BANK OF TANZANIA TO OPEN SIXTH BRANCH IN MTWARA

Lindi — Bank of Tanzania (BoT) will next month launch its sixth branch in Mtwara region to enhance reliability and quality of financial services in the southern zone.

The move supports the major investment in the southern regions of Lindi and Mtwara. BoT Director for Mtwara branch, Mr Lucas Mwimo told the 'Daily News' here on Thursday that all plans were set for establishment of the branch.

"We are now making final touches on our five storey building ready for the branch to start operations next month," he said. According to Mr Mwimo, the branch will be launched next month but it will start its full operations in October, this year.

Earlier, CRDB bank was acting as BoT custodian centre from where other commercial banks were collecting cash. Mr Mwimo said the establishment of the branch means, the central bank will manage all the activities on its own.

He mentioned the reasons behind the opening of the branch in Mtwara as the rapid growing of economic activities in the Southern regions such as the construction of fertilizers plant, cement factory, gas exploration and processing.

"It is obvious that these activities will increase money circulation in the area, therefore BoT finds it important to bring services close to the people," he said, adding that the BoT branch will offer education and training on how to detect fake and genuine banknotes.

Daily News