Tanzania Daily News (Dar es Salaam)
20 December 2011
CASH transfers through Exim Bank Tanzania and MoneyGram has grown tremendously in the past few years with business clocking 400m/- per month.
A statement released by Exim Bank Tanzania Public Relations and Marketing Manager Linda Chiza on Tuesday said, the big strides have been achieved through a systematic monitoring system.
The system enables that bank to detect defaults within the money transfer chain and work upon them immediately.
“The bank predicts that the figure may increase during the festive season,” she said. MoneyGram which entered a partnership agreement with Exim Bank Tanzania a few years ago, is a global leader in world-wide money transfer services, working closely with specially chosen agents in 256,000 locations across 192 countries and territories.
“Our customers have indeed responded positively. Just like always, the start is not easy but today many people especially those in the Diaspora have come on board since the system gives them access to affordable, quick and convenient money transfer services,” she said, adding: “This service has today proved to be the best option for people to send money.
We expect to see the number of transactions increase during the festive season since this is the time many people send money to relatives and friends,” she said.
She noted that the country’s financial sector is growing at a good pace and that her bank has invested in research that will enable it to move in line with such speed by designing more tailor-made products to enable it compete in the banking industry.
Exim Bank Tanzania during the third Stakeholders’ Co-ordination meeting held in Arusha mid this year pledged to assist Tanzanians in the Diaspora who want to invest home.
The bank is among the private sector players which initiated the Diaspora engagement in 2010, alongside the Ministry of Foreign Affairs and International Co-operation as well as other public and private institutions.
The bank has a network of 24 branches in Dar es Salaam, Mtwara, Arusha, Tanga, Morogoro, Mwanza, Mbeya, Moshi, Iringa, Manyara and Karatu, with 46 Automated Teller Machine (ATM) outlets. It has subsidiaries in the Comoros and Djibouti.
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