FINCA upgraded into commercial bank

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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