Tanzania: FNB opens window

SOUTH Africa’s First National Bank has officially commenced its operations in Tanzania with a fully operational branch in Dar es Salaam. This follows the bank’s announcement that it had received a licence to operate in the country.

According to the bank’s statement, the opening would be followed by two more branches.



The statement said that FNB will initially focus on establishing its footprint in Dar es Salaam with the intention of expanding its representation to all regions of Tanzania.

In addition to branches and ATMs, the bank’s product offering will also include online banking and cell phone banking.

FNB Tanzania CEO, Mr Richard Hudson said the move will enable the bank tap into one of the most attractive markets in East Africa with excellent economic growth and banking sector performance.

“The roll-out of branches, products and services will be on a phased approach and will be tailored to the needs of the citizens of Tanzania”, he said. On his part, Danny Zandamela, CEO of FNB Africa added:

“We are excited about establishing FNB in the East African market and we believe that Tanzania’s demographic profile offers the perfect market for our innovative products and services”, he said, adding:

“FNB’s low cost and convenient products such as cell phone banking will directly address market conditions in Tanzania." He said that Tanzania is a large market enough to accommodate another bank ‘and FNB’s products and services are well suited to the environment’.

“We are therefore confident of success in Tanzania and are looking forward to partnering with the people of Tanzania to make a success of the Group’s investment in the country and remain committed to continually growing our business in East Africa.” said Hudson.

FNB is currently operating in six African countries outside of South Africa, namely Mozambique, Lesotho, Swaziland, Botswana, Namibia and Zambia. It is also considering expanding its footprint into countries like Uganda, Kenya, Angola, Ghana and Nigeria.