Assistant Commissioner for External Finance at Ministry of Finance and Economic Planning, Mamelta Mtagwaba said in Dar es Salaam this week while opening the first Absa Group rebranded branch that following separation of Barclays Plc and Barclays Africa, many consumers were uncertain of what follows next.
“I take this opportunity to congratulate Barclays Bank Tanzania which in a few days to come will be known as Absa Tanzania for investing in this new and modern branch which is testimony that you are serious about continued investment in this country but also to grow your customer numbers,” Mtagwaba said.
She pointed out that the new branch is also an important milestone in extending banking services to a bigger population in line with the government’s policy of financial inclusion which targets to ensure that the majority of Tanzanians have access to formal banking services by 2025.
“This is the first impression branch as Barclays transforms into Absa as such we expect to see improved services so that customers can continue to have confidence in the bank,” the Treasury assistant Commissioner for External Finance noted.
Mtagwaba challenged Barclays Tanzania employees and management to live up to standards and market expectations because the journey to rebrand into Absa Tanzania is sensitive, unique and earth shaking.
“It has taken thorough research and massive investment to migrate to the new major changes hence reaching this stage deserve congratulations to management and staff,” she added while promising Treasury support to BBT as it transforms into Absa Tanzania which will be part of Absa Group of South Africa.
Speaking at the same ceremony, BBT’s Managing Director, Abdi Mohamed said the new branch’s opening signifies Absa Group Limited’s commitment to the Tanzania market where it has operated for several decades.
“We are getting ready to change our name from Barclays Bank Tanzania to Absa Bank Tanzania which is in line with our parent company Absa Group Limited’s decision to rebrand all its operations as announced in July 2018,” Mohamed said.
He pointed out that the new branch has actually started the actual journey of change from Barclays to Absa particularly in Tanzania noting that in coming weeks, consumers should expect to see more of BBT branches, ATMs and some other branded assets take on the warm, vibrant red colour palette of the Absa brand.
“The change is part of one of the largest rebranding projects in Africa scheduled to be completed by mid-2020 and part of a broader, multi-country rebrand programme happening at group-level. Recognising the significant size of the task ahead, and in preparation to change our name, we started introducing Absa’s warm, vibrant red colour palette on some of our assets, including bank branches and ATMs, to ensure we are fully ready by the time our legal name changes,” he added.