ETI offers 19.9biln/- to capacitate Ecobank Tanzania operate smoothly

29Jan 2020
Beatrice Philemon
The Guardian
ETI offers 19.9biln/- to capacitate Ecobank Tanzania operate smoothly

THE Ecobank Transnational Incorporated (ETI) headquartered in Togo has offered 19.9bn/- to Ecobank Tanzania Limited to make the bank operate smoothly.

Ecobank Tanzania Limited, Finance Director Benedict Makoye told the reporter that the funds were released in December last year. He said the bank also received 33.6bn/- from ETI in 2018, which were intended for improvement of the bank operations and investment activities.

He said from 2010 to date, ETI has in total offered 168bn/ to Ecobank Tanzania Limited.

He added the bank is ready to offer loans to micro, small and medium enterprises at an interest of between 18 and 22 percent. He said loans are available to SMEs in various sector including agriculture, mining and transportation.

“We will this year introduce a number of new products as well as loans to our customers. The loans are meant to support them do their businesses effectively. Some of the loans will include customized personal loans  for salaried employees which includes school fees loans, insurance premium loans, travel/holidays loans, rent loans, medical loans, asset financing such as vehicle, motorbikes, and mortgage/housing loans”, he said.

Ecobank Tanzania that is 100 percent  owned by ETI has five branches, three in Dar es Salaam, one in Arusha and  another branch in Mwanza. ETI is the parent company of the leading independent Pan-African banking group—Ecobank.

ETI major shareholders are Nedbank 21.2 percent, Qatar National Bank 20.19 percent, Arise B.V 14.1 percent, PIC (GEPF) 13.5 percent, SSNIT 3.9 percent and others 27.2 percent.

He said the bank is now present in 36 African countries and has employed over 20,000 people in 40 different countries in over 1200 branches and offices.

Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments,  financial institutions, multinationals,  international organizations, medium, small and micro businesses and individuals.

Makoye said from 2010 to September 30th last year, the bank disbursed loans amounting to 106.9bn/- to micro, small and medium enterprises including corporate clients.

He explained that loan offered to micro enterprises are between 1m/- and 30m/- while loans issued to SMEs are between 100m/- and 1bn/-.

According to him, the bank leverages on regional collection solutions to support customers to collect funds instantly into their Ecobank accounts in Tanzania from other countries where Ecobank group operates.

“We have a world-class mobile app which enables customers to remit funds within 33 Ecobank African countries, transfer funds across local banks, transfer funds from their accounts to any Visa card globally, pay bills, open an account and move funds from account to mobile network operators without moving from where they are,” he noted

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