NCBA BANK LAUNCHES TWO NEW BRANCHES IN ARUSHA

The Bank focused on fostering financial resilience in the tourism sector of the 

region

Arusha - NCBA Bank Tanzania Limited (NCBA) held a historic launch of their new two branches in Arusha on saturday 19th September. These two new branches are; Clock Tower Branch located at Fire Road, TFA Building and Sokoine Branch located at Sokoine road, Central Plaza Building ground Floor.

The occasion is amongst the ongoing celebrations of the arrival of, NCBA Bank Tanzania Limited, which is a voluntary merger between NIC Bank (T) Limited and CBA Bank (T) Limited. The new entity official operations began on 8th July 2020 after the Bank of Tanzania approval.

The event was officiated by the Minister of Natural Resources and Tourism, Hon Dr Hamisi Kigwangalla who praised NCBA Bank of their efforts to steam up Tanzania’s economy. He said, ‘NCBA Bank’s arrival in the country comes at a timely hour, right after Tanzania had just achieved Middle Income Status and when there is a need for the new stimulus that will strengthen our economic stance’.

The Minister pointed one of the critical areas that needed financial support in Arusha after COVID19 hit. He mentioned, ‘However the fact remains that tourism and its supply and value chains still needs a further boost to experience the growth trajectory that we were used to in recent times. Tourism is critical to Arusha because it employs over a large and demographically varied population, which has a significant effect on the growth of all other sectors, including business, agriculture, industry and even mining. Spurring growth in this sector by providing stimulus and coherence in access to credits, loans, inputs, and other capacity-building programs that enhance stability and growth is therefore vital. Now more than ever, businesses need financing support to enable them to recover, stand, grow and expand’.

The Regional Administrative Secretary of Arusha Hon Richard Kwitega who represented the Regional Commissioner of Arusha Hon Idd Hassan Kimanta was also among the distinguished guests at the event. He welcomed NCBA in the region by pointing out areas of economic interest of the region. He said, ‘Arusha region has enormous investment opportunities in both commercial and smallholder farming where staple food crops, horticulture and livestock keeping for food security, industrial use and export are practised. There is also untapped potential in fish farming.

He continued, ‘NCBA Bank will do well to support farmers across the entire spectrum of the agriculture value chain, from farm to industry. This will transform this critical sector of the region’s economy so that increased benefits can cascade down to the communities and individuals. Finally you cannot mention the Arusha region without speaking of tourism which contributes more than 17% of the country’s GDP’.

The NCBA Managing Director and CEO, Ms Margaret Karume, thanked their hosts and distinguished guests for their kind acceptance to embark with the Bank to the historic journey to greatness. She said, ‘by combining the strengths of the two previous entities, NCBA becomes a stronger and larger bank, with the financial strength, expertise and regional connectivity to put its customers first. “ We are achieving this through an expanded range of products and services that will enable both our Business and Individual customers to go for it and achieve more. In turn, it will support Tanzania’s economic growth aspirations. We are therefore also confident that NCBA bank has the right financial solutions that will support the sustainability and growth of tourism in Tanzania’.

The two branches in Arusha are amongst the 12 new branches of NCBA Bank across the country after they launched their new Headquarters and branches in Dar es Salaam on 19th August 2020. In the coming days, NCBA Bank will launch more branches which are already in operation in the regions of Mwanza, and Zanzibar.

For more information, please contact:-

NCBA BANK TANZANIA LIMITED
Caroline Maajabu Mbaga
Head; Marketing, Communications & Citizenship
Email: caroline.mbaga@ncbagroup.com
Tel: +255 (22) 2295000 / DL: +255 768 987008

Let’s GO FOR IT!

ABOUT NCBA BANK (T) LTD

NCBA Bank (T) Limited is a result of the merger of NIC Bank (T) Limited and CBA Bank (T) Limited. The merger follows through the successful acquisition of the majority of the assets and all of the liabilities of CBA by NIC. The Notice of Transfer of Assets and Liabilities was published in the Government Gazette on 17th January 2020 (as GN No.48) and in leading local newspapers. The Notice of Transfer of Assets and Liabilities was issued in line with section 4 of the Transfer of Businesses (Protection of Creditors) Act, Cap 327 R.E 2002.

The issuance of a banking license by The Bank of Tanzania paves the way for the two organizations to start operating as NCBA Bank (T) Ltd officially.

The merger creates one of the largest financial services groups in the region, a bank with the financial strength, expertise, and regional reach to support Tanzania and the regions’ economic growth aspirations. The group is strongly placed to play a bigger and more significant role in the banking sector and economies of Tanzania, the region and beyond.

It brings together the best in class retail and corporate banks with strong potential for growth in all aspects of banking and wealth management.

The merged entity will be a Universal Bank suitable and relevant for a wide demographic of customers, providing a full range of financial products and services for corporate, institutional, SME and consumer banking customers, who will benefit from strong relationship management and customer service excellence.

A proudly African Bank operating as an international bank with global standards, NCBA Bank is;

• One of the largest banks by customer numbers in Africa with a complementary base of over 40 million customers across Africa and the region, a strong digital proposition and a robust corporate and asset finance offering. NCBA Bank currently has 12 branches in Tanzania in Dar es Salaam, Arusha, Mwanza and Zanzibar.

• Amongst the largest financial institutions in the East Africa region and the 3rd largest Bank in Kenya with a total asset base over KES 444 Billion (Tsh 9,324bn) and Shareholders’ Equity of KES 65 Billion (Tsh 1,365).