RC Gambo: Forex shops reopening soon

15Feb 2019
The Guardian Reporter
The Guardian
RC Gambo: Forex shops reopening soon

GENUINE foreign exchange shops that were closed late last year in Arusha will reopen soon as investigation into their operations by authorities nears completion, it was announced here yesterday.  

Arusha Regional Commissioner Mrisho Gambo (C) listens to CRDB managing director Abdulmajid Nsekela (R) and CRDB board chairman Ally Laay shortly after officiating at a seminar organised by CRDB for Arusha customers yesterday. Photo: Guardian Correspondent

Arusha Regional Commissioner Mrisho Gambo made this affirmation during the CRDB Bank’s customers and clients training session held at the Mount Meru Hotel.

But only those found with no serious issues will be allowed back into business as the stoppage by the financial sector regulator, the Bank of Tanzania was prompted by concerns of involvement in financial malpractices

“I would like to assure all businessmen and women, trading entities and tour companies operating in Arusha that the operation on Bureaux de Change in the city was normal precaution procedures executed to ensure that the business is conducted in safe and well-regulated conditions,” the RC affirmed.

Investigations carried out by a special team were on final stages and soon the Bureaux de Change will open shop and resume business, he said.

He lauded the CRDB Bank for opening special windows to cater for foreign exchange activities, instead of compelling customers to queue at bank counters to observe forex procedures.

For  his part CRDB Bank’s Chief Executive Officer Abdulmajid Nsekela said the financial institution will also establish a special Bureau de Change  at the Kilimanjaro International Airport (KIA) which will be operating 24 hours, seven days a week, non-stop.

Back in November BoT conducted a special operation in Arusha aimed at identifying bureaux de change which were operating without licence or carrying out illegal operations, including money laundering.

As a result of the operation, the bureaux de change were closed pending investigations. Legal actions were also to be applied on forex entities discovered to operate contrary to BoT regulations.

CRDB officials similarly said that the bank’s venture beyond Tanzanian borders was proving to be successful. Overall, the CRDB Bank in Burundi has been ranked third in terms of Return on Assets (ROA) and Return on Equity (ROE), as the bank boasts four branches in the country.

The CRDB Management has revealed that general business performance of the financial institution by the end of last year grew by over 20 percent.

 RC Gambo has on the other hand urged CRDB to organize special training on investments to cater for small scale traders recently issued with special operating ID cards.

 “The reason small scale traders fail to grow and prosper is that all financial institutions do not value business ideas or investment plans from people without money. This is despite their projections being valuable and may prove to be better collateral than cash money or fixed properties,” he told the participants.



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