EXIM Bank Tanzania Limited is in the process of connecting all the Tanzanians living in the Diaspora through a special digitalized banking system.
“We are just about to launch a special product through the introduction of ‘Faida’ MasterCard which can be used to deposit and withdraw cash within and outside the country and will be applicable in all financial institutes around the globe,” revealed Ms Linda Chiza, the bank’s Marketing Manager.
She said that the new product is being launched with a move to offer an exclusive product for Non-Resident Tanzanians (NRTs).
Ms Chiza who also doubles as the bank’s Public Relations Manager was speaking on the sidelines of the Third Diaspora Stakeholder Engagement Co-ordination meeting held in Arusha over the weekend and hosted by the Ministry of Foreign Affairs and International Co-operation.
She said that the account can be opened jointly with resident citizens, adding that the card also enabled the holder to a number of benefits such as loans from the bank.
“We are doing worldwide surveys of Tanzania’s Diaspora and the recent visit to South Africa enabled nine Tanzanians to join our bank,” said Ms Chiza.
On top of that, she said the bank has also plans to open a branch in South Sudan which has just won her independence.
According to Mr Ramakrishna Rao, the head of Exim Bank’s Retail Banking, a team of senior officials of the bank made a tour in the UK last month and interviewed 35 Tanzanians who are willing to come back home.
He said Exim Bank was committed to serve the Tanzania Diaspora by encouraging them to transfer their skills and technology to help the national economy grow.
According to World Bank estimates, Tanzanians living in the Diaspora send over 100 million US dollars (about 160bn/-) per year to relatives or support family projects.
“It is quite a large sum of money which if invested could greatly make major impact on the country’s economy,” pointed out Mr Rao.
Exim Bank which opened shop 13 years ago, has branches in Dar es Salaam, Mtwara, Arusha, Tanga, Morogoro, Mwanza, Mbeya, Moshi, Iringa, Manyara and Karatu, with 46 Automated Teller Machine (ATM) outlets. Outside Tanzania, Exim Bank has branches in the Comoros and Djibouti.
According to the bank’s officials, there are plans to open a new branch in Zambia.
The bank is among a few financial institutions owned by Tanzanians which have made big strides in the last few years.
It has recorded considerable growth averaging 30 per cent per year and which in 2010 had reached 23.21 billion/- in profits before Tax.
The bank’s deposits have reached 594bn/-, a 24 per cent growth with profits after tax reported to be at 67 per cent while total assets, according to the management reports, had increased by 22 per cent to 710bn/-.
Loans and advances recorded have also increased by 31 per cent to 346 billion/-.
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