BE INNOVATIVE, BANKS ADVISED

Kilimanjaro RC Anna Mghwira listens to Barclays Bank Tanzania managing director Abdi Mohamed (left) during the opening of Moshi Branch at the weekend. Looking on are Moshi DC Kipi Warioba (right) and bank’s Moshi Branch manager Ibrahim Omari and second left is Barclays Customer Network head John Beja. 

Moshi. Kilimanjaro regional commissioner Anna Mghwira has advised financial institutions in Tanzania to launch new products that rhyme with local market to support industrialisation as touted by the current government.

Speaking during the launch of Barclays Bank Tanzania’s ultra-modern branch in Moshi at the weekend, Ms Mghwira said the lenders should avoid adopting products from other markets which end up failing to satisfy the demand.

“As you are aware, Tanzania has been undertaking extensive financial reforms since we liberalised the economy and ushered in free market in 1993. Such reforms have given rise to new customer needs which call for high innovative drive for banks to deliver,” said Ms Mghwira. 

She also commended the international bank’s perseverance in providing banking services in the country for 17 years in a row saying it’s a proof of trust among transnational investors whom she encouraged to open more projects in the country.

“As the government strives to tackle challenges facing the financial sector, we request stakeholders to play an active role in improving the lives of Tanzanians, “she added.

Barclays Bank Tanzania managing director Abdi Mohamed said Barclays’ entry into the country had been encouraged by financial reforms and the need for seasoned investors, a vital engine for driving the country’s envisaged economic growth.

The Citizen