Banking

Ecobank Tanzania assures customers of its operation in the country

Ecobank’s major shareholders include Nedbank of South Africa (21%), Qatar National Bank (20%), Public Investments Corporation of South Africa (14%), and International Finance Corporation, an arm of the World Bank (14%).

EcoBank Tanzania acting Managing Director, Raphael Benedict, addresses a press conference in Dar es Salaam yesterday to reaffirm on the bank’s commitment to continue offering services, saying the bank has no intention of closing down its operations in the country. With him is the head of commercial banking, Respige Kimati.

Speaking during a press briefing at their head office in Dar es Salaam, acting Managing Director, Raphael Benedict said Ecobank Tanzania has no intentions of closing their operations owing to its firm commitment in making a positive difference to Tanzania’s economy. “This was our commitment when we began operations 7 years ago, and it still remains our commitment to date”, said Benedict.

He however admitted that the bank’s non-performing loan portfolio had increased over the past year but hastened to add that the bank had put in place structures and measures to recover this. “We have made significant progress in recovering a number of loans over the past 3 months and we believe the systems we have put in place will yield more positive results within the next few months”.

He added that the bank’s strong foundation backed by major shareholders ensured the bank is a strong, reliable, and credible financial partner that can weather any storm.

Ecobank’s major shareholders include Nedbank of South Africa (21%), Qatar National Bank (20%), Public Investments Corporation of South Africa (14%), and International Finance Corporation, an arm of the World Bank (14%).

Benedict added that Ecobank is passionate about supporting the Tanzanian government and the economy. However, in 2016, the bank saw a rise in non-performing loans (NPLs) which had since necessitated a change in its approach and strategy, and a restructuring of its functions in order to recover from the current situation.

And in order to serve its customers better, he added that Ecobank Tanzania has invested heavily in its digital products offering and payment solutions in order to serve its customers more conveniently, and the nation as a whole.

“Recently we launched the Ecobank Mobile Banking App on which the Xpress Account is domiciled.

The Xpress Account enables customers to open and operate their accounts without physically visiting the branch, saving them time, money and enhancing convenience and efficiency, all of which are part of Ecobank’s vision for Africa. Our future as Ecobank is bright as we are firmly based on a solid foundation.

Once again I wish to reassure our customers and stakeholders that we are here to stay”.

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