FINCA Tanzania that operated as a
micro-finance institution for the past 17 years has been upgraded into a
fully-fledged bank as ‘FINCA Microfinance Bank’.
FINCA Microfinance Bank Chief Executive
Officer, Mr Edward Greenwood, said in a press conference in Dar es
Salaam yesterday that the development comes after successful operations
and steady growth of the institution.
He said since it started to offer
customer focused savings products to the public after receiving a
banking licence from Bank of Tanzania in 2013, which allowed FINCA to
receive deposits from the public, it attracted more customers.
“This is a milestone to us as we are
geared to expand and provide our customers with an extraordinary banking
services that has been missing, we have been working hard to ensure we
achieve this achievement and the BoT has finally handed to us the
licence to operate as a bank,” he said.
FINCA Microfinance Bank has over 26
branches in the country, providing services to more than 120,000
customers in urban and rural areas.
“Thanks for the support from all our
loyal customers and dedicated staff who made us to reach an extra
heights,” said FINCA Tanzania’s CEO.
Its market share has been increasing day
by day, according to the research carried out recently the average
number of new customers who opened savings account has increased by 44.7
per cent compared to last year.
With the 26 branches countrywide, the
CEO said it will be easy to roll out and cover most parts of the country
as a bank. We look forward to opening up more branches and agents to
many other parts of the country in due course so as to meet the demand
for banking services.
After launching FINCA as a bank, they
will roll out a new campaign named ‘Twende Kidijitali,’ meaning ‘Lets Go
Digital,’ aiming at sensitising the public on new digital technology
where they can, for instance, conduct banking services by use of mobile
phones and so on.
Source: Daily News, reported from Dar es Salaam, Tanzania
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