NIC Bank Tanzania has opened a new branch in Zanzibar, as part of its strategic move to expand its network and reach more retail customers and grow its SME portfolio.
The new branch, located on the ground floor of the Muzammil Centre, Mlandege Street, is looking to target the growing business community in the isles, as more business owners including hoteliers have set up their businesses in the area.
The launch of this branch will see the NIC Bank Tanzania branches increase to 6 from 5 in mainland Tanzania and 1 in Zanzibar.
This will also be the first branch in Zanzibar to offer a digital Cheque and Cash Deposit platforms where customers can bank their funds from their business premises without visiting the bank and view their transactions by accessing the NIC Now online platform.
The Zanzibar Finance and Planning Minister, Dr Khalid Salum Mohamed joined a delegation of NIC Bank Tanzania Board members and management team to launch the branch in Mlandege Street.
Officiating the event, Dr.Salum said, “We welcome the launch of this new branch in Zanzibar, and hope it will improve the Zanzibar economy and the livelihoods of the people of Zanzibar, we also challenge the bank management to look into ways whereby they can assist the community either in health or educational initiatives”The Chairman of the NIC Bank Tanzania Board of Directors, Sharmapal Aggarwal commented at the unveiling of the branch, “This is a region that has a lot of fast-growing businesses operating in tandem to support the tourism industry. We also look forward to acquiring a significant customer base in the isles and the potential of expanding our network to the region over the coming years”.“As NIC Bank Tanzania we will not shy away from rolling out our expansion plan despite some of the industry trends we have seen. We are ambitious and are looking at opening new branches in the next couple of years, focusing on key centers across the country” added Aggarwal.Speaking during the launch of the new branch, NIC Bank Tanzania Managing Director Margaret Karume said, “We have an ambitious growth strategy to increase our footprint across the country and indeed the region.
As a digitally innovative bank that brings cash management and mobile and online banking solutions to businesses in Zanzibar. We are also investing in new full-fledged branches across the country and the region to enable us to reach more customers and strengthen our capital base”.“We are excited to add our presence to the dynamic Mlandege street and based on the growth and potential business opportunity and high market competition of the Banking industry in Zanzibar we hope the new branch will become a center of commerce and cater to the thriving tourism industry in the isles”“The new branch will carry a full array of financial products and services to target the business community in the area.
The Bank is eyeing the growing tourism sector, foreign deposits, asset finance, corporate and SME banking among other drivers” added Karume.
