UBA Restates Commitment to Growing Infrastructure, Deepens Financial Inclusion in Tanzania
UBA Tanzania, a subsidiary of the UBA Group, a pan African financial institution with presence in 20 African countries, Monday restated its commitment to support the Tanzanian government’s initiative to grow the country’s infrastructure, while also affirming the bank’s obligation to deepen the retail banking space in the country.
The assurance was given during a press conference addressed by the Bank’s Chief Operating Officer, Chris Byaruhanga in Dar Es Salaam, noting that as a member of UBA Group with asset of over $13 billion, the Tanzanian franchise has the capacity to finance any project irrespective of amount or size. “UBA Tanzania, relying on the strength of our group has capacity to finance any transactions irrespective of its size in either private or public sector. As a pan African with presence in key international markets of the world, we are positioned to provide the necessesary financial intermediation critical to the development of Tanzania,” says Byaruhanga.
Byaruhanga further informed the journalists of the key projects that have been financed by the Bank in Tanzania in recent times, including the provision of over $25 million facility for the construction of Kigogo Road in Dar Es Salaam and TZS15BN/- support Tanzania Electricity Supply Company (TANESCO), among other interventions. “Apart from these involvements, UBA Tanzania, a bank with strong retail base has come up with many innovations, especially in digital space to provide financial solutions to the needs of the banking consumers in this market,” the COO said while explaining the Bank’s strategy, claiming further that UBA Tanzania prioritises businesses whether they are small and medium scale enterprises (SMEs) or large corporates.
Speaking on the roles being played by UBA Group in the support of the economic development of the African continent, Nasir Ramon, Head, External Relations of UBA Plc, said UBA Group has continuously played big in the continent’s financial sector, saying that the UBA has committed over $5 billion into various projects on the continent in recent times.
United Bank for Africa is one of Africa’s leading financial institutions, with operations in 20 countries and 3 global financial centers: London, Paris and New York. From a single country operation in Nigeria, Africa’s largest economy, UBA has evolved into a pan-African provider of banking and related financial services through diverse channels globally.
UBA Tanzania is a subsidiary of UBA Plc and licensed by the Bank of Tanzania. The Bank has been in Tanzania since 2009 and has continued to play a critical role in the Tanzania banking industry. UBA Tanzania offers a full range of banking products catering for large local corporates, public sector clients and multinational corporations that include trade finance lines, working capital facilities, collection solutions and robust payment platforms.