Barclays targets to open forex trading shop in major ports of entry

21Jun 2019
The Guardian Reporter
The Guardian
Barclays targets to open forex trading shop in major ports of entry

IN a bid to extend its foreign currency trading services countrywide, Barclays Bank Tanzania is targeting to set up similar shops at all major entry points in the country.

Head of Barclays Bank Tanzania Limited’s Head of Global Markets, Esther Maruma talking to Hyatt Regency’s Director of Operations, Timothy Mlay (2nd R) after official opening of the bank’s foreign currency trading shop earlier this week. Others in the photo are BBT’s City Mall Branch Manager, Winford Mwang’onda and the bank’s Head of Retail Banking, Oscar Mwamfwagasi (R). Photo: courtesy of BBT.

Speaking in Dar es Salaam after opening a second foreign currency trading shop in the commercial capital’s central business district, BBT’s Head of Global Markets, Esther Maruma said they target to open shops at Julius Nyerere International Airport (JNIA).

“Our target is to be in areas with footfall and ensure service availability as and when clients need them even it means extended working hours to include availability on weekends and public holidays,” Maruma said.

She said in its new investment drive, BBT will also open shops in Zanzibar where negotiations to acquire space are at advanced stage. “Equally, we are evaluating potential sites in Arusha,” the BBT Head of Global Markets added.

Barclays and several other commercial banks are investing in foreign currency trading shops to fill the vacuum caused by Bank of Tanzania’s decision to close down hundreds of private bureau de change shops in Dar es Salaam and Arusha earlier this year after violation of regulations.

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.

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