Women’s entity seeks to increase deposit growth

Ms Chacha

Tanzania Women’s Bank (TWB) is drawing a new product for rural and urban entrepreneurs that should raise the bank’s customer deposits by 112.5 per cent in the next financial year.

TWB managing director Margareth Chacha told The Citizen recently that customer deposits will jump to Sh34 billion in the financial year 2013/2014 from Sh16 billion posted in December 2012, fuelled by the new product to be launched soon.

“We are working on a new product that will meet the needs of rural-urban entrepreneurs. This product intends to give us better yields and more benefits to depositors,” she said in her office.

Ms Chacha said that they also plan to focus on product-driven retail mobilisation in a move to boost deposits to reduce cost of funds.

The bank’s capital rose to Sh6.8 billion in 2012 from Sh2.8 billion registered in 2009, a 143 per cent increase.

This year, the bank plans to open the second branch at Kariakoo. It is also planning to join the Umoja Switch network of ATMs.

TWB is also upgrading its technology depending on the rise in its business volume along with different demands from consumers.

Since its inception in 2009, the bank has registered a total of 30,000 clients, of whom 77 per cent are women and 23 per cent are men with total deposits of about Sh16.2 billion.

Source: The Citizen, thecitizen.co.tz, reported by Victor Karega in Sar es Salaam

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