. "As you are aware, Tanzania has been undertaking extensive financial reforms since we liberalised the economy and ushered in free market in 1990's. Such reforms have given rise to new customer needs which call for high innovative drive for banks to deliver the goods," said Ms. Mghwira. The RC noted that the international bank's perseverance in providing some of the best banking services in the country for 17 years in a row was exemplary and could build trust in other transnational investors and so encourage them to open projects in the country. "As the government strives to tackle challenges facing the financial sector, we request stakeholders to play an active role in improving the lives of Tanzanians, "she added. "Apart from launching new products they should also give mass education on banking services, as this can boost financial inclusion." The opening of the premier Barclays branch in Moshi, would not only help businessmen in the region but also contribute towards boosting its economy, she said. Read more on All Africa. Source: All Africa