TANZANIA – BANK of Africa Group has injected US$9.95m (TSh22.9bn) new capital to the Bank of Africa Tanzania Limited to unravel the potential of the untapped Small and Medium Enterprises (SMEs), in the country through digital solutions.

The Managing Director at the Bank of Africa Tanzania Limited, Mr Joseph Iha said that the unanimous decision to inject new capital was announced by the Group’s Chief Executive Officer, Mr Amine Bouabid at the Board of Directors Meeting recently concluded in Madrid, Spain.

“This capital injection is essential for the bank to strengthen its efforts and to meet customer expectations,” he said.

“Our shareholders have entrusted us with a great responsibility and we are committed to keeping up the spirit of Pan Africanism and to provide a full range of modern digital financial solutions that fully support our clients’ needs,” He added.

The proceeds of the capital increase are expected to provide the bank with additional resources to pursue its digital transformation agenda, enabling it to expand its reach to retail customers and its core segment of SMEs and corporate customers.

The Group’s CEO Mr Bouabid said the investment in digital solutions will enable customers across the country have easy access to the financial services provided by the bank.

Bank of Tanzania Limited Board Chairperson, Ambassador Mwanaidi Maajar said the additional capital be utilized effectively and deliver the expected results, such as offering a diverse array of financial products and instruments that suits the needs of our exceptional customers and consequently impact the economy at large.

In its three year medium term development plan, Bank of Africa Tanzania is focused on increasing its market share in the retail and SME segment through various digital solutions and automation of processes that will allow its customers to access financial services with ease.

The new capital will provide the bank with more resources to play a significant role towards the growth of the Tanzanian economy by supporting the industrialization agenda and other economic value ecosystems.

The Group has always put focus on its mission and vision of ensuring development of its stakeholders, drive growth of economies where the bank operates, improve customer experience and become a preferred bank in these markets,

With a total Group asset of 7.6 billion Euros that keeps growing year on year, the Group keeps a constant support of its 18 strategic business operations including Tanzania.

Bank of Africa has a strong branch network of 25 branches spread in 13 regions of Tanzania.