Parliament passed the Tanzania Postal Bank (TPB) (Repeal and Transitional Provisions) Act, 2015 which paves the way for the bank to transform and reclaim its former glory. Deputy Minister for Finance, Mr Mwigulu Nchemba, told the House that the Act seeks to incorporate the bank under the Companies Act in line with the Banking and
Pride Tanzania is finalising the process of self-transformation into microfinance bank, thus enhancing its capacity to serve better its customers as well as reaching more the financially under served rural population. This was said in Dar es Salaam by Pride Tanzania Senior Operation Officer responsible for marketing, Mr Jumanne Bundala, in the ongoing 39th Dar
Leading tea management agency, Kenya Tea Development Agency (KTDA), has partnered with Safaricom to roll out a cashless payment solution at all its 66 factories across the country, in a move that will boost efficiency in factory operations. The factories, which transact approximately Kshs. 1 billion annually through the Factory Door Sales (FDS), will now
CRDB Bank expects another robust performance in the second quarter of the year thanks to a recent expansion drive and business mix portfolio, the bank’s Managing Director, Dr Charles Kimei, has said. CRDB bank posted a net profit of some 37bn/- in the first quarter, while assets climbed to 200bn/- to 4.4tri/-, which was the
Lack of access to affordable trade finance is holding back the economic and employment potential of African countries, says Stanbic Bank a member of Standard Bank. According to the African Development Bank’s (AfDB) recent report on trade finance in Africa, the conservative estimate for the value of unmet demand for bank-intermediated trade finance is between
The banking sector recorded a slightly drop in their non-performing loans (NPLs) one percentage point to 6.5 per cent on year-to-year basis at the end of March. The ratio, one of indicators to measure soundness of banking sector, shows that the rate is well below the East African bloc rate of 8.0 per cent, but
The agent banking and mobile phone transaction are picking up while pushing up as demonstrated by increase the volume and value of transactions. The agency and mobile money have assisted financial sector penetration in the country to overtake its goal of reaching 50 per cent two years ahead of the deadline in 2016. At the
Mwalimu Commercial Bank (MCB) listing date has been pushed back once again to the first half of next month after the allotment workload proved to be a huge-task than anticipated. The listing of first ever Mwalimu Bank was planned on Monday, June 8, before being pushed to this morning, but the work of collecting IPO
NMB Bank has entered into an agreement with Dun & Bradstreet Credit Bureau to strengthen its credit management processes and curb defaulting. This partnership is expected to reduce the banks share of non-performing loans. In 2014 financial results, the Non- Performing Loans stood at 2.6 per cent the lowest in the banking industry rate of
Squad Digital, Sub-Saharan Africa’s leading digital advertising firm, launched an innovation lab that is aimed at spurring technological growth through incubation and research in Tanzania. Dubbed Squad Labs, the lab will have dedicated research and development teams responsible for creating innovative products and is currently working with over 30 developers in Tanzania. “We want to
