M a r k e t N e w s

East Africa: Exim Bank Tanzania Assets Top U.S.$3 Billion

Posted on : Wednesday, 31st August 2016

 Dar es Salaam — Exim Bank (Tanzania) total assets were at $3.3 billion by June 2016 as the bank celebrated its 19 years of doing business.

 
It started operations on August 15, 1997 and this year management has launched new products to harness its client's trust while also adding to the asset base.
 
Selemani Ponda, the Tanzania Chief Finance Officer said last week, the bank has built a strong and well-diversified balance sheet.
 
Exim Group's profit before tax in the second quarter of 2016 was $30 million inclusive of capital gains and has consistently maintained a compounded average annual growth rate above 30%.
 
He said, "As the bank gradually transforms into a regional player, its branch network has expanded to 43 branches across four countries - Tanzania, Uganda, Djibouti and Comoros, with plans to venture into other markets in next five years.
 
He said most notably the bank became the first Tanzanian bank to set base in Uganda through the acquisition of Imperial Bank Uganda earlier this year. Exim Bank Tanzania now holds 58.60% stake in the newly formed entity - Exim Bank Uganda Limited.
 
Ponda, said the bank spent at least $20.5 million as capital to open up its branches in Uganda, Comoro and Djibouti. The bank also plans to launch other branches in two African countries in the next five years.
 
In line with the banks continued commitment to innovation, three new services were launched during the commemoration of its 19th anniversary. These new services are testament that Exim Bank Tanzania continues to serve and invest in Tanzania.
 
David Lusala, Exim Bank Head of Risk said that the whistle blower/anti-fraud campaign, aims to create a fraud free environment in the banking industry.
 
Exim Cards (TANAPA cards, Master cards and VISA cards) that can now be used at all National Park gates. These cards will enhance the electronic payment system and in turn curb loss of revenue within the tourist sector and that since the initiative commenced approximately 34% revenue collection was facilitated through this scheme with a target between 50% and 100% in the near future. .
 
Alongside the two products launched was the introduction of Elimika eLearning Management System which will significantly enhance staff empowerment.
 
In the past two decades the growth of the bank and its economic and social contribution to the country has been recognized not only in Tanzania but across Southern and East African region as a result of its outstanding performance.
 
Elaborating on the whistle blower campaign, Lusala said the campaign came after the bank learnt the best practices from the developed countries. He said through this campaign they would encourage their customers to report any unethical conducts done by the bank's staff so that the management could take immediate action.
 
Fredrick Kanga, the Bank's Head of Human Resources Department this would help us improve efficiency in providing services to the customer and make the customer feel that they are in control of the services they have been offered. In line with the boosting the bank's efficiency, introduction of the eLearning platform by the Exim Academy was also the ideal decision. We are optimistic that the e-learning system would improve creativity in banking field among our staff," he said.

Source : allafrica.com
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