In remarks to launch the shop in the commercial capital this week, Barclays Tanzania’s Head of Global Markets, Esther Maruma said the shop will help fill the supply deficit created following closure of the bureaus which failed to follow regulations.
Maruma said her bank’s strategy direction is to support cash trading requirements of the public. “We have more than six currencies available for trading immediately,” she noted while stating that investment is part of BBT expansion into the foreign exchange retail proposition.
“The bank is also evaluating other strategic locations, including ports of entry and other regions outside Dar to ensure the network grows even further and deliver forex services closer to consumers,” she added.
The bank’s Head of Retail Banking, Oscar Mwamfwagasi seconded Maruma’s statement by pointing out that as a business strategy, BBT’s management had to review and improve its forex board rate pricing, in order to make services affordable across the clientele base trading in cash, online and through the bank’s footprint.
“The forex trading service, which is an extension of our forex portfolio, gives us opportunity to serve clients beyond the regular working hours,” Mwamfwagasi said. He pledged that Barclays will continue to offer foreign exchange services in accordance with regulations laid down by Bank of Tanzania.
The bureau, which will be open seven days a week covering weekends and holidays, is the second to be opened in Dar es Salaam in Barclays’ ambitious forex services provision having opened one last April.