Equity Bank extends wings to Zanzibar

15Feb 2017
The Guardian Reporter
The Guardian
Equity Bank extends wings to Zanzibar

Equity Bank has officially opened a branch in Zanzibar making it the 14 branch so far in the country as the Kenyan based bank seeks to extend its dominance in the entire East African region.

Minister for Land, Settlements, Water and Energy of Zanzibar, Salama Aboud Tahib cuts a ribbon to open an Equity Bank Zanzibar last Monday Looking on are the bank’s Managing Director for Tanzania, Joseph Iha and board member, Raymond Mbilinyi

The Zanzibar branch was opened last Monday by Minister for Land, Settlements, Water and Energy of Zanzibar, Salama Aboud Tahib at a ceremony attended by Equity Bank’s CEO, Dr James Mwangi and Board Chairman of Equity Bank Tanzania, Professor David Ansel.

Speaking after opening the new branch, Minister Tahib commended Equity Bank management for its commitment to serve Tanzanians with affordable services and urged management to spread its wings to Pemba, the Spice Islands’ second major island after Unguja.

“This is a people‘s bank and I urge everyone to use effectively this opportunity by doing banking transactions with Equity Bank. I promise to be your ambassador and lure many customers to bank,” she said.

Speaking at the same function, Equity Bank’s Director, Prof Ahmed Mohamed said that the isles branch is part of the bank’s vision and mission to champion the socio-economic prosperity of Africans.

“As Equity Bank Tanzania, we are committed to deepen financial inclusion and broaden access by expanding our footprint through branches, agency banking, ATMs and merchant banking,” Prof Mohamed said.

Managing Director of Equity Bank Tanzania, Joseph Iha seconded Prof Mohamed’s statement by saying that the bank believes opening more branches countrywide will contribute towards achieving Zanzibar’s Vision 2020 development blue-print.

“We have addressed all the entry barriers to make Equity Bank an all-inclusive bank. For one to open an account with us, they only need to bring their National ID. We take photos in the branch for free,” Iha noted.

“We thank the people of Zanzibar for their welcoming us warmly and the support of our plans to expand our presence here in Zanzibar,” the MD noted.

He said Equity Bank is one of a few banks in the country that offers financial literacy training aimed at empowering its customers, mainly women and youth, with financial management skills, a move that has led to the growth of its Fanikisha loan products.

“These products are designed to support women and youth to do business and participate in the development of Tanzania,” Iha noted.

Currently, the bank has branches in: Arusha, Dar es Salam (Quality Center, Kariakoo, Golden Jubilee, Supreme, Mwenge, Temeke and Mbagala), Diaspora Branch, Dodoma, Kilimanjaro, Mbeya, Mwanza and Zanzibar.

The branch network is supported by over 1,050 agents and merchants and 17 ATM outlets. The bank has plans to expand its services to other parts of the country this year. Equity Bank Tanzania Limited commenced its operations in 2012.

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