Unbanked Tanzanians 'need access to financial services'

Aug 15, 2012

Tanzanian banks need to develop strategies to ensure the vast majority of unbanked Tanzanians have access to financial services, the Managing Director of Azania Bank has argued.

Tanzanian banks need to develop strategies to ensure the vast majority of unbanked Tanzanians have access to financial services, the Managing Director of Azania Bank has argued.

Speaking shortly after an iftar organised by Azania, Charles Singili said coverage should be extended to the 85 per cent of the population that is still unbanked, the Daily News reports.

"Many banks have concentrated on fighting for big customers especially in towns without focusing on the potential of people in rural areas," he observed, adding that as research indicates only 15 per cent of Tanzanian's have bank accounts, banks need to work harder to expand their presence.

"This should go in line with tailor-made products to target people with average incomes," he added.

Azania, which currently operates at 11 locations across the country, launched a new internet banking service earlier in the year, but Mr Singili said it has no plans to move into Sharia banking at present, explaining it "requires a lot of expertise and infrastructure" that Azania does not have at present.ADNFCR-2976-ID-801429737-ADNFCR