Dar es Salaam. Access Microfinance Bank Tanzania Limited has rebranded to Selcom Microfinance Bank Tanzania Limited as it seeks to grow its capital through services to underserved retail businesses by increasing their access to loans.
The bank says the initiative aims at growing its capital from the present Sh8.9 billion, which is above the central bank’s requirements, to Sh20 billion in the next two years, reflecting significant growth compared to the previous five years.
The bank’s chief executive, Mr Julius Ruwaichi, yesterday highlighted the vast number of small traders and the great potential to stimulate the economy and increase employment, noting however that many of these traders have not been reached by the banks.
Mr Ruwauchi said the new move has come after Selcom Paytech became the new majority shareholder committed to expanding the bank’s service reach to the targeted group of traders.
“We have already prepared a model that will enhance our reach to those retail businesses. Selcom Paytech, our majority shareholder, is trusted in the financial and payment sectors. As we transition, we bring with us the same level of dedication, reliability, and innovation that you have come to expect,” he added.
Mr Ruwaichi added that the significant economic potential in retail businesses lies in the large number of unreached people by financial institutions, including banks, noting that the bank plans to reach these businesses through Selcom’s systems.
He said the bank will continue to provide crucial financial support to micro and small enterprises, a sector that is vital to Tanzania’s economic growth.
“As we embrace our new identity, our focus remains on upholding the highest standards of integrity, innovation, and customer service. We are grateful for the continued support of our customers and look forward to servicing them.”
According to him, since the bank’s establishment in 2007, over 200,000 small-scale traders have benefited from the loans amounting to Sh1.6 trillion, adding that through them they have been able to benefit many others and will continue benefiting more players in the business community through executed strategies.
Mr Ruwaichi said according to the laws governing the country, it should be clear that the change does not affect any rights or obligations of the bank or render defective any legal claims proceedings by or against its stakeholders, saying, everything will be moving from the previous name to the new.
“I would like to assure our customers that their deposits are safe because, until the decision to change the name is reached, the Bank of Tanzania (BoT) has blessed the move. So, operations will continue as usual with rapidly grown capital as compared to the previous five years,” he said.
On behalf of the board of directors, Ms Tusekile Kibonde said the bank’s journey started in 2007 and has had great performance every day, noting that the arrival of another shareholder who has invested a lot of capital to streamline the provision of services to the majority of clients was a significant boost.
She said their main focus will remain on the provision of services to retail businesses because 40 percent of employed Tanzanians come from that group and that the change of name will also increase innovation.
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
