People are queuing for service at bank. PHOTO | FILE
Dar es Salaam. The global Covid-19 pandemic may have disrupted economies and businesses during the past two years but commercial banks learnt a lesson or two on how to go wade through the storm.
In the midst of the pandemic, commercial banks resorted to delivering their services through digital means, a situation that played a pivotal role in transforming Tanzania from a predominantly cash society to a less cash one, analysts say.
“So, in short, much as we are still working on the data, it is vivid that throughout the Covid-19 period, banks increasingly went digital. Much more will be detailed during a banking, finance and investment forum which will be held here on Friday, said a senior lecturer and head of Finance Department at the University of Dar es Salaam Business School (UDBS), Dr Tobias Swai.
Apart from how the virus changed operations of banks in Tanzania, the 250 experts will also deliberate on how crypocurrencies work. They will also take stock of the achievements and challenges associated with the use of the stock market in capital acquisition and why the option [the stock market one] is important.
The global Covid-19 pandemic - which officially hit the world towards the end of 2019 – entered Tanzania in March, 2020. Dr Swai said in May of that year (2020), they conducted a survey in which chief executive officers for various commercial banks were asked regarding their view of the situation vis-à-vis the growth potentials of their businesses.
“So, this time around, we are talking of the actual data about banks’ performance which is readily available,” he said, stressing that much will be revealed during the forum.
Available data shows that commercial banks’ performance, across a number of parameters, including profitability, levels of non-performing loans, customer deposits, loans and advances and asset sizes have been on the upward trend since fears over the pandemic started to subside.
With the need to ensure that Tanzania is well prepared for any eventuality that could be brought by the use of crypcurrencies, the topic will also take a centre stage at the event, according to an assistant lecturer at the UDBS, Mr Godsaviour Christopher.
The goal is to foster and support the ongoing research into block chain technologies and crypocurrencies so that Tanzania is not caught unawares as people in various other countries go for such digital currencies, regulated and unregulated.
“As experts, our duty is to advise those seeking to put their money in that form on what they need to know,” said Mr Christopher.
With the Dar es Salaam Stock Exchange Plc (DSE), Zan Securities Limited, Orbit Securities Limited and Haradali Capital sponsoring the event, it is expected that the over 250 participants will also be exposed to a cocktail of the pros and cones as well as the right procedures to be taken for those seeking to invest in stocks.
The event is also sponsored by the University of Dar es Salaam’s SilverSands Hotel, Saema Group, Metro Life Assurance and the University of Dar es Salaam’s Insurance Agency.
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