Barclays to Up Investment in Tanzania

Barclays Bank Tanzania has said that it plans to increase investment in the country to speed growth.

Tanzania's economy has been resilient to shocks and is expected to remain buoyant with a GDP growth forecast of 6.8 per cent in 2012 and 7.1 per cent in this year.

According to economic analyst, services, industry and construction continue to be the driving forces. However, frequent power outages continue to hurt potential output. 

The Chief Executive, Barclays Africa and Head of Africa Group Strategy, Mr Kenedy Bungane told East African Business Week in Dar es Salaam last week during the Barclays Africa Executives visit in Tanzania that the bank will continue looking for opportunities in Tanzania.

He said that Tanzania's natural resources (gas and oil) put the country in a suitable position to be a better place for investment. "Our commitment in this economy is to inject more working capital, Bungane said, adding that, we are planning to announce new investment in the next two to three months in the country."

The bank's Chief Executive, Retail and Business Banking for Africa, Craig Bond said that Barclays will be launching a series of new Small and medium enterprises (SMEs) banking into country in the near future.

SMEs are critical for economic and social development of emerging markets, Bond said and added that they play a major role in creating jobs and generating income for low income people, they foster economic growth, social stability, and contribute to the development of a dynamic private sector.

As such, he added access to financial services is vital in developing a vibrant SMEs sector in any economy. In many emerging markets, however, access to financial services for SMEs remains severely constrained, due to this, the Barclays bank move will be a good news.

Commenting about competition from other banks, the bank's Managing Director for Tanzania, Kihara Maina said they understand the pressures of running a business in a competitive and changing environment.

Barclays has invested in information technology to facilitate electronic cash movement, automated on-line cashier terminals and centralized database processing facilities making the bank well placed to provide flexible cash solutions and comprehensive local servicing support, he said.

He added that the bank is also offers competitive term deposit and current accounts and savings accounts interest rates. "You can choose a term deposit which pays interest at the end of the period, or one that pays monthly interest or one that gives you access to an overdraft facility automatically," he explained.

According to him for Current or Savings accounts you can choose from our Premier, Premier Life, Local Business or Personal Accounts. Barclays Africa executives have been visiting a number of countries of presence in Africa where they are meeting with clients, regulators, local boards and employees.
Source: East African Business Week, www.busiweek.com, reported by Leonard Magomba in Dar es Salaam
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