Advans Bank joins Umoja switch

Advans Bank Tanzania has joined UMOJA switch, an automated teller machine (ATM) network, to provide its clients with an access of their accounts in over 150 ATMs distributed countrywide.

“The cooperation with Umoja is marking another milestone in Advans Bank’s continued efforts of widening the range of products and services for all its clients,” remarked Mr Peter Moelders, the bank’s representative in Tanzania while launching UMOJA ATM service in Dar es Salaam.

Despite being nearly a year and half old since it established its services in the country, the bank is progressively making its way to penetrate the market to explore the opportunities offered by the financial sector. 

Apart from competitions in the banking sector which seems to stage around Dar es Salaam region, he added, there were still plenty of opportunities and in particular large part of the population sidelined in the financial services.

Mr Moelders said Advans bank plans to open 12 branches across the country in five years and with UMOJA ATMs, it will provide efficient services to reach those who have no access of the financial sector. 

“We assure the esteemed clients to use our banking services for it is 100 per cent safe because they are part of the Advans Group operating in six and end of the year eight countries having over 400,000 clients,” he noted.

The main shareholders are the development banks of Germany, France, Netherlands, European Investment Bank and International Finance Bank (IFC), an arm of the World Bank. On top of it, he said over 70 per cent of the balance sheet volume is composed of equity thus Advans bank keeps more liquidity than clients are putting deposits.

The bank offers services around current account and loans which are especially tailored to micro entrepreneurs, small and medium sized enterprises. 

The Chief Executive Officer for UMOJA, Mr Danford Mbilinyi, said with the launching of the Advans bank Umoja Switch ATMs, it brings number of live members in the shared network to 16 out of the total 24 banks from only six in 2006.  

The network has of now over 150 ATMs across the country.
Source: The Daily News, http://www.dailynews.co.tz, reported by Sebastian Mrindoko
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