Barclays officially switches name to Absa Bank Tanzania

11Feb 2020
The Guardian Reporter
The Guardian
Barclays officially switches name to Absa Bank Tanzania

ABSA Bank Tanzania Limited, a subsidiary of Absa Group Limited, yesterday received the licence to operate and trade under its new name from the Bank of Tanzania, switching from its former name of Barclays Bank Tanzania Limited, a makeover that marks the start of a new era for the bank’s operations-

-and signals the realization of its ambition of becoming an independent African Bank.

“Today we begin a new chapter as Absa Bank Tanzania Limited, adopting out parent company’s name and brand while retaining our indelible commitment to Tanzania and its people. Our new brand is a commitment to Tanzania and to the wider continent: Absa is a truly African bank, with global scalability and reach, said Abdi Mohamed, managing director of Absa Tanzania Limited.

The company, which has been operating in Tanzania close to 19 years and boasts a network of 15 branches and 62 ATMs strategically located countrywide 21 being in branches and 49 offsite, recapped its devotion to the country’s growth and economic progress under the Absa brand.

“We have invested in crucial sectors of development of the national economy, including trade, agriculture, SMEs, infrastructure and investments. We will continue to play a critical role by investing in these sectors without neglecting the ordinary citizens who seeks quality financial services and safe investment for their hard-earned money,” said Mohamed.

Speaking at the event, Deputy Governor of Bank of Tanzania, Dr. Bernard Kibesse, while congratulating Absa Tanzania for showing a spirit of patriotism and tolerance during the change-over, saying it indicated the bank’s readiness to invest in Tanzania, improve services and increase customer base, nevertheless stressed the fact that the central bank had trust in Absa and that is why it had issued the license to trade under the new name.

“ I call on Absa to use this opportunity to consolidate its corporate integrity embracing  innovation and come up with services and products that are attractive and will boost the economic well-being of both your small and big customers,” said Dr. Kibesse, speaking on behalf of BoT Governor, Professor Florens Luoga. 

Tanzania was among seven countries in Africa to switch to Absa yesterday, marking an important milestone for the group, which has footprint in 12 countries, employs approximately 40,000 employees, operates over 100- branches and 10,000 ATMs.

 Absa Tanzania Board Chairman, Simon Mponji, said : “We shall remain focused  to see to it that the rebranding journey that we have embarked on so far contributes to enabling Tanzania reach its ambitions goal of becoming a middle income industrial economy.”

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