AccessBank injects 8bn/- extra capital

AccessBank Tanzania (ABT) shareholders have approved a capital increase of 8.0bn/- in order to support expansion of the bank.

ABT Chief Executive Officer Mr Roland Coulon said the capita would cater for the expansion of the bank’s branches network. “ABT will pursue the expansion of its branches network.

We will continue up scaling the digital and other alternative distribution channels as a means to increase our outreach,” he told the Daily News yesterday.

In the near future, the bank’s RAHISI account, powered by AccessMOBILE, will receive additional features allowing savings groups to use this solution and shift from traditional cash box management to fully digital.

“We will continue up scaling the digital and other alternative distribution channels as a means to increase our outreach,” he said.

RAHISI powered now accounts for more than 25,000 customers with a cumulated balance of more than 5.0bn/-, which is an appreciable source of funding.

Mr Coulon was explaining to the Daily News the reason of posting a pretax loss of 3.3bn/- last year against the pre-tax profit of almost 1.0bn/- in previous year.

He said the development costs and investments undertaken in 2015 were expected to bring positive results from 2016. “First results have already appeared on first quarter of this year (2016) with a positive trend on profitability, confirming the relevance of the strategic choices made in 2015,” Mr Coulon said.

Also the bank, established almost 10 years ago, under agency banking—WAKALA—will pursue its growth for the best of AccessBank capacity to serve unbanked people in more isolated zones.

ABT strategy was fully supported by its parent company Access Microfinance Holding AG as well as other reputable international shareholders including the African Development Bank, KfW Development Bank and the International Finance Corporation, member of the World Bank Group.
Source: Daily News, reported from Dar es Salaam, Tanzania
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