BARCLAYS BANK TANZANIA LAUNCHES MORTGAGE LOANS

Barclays Bank Tanzania Head of Products and Business Strategy, Oscar

Mwamfwagasi (first left), addresses reporters at a media conference in Dar es Salaam during the official launching ceremony of the Barclays mortgage loan product. He is flanked by Marketing Manager, Joe Bendera (centre) and the Director for Retail and Business, Kumaran Pather (right).

August 25, 2016, Dar es Salaam - Barclays Bank Tanzania has today officially launched Mortgages to its customers. This secured product is offered to salaried customers and has a maximum ticket size of TZS 500m. The loans are specifically for the acquisition of finished/readymade houses and equity release, and will be offered at an interest rate of 19%.

Speaking to journalists at the Barclays Bank Tanzania head offices, the Head of Products & Business Strategy, Oscar Mwamfwagasi, remarked “We would like to inform all our existing and new customers of the mortgage loan product which will enable them to own a property within the urban residential areas. The loan will then be secured by property being purchased”. He further stated that customers would enjoy flexible payment periods of up to 20 years.

“The mortgage loan’s tenor will range from a minimum of 1 year to a maximum of 20 years. In order to qualify one would need to route at least 6 months’ salary via Barclays account or submit a minimum of 12 months bank statement for review on non-Barclays customer applications. Customers would be required to cover Life and Property Insurance together with the transfer costs” Mr. Mwamfwagasi commented.

He also said that Barclays Bank Tanzania enables its customers to achieve their ambitions in a right way by listening to their needs. “We always put our customers at the centre of all we do”.

For further information please contact:
Aron Luhanga
Head, Marketing & Corporate Relations
Barclays Bank Tanzania
+255 768 221 717
aron.luhanga.@barclayscorp.com

About Barclays Bank Tanzania

Barclays Bank Tanzania has been operating in Tanzania for the past 10 years and currently boasts a network of 17 branches, 54 ATMs strategically located countrywide.

Barclays Bank Tanzania Limited first opened its doors in Tanzania in 1925 and continued to operate in the country until 1967 when its Tanzania operations were nationalized to become National Bank of Commerce. With the liberalization of the economy in 1990s, Barclays Bank Plc made a decision to re-enter the Tanzania market and re-opened its doors in the year 2000. Barclays Bank Tanzania now has 17 branches, 54 ATMs strategically located countrywide, over 400 employees and over 110,000 customers.

About Barclays Africa Group Limited

Barclays Africa Group Limited (Barclays Africa Group or the Group) is 62.3% owned by Barclays Bank PLC (Barclays) and is listed on the JSE Limited. The Group is one of Africa’s major financial services providers offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. We combine our global product knowledge with regional expertise and have an extensive, well established local presence.

The Group was formed through combining Absa Group Limited and Barclays’ African operations on 31 July 2013. Reflecting the enlarged group’s pan-African focus, our name changed from Absa Group Limited to Barclays Africa Group Limited on 2 August 2013.