Equity Bank Tanzania has opened a new branch in the coastal city of Zanzibar in a move that signals the bank’s desire to tap into the Indian Ocean island’s tourism economy.
This brings to 14 the number of Equity Bank branches spread across Tanzania. The new branch will act as a gateway into the vast investment opportunities found in the region.
Speaking during the official opening of the branch, Equity Bank Tanzania Managing Director Joseph Iha (pictured) noted that the move is part of the bank’s strategic expansion plan and augments its overall strategy to position itself as a champion for socio-economic prosperity of the people of Africa.
“Since 2012 when Equity Bank set foot here in Tanzania, we have made major investments that have seen us play a pivotal role towards the economic growth of the Tanzanian economy as well as the financial sector as a whole. Our entry into Zanzibar underscores our commitment to further entrench our offering in the region”, Mr Iha said.
The bank, he said, is keen on expanding its services across Africa and continues to put in place the necessary steps geared towards fulfilling the financial inclusion agenda. The bank believes that through this move, it will also significantly contribute towards the achievements of Zanzibar’s economic blueprint Vision 2020.
Equity Bank Tanzania is the only bank in the region that offers financial literacy training aimed at empowering its customers with financial management skills, a move that has led to the growth of its Fanikisha loan products that target women.