Business

PBZ embarks on expansion drive

The PBZ Managing Director, Mr Juma Amour Mohamed

THE People Bank of Zanzibar (PBZ) plans to extend its services to Mwanza, Arusha and Mtwara regions after success in several parts of the country.

The PBZ Managing Director, Mr Juma Amour Mohamed, said the bank was aiming at enhancing its services across the country amid stiff competition in the banking industry.

Mr Mohamed was speaking at the Iftar the bank hosted for its stakeholders which was also attended by the Vice-President Dr Mohamed Gharib Bilal. He said the bank recorded about 16bn/- customers deposits  since it opened a branch in Dar es Salaam in April, last year, and has dished out more than 31bn/- as personal and business loans to its customers.

"We have won more than 15,000 customers who are enjoying variety of services including Islamic banking. Our target is to open branches in other three regions and keep on expanding as we survive in the business," he said.

The Bank's Marketing Manager, Mr Seif Suleiman Mohamed, said until June this year, more than 14bn/- was issued as personal loans and 17.6bn/- as business loans in Tanzania Mainland branches alone.

He said PBZ Bank has nine branches countrywide and issued 123bn/- personal loans and 150bn/- commercial loans respectively since it was incepted in 1966.

Wholly owned by the Zanzibar government, PBZ is one of the oldest commercial Banks in Tanzania and served as both commercial Bank and a central Bank of the Revolutionary Government of Zanzibar until 2001 when the later function was transferred to the Bank of Tanzania.

The Bank provides services to both corporate and retail customers and commands more than 50 per cent of the market share in Zanzibar.