Equity Bank Tanzania has opened a new branch at the coastal city of Zanzibar in a move that signals the bank’s desire to tap into the tourism economy.
This brings to fourteen the total number of branches spread across Tanzania. The new branch will act as a gateway to tap into the vast investment opportunities found in the region.
Speaking during the official opening of the branch, Equity Bank Tanzania Managing Director, Joseph Iha noted that the move is part of the bank’s strategic expansion plan and augment its overall strategy to position itself as a champion for socio-economic prosperity of the people of Africa.
“Since 2012 when Equity Bank set foot here in Tanzania, we have made major investments that have seen us play a pivotal role towards the economic growth of the Tanzanian economy as well as the financial sector as a whole. Our entry into Zanzibar underscores our commitment to further entrench our offering into the region”, Mr. Iha said.
The bank, he said is keen on expanding its services across Africa and continues to put in place the necessary steps geared towards fulfilling the financial inclusion agenda. The bank believes that through this move, it will also significantly contribute towards the achievements of Zanzibar’s economic blueprint Vision 2020.
Equity Bank Tanzania is the only bank in the region that offers financial literacy training aimed at empowering its customers with financial management skills, a move that has led to the growth of its Fanikisha loan products that target women.
Equity Bank Tanzania Limited commenced its operations in 2012 with two branches. Currently, the bank has 14 branches in operation, namely: Quality Centre, Arusha, Kariokoo, Golden Jubilee, Mwanza, Supreme Centre, Mwenge, Mbagala, Dodoma, Temeke, Diaspora Branch, Moshi, Mbeya, Zanzibar,
The branch network is supported by over 800 agents and merchants and 17 ATM outlets. Equity Bank Tanzania is part of Equity Group Holding which has other banking subsidiaries in Kenya, Uganda, South Sudan, Rwanda and the Democratic Republic of Congo.