Govt: Banks must enhance business environment
GEITA: The government has issued a call to action for banks across the country to expand their operations by establishing additional branches, particularly in regions with high economic potentials.
This move is part of a broader strategy to simplify financial services for businesses, supporting President Samia Suluhu Hassan’s ongoing efforts to create a more supportive and business-friendly environment that will drive sustainable economic growth.
Dr. Elfas Msenya, the Acting Regional Administrative Secretary of Geita, delivered the message in Geita region, recently at the inauguration of a new branch of the Mwalimu Commercial Bank (MCB) in the area.
In his address, Dr. Msenya underscored the strategic importance of Geita, a region that has become a focal point for economic activities, particularly in mining and trade.
He encouraged other financial institutions to follow MCB’s example and open branches in the region to bring essential banking services closer to the people.
“This is an opportunity for other banks to align themselves with the growth trajectory of Geita by setting up branches here. By doing so, they can provide the local population with reliable and accessible banking services.
Such expansion will play a pivotal role in enhancing the financial sector’s contribution to the region’s economic growth,” Dr. Msenya remarked, highlighting the positive ripple effect this could have on both the local economy and the broader financial landscape.
MCB’s Chief Executive Officer, Richard Louis Makungwa, elaborated on the bank’s decision to establish a presence in Geita, pointing to the region’s abundant opportunities, particularly in the mining sector.
He reiterated MCB’s commitment to delivering top-tier financial services designed to attract not only small-scale customers but also a broad spectrum of investors. According to Makungwa, these services will help clients strengthen their financial standing and ensure MCB remains their bank of choice.
“Geita is renowned for its mining activities, and we have positioned ourselves to meet the unique needs of this sector.
Our aim is to provide exceptional service to all our clients, with a special focus on those involved in mining. We are here to help them grow and to build lasting relationships with them,” Makungwa stated confidently.
In addition to the banking expansion, the Acting Secretary-General of the Tanzania Teachers’ Union, Joseph Misalaba, highlighted the necessity of going beyond simply opening new branches.
He stressed that education is key, not only for teachers but for the wider community, including miners. By raising awareness about the financial opportunities available and their importance, Misalaba believes the local population can make more informed decisions that will benefit their economic future.
Supporting this sentiment, Geita Regional Education Officer, Anton Mtweve, called on the Teachers’ Union to continue innovating and finding ways to attract a larger customer base.
He advised the union to focus on increasing its capital to enable the expansion of branches to all districts, ensuring that banking services become more widespread and accessible.
As banks and financial institutions respond to this government appeal, the hope is that their expanded presence will significantly contribute to the economic upliftment of regions like Geita, ultimately aiding Tanzania in its pursuit of broad-based economic development.
