Thursday, February 25, 2016

Banks told to go rural

KATARE MBASHIRU
DEPUTY Minister for Finance and Planning Dr Ashatu Kijaji, has urged banks and financial institutions to extend their services to all regions especially in rural areas so as to make their services closer to people.

“It is high time now all banks embark on financial research and feasibility studies in other parts of the country especially in rural areas so as to extend their services to help the government attain its goal of moving financial services closer to all people,’’ she said.
Speaking at the launch of Amana bank’s Mbagala Zakheim branch, Ms Kijaji who represented Vice President, Samia Suluhu Hassan, asked Mbagala residents to use an opportunity granted by the bank to boost their economic activities that would improve their families.
According to the deputy minister, the achievements attained by Amana bank was a testimony that the opportunities granted by financial services were many and that still; financial institutions had a greater chance to expand their services to more people.
“There are areas especially those of farmers and pastoralists where people have huge amount of money that is kept in unsafe places because they lack proper financial services,’’ she said adding that the amount of money that was not circulating was derailing the country’s economic growth.Amana bank has seven branches out of which five of them are in Dar es Salaam Region.
According to the bank’s Executive Director, Dr Muhsin Masoud, as of January 2016, the bank had managed to increase customers to 27,000 who have savings accounts amounting to 160bn/-. The bank has so far employed 144 Tanzanians.
Dr Masoud said his banks plans to embark on microfinance services beginning July this year after accomplishing policy matters. “This will be Amana bank’s initiative to fight against poverty and boost business among its customers,” he said

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