“We have brought the banking services close to our customers and they have indeed embraced the bank,” said the bank’s Chief Executive Officer, Mr Cosmas Kimario,in Dar es Salaam yesterday, noting however that some of the deposits were transferred from the city branch.
“We expect this branch to contribute 25 per cent of the bank’s total revenues…and, signs are pointing to a bright future,” said Mr Kimario at the soft opening of the branch yesterday.
The branch, at the junction of Likoma and Aggrey Streets, has four teller counters, with each teller capable of completing a transaction within three minutes, translating into 20 transactions per hour and 120 a day.
The branch envisages saving time and cutting down risks of carrying cash from Kariakoo to city centre. Mr Valentino Massawe, a garment dealer at Kariakoo, described the bank services as efficient and friendly, saying good customer services had lured him from another bank to Twiga.
“The bank services here are superb...it takes less than a month to process a huge loan…and we get served with a (soft) drink in case the transaction takes time,” Mr Massawe said.
The bank’s major challenge is working capital and talks are underway for recapitalisation through a number of strategies.
The Treasury Registrar recently commissioned a study on the bank recapitalisation, with the view of expanding and serving more customers countrywide.
The fully government owned bank’s strategy is to reach out small and medium enterprises as well as group customers like Savings and Credits Cooperatives, Village Community Banks, employees and government institutions.
Twiga went into operations in 1998 as a non-bank financial institution under the Banking and Financial Institutions Act, 1991.
Daily News
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