UBA Tanzania’s Managing Director, Kingsley Ulinfun said in Dar es Salaam last week after the bank opened a new branch at Julius Nyerere Hydroelectric Power Project that following the over U$400 million investment in the project.
Ulinfun said the funding commitment towards the construction of the JNPP has led to investments in ultra-modern business office and commercial centres hence the need for presence of formal banking services.
“In line with UBA’s customer first philosophy, this is another step that UBA Tanzania has taken in its branch expansion program,” said adding that the new Rufiji Branch includes a variety of digital products and services including secure and convenient bills payment and online transactions.
“It should be recalled that in 2019, the United Bank for Africa provided U$366 million financial support to the Julius Nyerere Hydroelectric Power Project. As a further demonstration of the support for this project, the bank is providing another U$40 million in project financing, bringing its total commitments to over U$400 million,” he said.
The UBA Tanzania chief further noted that the Mwalimu Nyerere Hydroelectric Power Project which is described as one of the biggest achievements since President John Magufuli took overpower in 2015, is poised to be a catalyst to the industrialization agenda.
The newly opened UBA Rufiji Branch will offer full banking services to contractors, staff and the general public at Julius Nyerere Hydropower Station (formerly called Rufiji Hydroelectric Power Project) is a 2,115 megawatts dam currently under construction.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across 20 African countries and with presence in the US, UK and France.