Bank unveils risk control mode

Barclays Bank Tanzania yesterday unveiled a mechanism meant to check and protect clients against banking perils.

The mechanism -- Risk Management Solutions -- refers to the process of identifying, analysing and either accepting or mitigating uncertainties in the process of making investment decisions.

Bank’s managing director Kihara Maina said the decision was based on the sound economic growth in the country witnessed in the past one decade. 

This growth plus an expanded financial market, make it increasingly complex for some of the bank’s clients to manage risks as they use banking services in relation to their business ventures.

“Customers are facing increasing risks and complexities. This has created demand for a device that can help them to better manage and mitigate risks, ” he said at an event graced by Finance minister, Dr William Mgimwa.

In his remarks, Dr Mgimwa acknowledged commercial banks’ contribution saying they were playing a vital role in the growth of the country’s economy. 

He said the steady growth is demonstrated by the gross domestic product’s (GDP) pace, which has been within the range of 6.9 per cent and 7.5 per cent during the past decade or so.

Dr Mgimwa also said the trend of inflation has been good from 19.8 per cent in December 2011 down to 6.7 per cent in August 2013; and that exports grew by 30.2 per cent in 2012 compared to 2011.

He said the country’s official foreign reserve was enough to cover 3.8 months of the country’s import demands.

“With all these achievements, credit goes to financial institutions because a sound management of the financial sector is closely linked to a country’s economic growth,” he said. 

He called upon banks to come up with more and more innovative ideas that are key to sound performance of any financial entity, promising them that the government will do anything that seeks to improve the business climate for such institutions.
Source: The Citizen, reported from Dar es Salaam, 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.