Equity Bank has officially commissioned its newest branch in the coastal city of Zanzibar as it seeks to deepen its forays in the entire East African region.
The Zanzibar branch brings to 14 the total number of Equity branches in Tanzania and is part of the Bank’s planned regional expansion.
Speaking during the launch, Equity Bank Director, Prof. Ahmed Mohamed Ame noted that the move is part of Equity Group’s pursuit of its vision to champion the socio-economic prosperity of the people of Africa.
“As Equity Bank Tanzania, we are committed to deepen financial inclusion and broaden access by expanding our footprint through branches, Agency banking, ATMs and merchant banking. The Bank believes that through this move, it will also significantly contribute towards the achievements of Zanzibar’s economic blueprint Vision 2020”, said Mr. Joseph Iha, the Managing Director of Equity Bank Tanzania.
Zanzibar’s Minister for Lands, Energy, Water and Environment, Hon. Salama Aboud Talib who spoke on behalf of Finance and Planning Minister Finance and Planning Minister, Hon. Dr. Khalid Salum Mohamed said, ” We are happy and encouraged to see Equity Bank developing products and services that support all members of the society and in different sectors of the economy including some previously perceived as high risk, due to lack of collateral and high costs of serving them. This had made banking services seem way out of reach for many of our people. However, with the entry of Equity Bank into the country, this has changed.
Equity Bank Tanzania is the only bank in the country that offers financial literacy training aimed at empowering its customers, mainly women and youth, with financial management skills, a move that has led to the growth of its Fanikisha loan products. These products are designed to support women and youth to do business and participate in the development of Tanzania. Currently, the bank has 14 branches in operation.
The branch network is supported by over 1,050 agents and merchants and 17 ATM outlets. The bank has plans to expand its services to take services closer to the people in Tanzania.
