Gvt urges banks to lower lending rates

DAILY NEWS Reporter

IN a bid to offer quality services and cater for growing customers demand for financial and banking services, the BancABC has opened up a new branch in Tegeta, Dar es Salaam in order to speed up the economy.

Speaking during the official inauguration of the branch, the Minister for Finance and Planning, Dr Philip Mpango, said it was a good move for the bank to extend its services near the customers on the outskirts of Dar - es - Salaam instead of concentrating in the city centre where all banks have branches.

“I take this opportunity to congratulate the management of the bank for coming up with this good idea of opening a branch in Tegeta. It is good to note that in areas like these are where you find a large number of Tanzanians who don’t use financial services like banks and therefore this branch will help to penetrate into the unbanked population in this area,” he said.

Tegeta branch becomes the fifth branch of BancABC in the country. Commenting on the services offered by the bank, Dr Mpango expressed his satisfaction that the bank services over 60,000 government employees by offering loans and investing opportunities.

“The way that you have been serving government employees, do the same to the private sector, let them have a trust in your services and they will be good customers,” said Mpango.

Dr Mpango called Tanzanians to develop a culture of savings as it’s by saving that one can reach their goals. He said savings has a lot of advantages not only achieving goals but also to maintain trust with a bank when it comes to offering loans.

Dr Mpango also urged BancABC and other banks in the country to consider reducing interest rates among their customers. He said there are many Tanzanians who are willing to borrow but higher rates discourage them from doing so.

The BancABC Tanzania Managing Director, Dana Botha, said that launching of branch is a key milestone in bringing closer the bank’s products and services to the people of Tegeta and Dar es Salaam at large.

“This is a key milestone to BancABC as we align our vision to the premier financial service institution in Sub-Saharan Africa and obtain top five market position in countries we operate,” said Botha.