Tanzania: Barclays to improve SME finance offering
Barclays Bank Tanzania is planning to increase investment in the country and wants to target small and medium-sized enterprises (SMEs), which are considered as an engine of growth for Tanzania.The bank's Chief Executive for Africa Craig Bond said that Barclays will be launching a series of new financial products targeting SMEs in the country in the near future, East African Business Week reports.
"SMEs are critical for economic and social development of emerging markets", Mr Bond said, noting that they play a major role in creating jobs and generating income for low earners and contribute to the development of a dynamic private sector.
He added that increasing access to financial services is vital for the development of a vibrant SME sector in any economy.
SMEs are estimated to contribute to about 30 per cent of GDP and are the country's second employer after agriculture, according to the Tanzania Investment Centre.