Tanzania Invest and Mr. Maina discussed banking trends and innovations in Tanzania, the role which banks play in driving the socio-economic development of the country and Barclays Tanzania’s strategic focus and competitive advantages.
TanzaniaInvest: Barclays is among the earliest banks in Tanzania. What does this market represent for Barclays Africa?
Kihara Maina: Barclays’ relationship with Tanzania dates back to 1925 when we first opened our doors in this country. Following a 33-year absence due to nationalization, we re-entered the market in 2000.
Over the last decade, there is little doubt that Africa has moved from being one of the world’s economic problem areas to one of its greatest economic opportunities. Tentative overtures made by international companies towards Africa over the past two decades have now turned into fully-fledged interest.
Investment is pouring into the continent and more is poised to come. Africa is now firmly on the radar of every major economy in the world – from the European Union and the United States to China and Japan.
International interest has been driven not only by the prospect of resources, but also by the extraordinary opportunity presented by Africa’s flourishing consumer base. Africa is now the second fastest growing region in the world after East Asia.
The continent is taking the next step in deepening its financial markets as investors increasingly turn their attention towards it. The opportunity for the financial sector to contribute adaptive solutions in and across African countries is immeasurable.
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