FINANCIAL institutions need to come up with products that are relevant with local realities and banking needs instead of adopting products from abroad which fail in the market, Kilimanjaro Regional Commissioner Ms. Anna Mghwira has said.
Speaking at the launch of Barclays Bank
Tanzania’s ultra-modern branch in Moshi over the weekend, Ms Mghwira
said banking and financial institutions should be innovative in bringing
products which can feed local market and give boost to the current
drive by the phase-five government to transform the economy to a
semi-industrial economy.
“As you are aware, Tanzania has been
undertaking extensive financial reforms since we liberalised the economy
and ushered in free market in 1990’s. Such reforms have given rise to
new customer needs which call for high innovative drive for banks to
deliver the goods,” said Ms. Mghwira.
The RC noted that the international
bank’s perseverance in providing some of the best banking services in
the country for 17 years in a row was exemplary and could build trust in
other transnational investors and so encourage them to open projects in
the country.
“As the government strives to tackle
challenges facing the financial sector, we request stakeholders to play
an active role in improving the lives of Tanzanians, “she added. “Apart
from launching new products they should also give mass education on
banking services, as this can boost financial inclusion.”
The opening of the premier Barclays
branch in Moshi, would not only help businessmen in the region but also
contribute towards boosting its economy, she said.
Earlier while welcoming the Kilimanjaro
RC, Barclays Bank Tanzania Managing Director Abdi Mohamed said Barclays
entry into the country was encouraged by financial reforms and the need
for seasoned investors, a vital engine for driving the country’s
envisaged economic growth.
“Launching of the new Moshi branch
beacons Barclays commitment to anchoring a permanent investment base in
Tanzania and provide top-of-range banking services to Tanzanians that
satisfy a wide range of customer needs,” he said.
He noted that Barclays had continued to
improve its services and to launch new products, and of recent the bank
invested substantially in installing latest technologies in order to
effectively cater for various needs of its clientele.
“I’m overjoyed that at last our
customers in Moshi and its precincts have access to our superior and
modern services in a setting which is perfectly at par with our status
and the quality standards of our banking services,” added the managing
director.
The launch of the Barclays Bank was
attended by the Moshi District Commissioner, Kipi Warioba, the Mayor of
Moshi Municipal Council Raymond Mboya, bank’s customers and other
government leaders from around the region.
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