NCBA Bank Tanzania Limited has launched new two branches in Arusha at the weekend as the bank focused on fostering financial resilience in the tourism sector in the region.
This was one of the activities of the arrival of NCBA Bank Tanzania Limited, which is a voluntary merger between NIC Bank (T) Limited and CBA Bank (T) Limited.
New entity operations began in July this year after approval from the Bank of Tanzania (BoT).Speaking at the event, Minister for Natural Resources and Tourism, Dr Hamisi Kigwangalla, commended NCBA Bank for their efforts to boost Tanzania’s economy.
He said NCBA Bank services in the country had come at the right time after Tanzania had attained the middle-income economy status.
“The fact remains that tourism and its supply and value chains still need further boost to experience the growth trajectory that we were used to in recent times,” he said.
Tourism is crucial to Arusha because it employs over a large and demographically varied population, which has a significant impact on the growth of all other sectors of the economy, including businesses, agriculture, industries and even mining.
“Spurring growth in this sector by providing stimulus and coherence in access to credits, loans, inputs, and other capacity building programmes that enhance stability and growth is, therefore, vital.”
Now more than ever, businesses need financial support to enable them to recover, stand, grow and expand.
Arusha Regional Administrative Secretary Richard Kwitega, who represented Regional Commissioner Idd Kimanta welcomed NCBA Bank to the region by pointing out areas of economic interest.
He said Arusha Region had enormous investment opportunities in both commercial and smallholder farming where staple food crops, horticulture and livestock keeping for food security, industrial use and exports were practised. There is also fish farming.
NCBA Bank will do well to support farmers across the entire spectrum of the agriculture value chain, from farm to industry.
NCBA Bank Managing Director and Chief Executive Officer Margaret Karume thanked their hosts for their kind acceptance towards the historic journey to greatness.
By combining the strengths of the two previous entities, NCBA becomes a stronger and larger bank, with the financial strength, expertise and regional connectivity to put its customers first.
“We are achieving this through a variety of products and services that will enable both our business and individual customers to go for it and achieve more. In turn, it will support Tanzania’s economic growth aspirations. We are, therefore, confident that NCBA Bank has right financial solutions that will support the sustainability and growth of tourism in Tanzania.”