Tanzania: JPM Promises to Support Banks' Rural Expansion

Apr 24, 2018 | The Citizen; All Africa

President Dr John Pombe Magufuli has promised to support commercial banks in their efforts to improve and expand delivery of financial services in Tanzania.

He said banks have been playing a great role in stimulating and supporting the country's economic growth and development through the creation of jobs and financial supports to various sectors of the economy. President JPM made the promise on Monday, April 23rd during an official inauguration of the PSPF Plaza and NMB Bank head office. He urged banks which, are currently operating in urban areas, to think of extending services to rural areas, where most of the country's people live. "Only 4.7 million Tanzanians out of the total population of 55 million have bank accounts. This is very low. It is better for NMB bank and other players to think of extending services to rural population to enable more Tanzanians to access banking services," he said. He further congratulated NMB Bank Plc for its efforts in expanding banking services. The government owns 32 per cent of NMB shares. Speaking at the occasion, the NMB Plc managing director, Ms lneke Bussemaker said the bank plans to reach more rural folks while supporting social services through its corporate social responsibility (CSR) programmes. "We are the only bank that has reached most of the rural areas and we will keep on going rural," she said. During the event, NMB Plc donated Sh50 million to Dodoma region as in support of education and health sectors. Source: All Africa