Tanzania Women's Bank to launch private placement
Tanzania Women's Bank (TWB) is looking to expand its offering of financial services to rural areas by raising finance with a private placement.Daily News reports the financial institution is to seek around 20 billion Tanzanian shillings (€10.1 million) from the sale of shares early in 2011. However, these will only be available to selected corporations, institutions and individuals, rather than being listed on the open market. "We need to raise our capital through private sector as the government alone does not have such money for us," Managing Director of TWB Margareth Chacha was quoted as saying.
The lender is looking to increase its presence outside of major urban areas through the use of items such as mobile bank vans equipped with ATMs, which cost around 250 million shillings.
TWB opened in July 2009 and, according to the BBC, those wanting to set up an account only need an identification cards or passport to apply, unlike other banks in the country, which require documentation such as title deeds.