BOA opens new branch in Mtwara

Mtwara residents are set for increased banking services, thanks to Bank of Africa Tanzania’s resolve to extend wings to the gas endowed southern region.

The Mtwara branch brings to 19 the total number of the bank’s branches in the country. Deputy Managing Director of the bank Eric Ouattara told journalists in Mtwara that the move to Mtwara was in line with the bank’s theme of the year, “Developing the Continent.”

He said that Mtwara, endowed with arable land for cashew nuts, a good port and natural resources like gas and potential for oil, needs a serious bank to support Small and Medium Enterprises (SMEs) to explore the available business opportunities.

“Mtwara region needs financial support to fully exploit opportunities that have been created by gas and oil explorations, the port and cashewnut agricultural value chain,” he said. 

He said that the economy needs support systems such as accommodation, working capital for distributors and suppliers to the big companies and hotels.

“The Bank has developed products that address the needs of various business segments in the region,” he said, naming the services as acquisition of assets like transport equipment and machineries, term and revolving loans to support businesses and construction, invoice discounting for suppliers of various services and other banking services at affordable pricing.

Other services that will be offered by the bank include guarantees, cash and liquidity management, international trade payment systems and electronic banking services.

He said that the bank has also put in place specialized private banking and normal personal banking services to support growing number of employees who seek affordable banking services in Mtwara.

“We have developed special products for private and public sector employees to enjoy benefits while taking into account their peculiar needs,” said Mr Ouattara.

Bank of Africa began its operations over 30 years ago in Bamako Mali. The Group currently maintains an asset size of over 3.85 billion Euros.

In Tanzania, the bank has been in the business for seven years, serving the corporate and SME sectors. The bank currently has ten branches in Dar es Salaam and the other nine in Arusha, Kilimanjaro, Morogoro, Mtibwa, Mbeya, Tunduma, Mwanza, Kahama and now Mtwara.
Source: Daily News, reported from Mtwara, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.