TPB plans to list at DSE this year as it seeks to widen ownership

23Jun 2016
Prosper Makene
The Guardian
TPB plans to list at DSE this year as it seeks to widen ownership

IN a bid to allow many local investors share a stake of the rapidly growing state bank, Tanzania Postal Bank (TPB) is planning to issue an initial public offer this year.

TPB Chief Executive Officer, Sabasaba Moshingi told ‘The Banker’ in an exclusive interview during the week that listing at the bourse will also enable the bank to raise capital.

“We will also be in a better position to continue to enhance and deepen our products and revolutionize banking in Tanzania by bringing new innovative products to the market as we did with Wastaafu Loan, Partnership with VICOBA and TPB POPOTE- (a mobile banking product),” Moshingi noted.

He added that the bank will continue to strengthen its grip in the market and outreaching by continuously modernizing existing branches and opening mini branches backed by technology.

The TPB CEO further noted that the bank has assumed a multi-front approach to economic development in the domestic market with focus on the unbanked and under-banked.

“We are aggressively signing-up village community banks (VICOBA) to bring them into the mainstream financial system and we are looking to partner with micro-finance institutions to lend them money” he said.

Moshingi stressed that as a bank, TPB has positioned itself as a conduit for handling financial transactions involving disenfranchised Tanzanians and other market players.

“From mobile money we have partnered with M-PESA, Airtel Money, Tigo Pesa and Ezy Pesa so that our customers can have the best of mobile money and banking,” the CEO noted.

The bank also offers international money transfer services in partnership with Western Union allowing people in the diaspora to remit home hard currency.

Currently, TPB has 30,000 village community banks with a deposit portfolio of 3.2bn/-.
As of last month, TPB had over 13,400 customers who have borrowed 5.8bn/- under a group lending product scheme.