Finca Tanzania Limited has become the first micro-finance
institution in the country to be granted with a banking licence by Bank of
Tanzania (BoT).
Unveiling the certificate to journalists at the
institution’s headquarters in Dar es Salaam yesterday, Finca Tanzania chief
executive officer Tom Kocsis said the licence was issued in January and the
banking services would commence tomorrow.
“Having been in business in Tanzania for only 15 years, this
achievement is historic,” MrKocsis said.
He added: “It is an important step towards financial
inclusion as Finca brings over 73,000 clients mainly from rural areas.”
But he
said the new banking services will start in its Dar es Salaam-based branches of
Magomeni, Ilala and Temeke, and later spread gradually to other branches across
the country.
The CEO said the development has come as a result of the
institution’s growth strategy and a response to demand demonstrated for years
by their clients, adding that banking products were expected to increase the
firm’s clientele base tremendously.
“We’re very well prepared for change; we have in place
state-of-the-art banking system that will enable us to give the established
banks a run for their money,” he boasted.
He added: “We are launching savings
products that are easy to access and operate at no fees at all; the clients
only need to carry identification cards to our branches.”
Source: The Citizen, www.thecitizen,co.tz, reported by Songa wa Songa in Dar es Salaam
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