THE government has reiterated its commitment to continue undertaking reforms in the financial sector by putting in place a favourable environment for players in the industry and thereby facilitating the creation of employment opportunities and stimulating economic growth.
“We would like to reaffirm our commitment to pursuing monetary and fiscal policies that will make the financial sector more vibrant and allow the private sector to excel,” the Commissioner of Financial Sector Development in the Ministry of Finance and Planning, Dr Charles Mwamwaja, remarked.
Speaking during a dinner organised by NCBA Bank Tanzania for its customers and other stakeholders in the financial sector, Dr Mwamwaja said it was the role of policymakers and other government machinery to protect shareholders and consumers while allowing business expansion and innovation.
“The government is committed to a stable and healthy financial sector that supports the broader aspects of the economy,” Dr Mwamwaja told NCBA management and other customers who were in attendance during the dinner.
The commissioner urged players in the financial sector to integrate new technology into their services to enhance financial inclusion and access to the unbanked population.
“Speaking on innovation let me take this opportunity to congratulate NCBA Bank for winning the best digital bank award. I want to emphasise that the government will continue to recognise all innovative deeds by financial entities in the country towards efforts to stimulate the economy,” he stated.
Dr Mwamwaja also commended the bank for its digital platform implemented in partnership with Vodacom Tanzania, dubbed M-PAWA, which provides credit facilities to over seven million entrepreneurs in the country.
“Digital innovation continues to be a key driver in the banking industry’s ability to enter new markets and expand the customer base,” he observed.
Earlier, the NCBA Bank Group Managing Director, Mr John Gachora, announced the bank’s expansion plans into key economic sectors, fast-moving consumer goods, transportation, energy, and manufacturing.
“We have realised that Tanzania’s growth is tied to the growth of these key economic sectors and we want to be part of that growth,” he remarked.
He also reiterated that NCBA Bank is well-positioned to facilitate the growth of businesses across borders with its regional presence in Kenya, Uganda, Rwanda, and the Ivory Coast.
Mr Gachora noted that despite the challenges posed by the Covid-19 pandemic, NCBA Bank Tanzania has continued to thrive, thanks to its launch of the NCBA brand in multiple markets and the expansion of its digital products, including M-Pawa, which has served nearly 7 million customers.
“The bank is dedicated to providing financial services to the unbanked population, and its efforts have been recognised with the best digital bank award in the country,” he noted.
For his part, NCBA Bank Tanzania’s new Chief Executive Officer (CEO) and Managing Director, Mr Claver Serumaga, said the NCBA Group has injected a capital of 35bn/- to boost the balance sheet of the bank’s operations in Tanzania.
NCBA Bank Tanzania was established in 2019 through a merger of NIC Bank and CBA Bank and it has since become one of the leading banks in the country, thanks to the financial strength of NCBA Group with a balance sheet of about 5 US billion dollars.
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