Postal bank prepares for listing

TANZANIA Postal Bank (TPB) has presented to the cabinet secretariat a proposal seeking permission for the bank to be registered under company laws to pave the way to listing on the Dar es Salaam Stock Exchange (DSE).

TPB, established under Act of Parliament, needs a change of law and new licence before going public to raise the required capital to become a fully commercial bank.

TPB Chief Executive Officer (CEO) Sabasaba Moshingi said the plans to list on DSE remains intact and hopefully coming next January the bank would be in a better position to know the date of listing.

“The groundwork is progressing well,” Mr Moshingi said, “The cabinet has our proposal and hopefully our position will be known by next January.” He said the listing strategy has the blessings of the board of directors, saying currently TPB cannot create money as it remains a financial institution.

Mr Moshingi was speaking at the launch of the bank’s redesigned website to cater for the growing customers’ needs and increasing competition in the banking industry. He said the bank’s core aim at the moment is to make it operate more efficiently while increasing profitability level by introducing various vehicles to better client services.

The TBP Director of Technology and Operations, Mr Jema Msuya said the new website that was redesigned using internal and external expertise has a number of pleasing features compared to the previous one, “We have to stay abreast as competition increases daily.”

Some of the features include an opinion window where customers and non-customers could send their views regarding anything on the bank services and get replies. “Experts also are working on language issue so that the website could have both Swahili and English option,” Mr Msuya said.Currently it only feature one language—English. 

The bank, which expects to make 5bn/- net profit at the end of this year from the previous 3.5bn/-, has 28 branches with over 600,000 customers across the country. 

TPB was established by the Act of Parliament in 1992 as corporation. The five year master plan is to increase the bank’s capital by 10bn/- in five years.

Source: The Daily News,http://www.dailynews.co.tz, reported by Abduel Elinaza

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