TANZANIANS DEVELOPING SAVING CULTRUE - BANKER

There has been a substantial increase in the saving culture among Tanzanians in recent times, a banking expert has said in Dar es Salaam.

Speaking to this paper after conducting a deposit-and-win raffle on Wednesday in the city, Standard Chartered Bank`s head of consumer banking Ralph Watungwa said the pace of Tanzanians to save had of late increased compared to the past.

He attributed the increase to various campaigns done by the banking sector and the government to educate the public on the importance of saving.

`We, as a bank, have tried through various ways such as conducting raffles, to explain to our customers the importance of developing a saving culture,` he said.

Watungwa said the response was overwhelming since there had been an increase in number of people inquiring about banking services and others opening accounts.

Experts say the banking industry in Tanzania had been performing well in recent years as opposed to the past.

Statistics show that, as at December 31, 2006, the sector had total customer deposits worth 5.3tr/-, an increase of 221 per cent from 1.7tr/- in 2002.

Total loans and advances, on the other hand, had increased at a higher rate of 320 per cent, from 566.6bn/- in 2002 to 2.4tr/- in 2006.

During the past five years, total banking industry assets increased by 197 per cent from 2.2tr/- in the year 2002 to 6.6tr/- in the year 2006.

As part of the increasing saving culture, in May, this year, Standard Chartered Bank launched a raffle dubbed Deposit and Win.

`Through this campaign our customers not only benefit from attractive interest rates on their saving but they also stand chances to win exciting prizes such as latest cell phone models and laptops,` said Watungwa.

During Wednesday?s raffle, former Parastatal Pensions Fund (PPF) director general Naftal Nsemwa emerged winner of cell phone. Other winners were Mafye Wilson, who got a home theatre system , Kesaria and Company Advocate (cellphone) and Complex Ltd (laptop).

The raffle was witnessed by Bakari Majid, an official from the Tanzania Gaming Board, bank officials and some customers.

The deposit-and-win campaign would run through October, this year, when a grand draw would be held.

The SME winner in the grand raffle would drive away with a brand new Maruti Omni car, while the winner in the individual accounts category would get a new set of lounge furniture.

SOURCE: Guardian