Africa Banking Economy Finance Financial Inclusion SME Tanzania

NCBA Bank expanding into East Africa

Barely three months after opening its doors in, NCBA Bank Tanzania Limited has launched two new branches in Mwanza.
The move serves to take their banking and financial services closer to an area that is largely underserved.

Strategically situated on the shores of Lake Victoria, Mwanza City is home to 13 fish processing factories that process about 1,065 tonnes of fish per day, a great investment opportunity for a bank.

“We are all aware that the development of SMEs is the central component of economic growth, especially in the fishing, mining and agricultural sectors as they provide employment opportunities to the people and contributor to the country’s GDP. We hope that the bank’s presence in our region will impose itself as a credible partner that can effectively contribute to this economic and financial resilience in Mwanza,” commented Mwanza Regional Commissioner, John Mongela during the launch.

Newly appointed NCBA Managing Director and Chief Executive Officer, Margaret Karume seized the opportunity to reassure stakeholders that the bank is dedicated to meet their financial goals.

Also read: Tanzania central bank report shows good prospects

Latest 90 day historical chart indicating current trading value of NCBA Stocks on the Nairobi Securities Exchange. Graphic source: The Exchange

“We have fully harmonised our systems and, therefore, regardless of their previous relationship, all NCBA customers can experience the same level of personalised services from any of our branches in Mwanza or in other countries within our network like Kenya, Uganda, Rwanda and Ivory Coast. Our customers can also use their ATM cards at any of our NCBA Bank branded ATMs, in the country and across our borders wherever we have our operations,” she told local media.

Ms Karume said the bank is keen to support critical sectors for economic development in Mwanza, especially the fishing industry and the related value chains.

“We look forward to holding constructive discussions with our customers and stakeholders to outline strategic plans that meet people’s needs to foster significant economic growth,” she said.

New CEO, new heights
As of July 2020, NCBA’s Bank Tanzania appointed Ms Margaret Karume as the Managing Director and Chief Executive Officer (CEO). Given that NCBA is formed from a merger between Commercial Bank of Africa (Tanzania) and NIC Bank Tanzania, it was only fitting that the Board members designate Ms Karume, after all, she takes the CEO post coming been the Managing Director of NIC Bank Tanzania.

With over 27 years in the sector, she is a seasoned banker with strong experience and knowledge in finance and business development.

As a new bank, NCBA is also in need of a leader with credit risk management experience, and with the goal of taking on big business, NCBA also needs someone with corporate banking experience.

“This is a new chapter for the two banks. I am looking forward to work with like-minded teams to create a strong financial institution in Tanzania. The new institution will reflect both banks’ values and mission, borrowing from the best of both and building a bigger and better new organization to deliver more value for our customers and stakeholders,” said Ms Karume told a press conference when she got appointed.

To support Ms Karume, NCBA has Mr Gift Shoko, who was the CEO of CBA Bank (T) now sitting on the NCBA Bank Tanzania Board as an Executive Director handling Executive Director of Retail, Corporate and Digital Business-designate.

Original article on The Exchange

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