UBA Bank Tanzania is pleased to unveil a tailor made MSME Working Capital loan dubbed “MKOPO KITONGA” as a solution to help bolster business activities in the Micro Small Medium Enterprises, an important sector that contributes 27% per cent of the GDP of Tanzania’s economy. This product is exclusively designed to target MSME customers within the trade and service sectors to help them addressing the existing challenges hampering their significant growth due to limited access to finance.
“As a bank we understand and care about the needs of our customers and we have set aside 13bn/- to ensure we can address their challenges they face. Working Capital Loan product we are unveiling today is designed to serve the financing needs of Micro, Small & Medium Enterprises with strong cash flow and a good credit history along the trading and service verticals,” said Gbenga Makinde, UBA Tanzania MD/CEO.
“We believe that our clients will now be able to access finance and expert advice from a lucrative team of financial advisors on how to use the product in a way that will help our customers ranging from distributors, wholesale and retail trading, general merchants, supermarkets, and green energy equipment merchants while Service sectors players include Legal practitioners, architectural firms, consulting firms, accounting and audit firms, CT, Clearing and forwarding agencies, etc, who have verifiable credit net worth,” Mr. Makinde added.
The bank has also expanded its footprints to Dodoma, Mwanza, and Rufiji and with four branches in Dar es Salaam. However, the bank anticipates to expand its operations in Arusha region this month and soon in Zanzibar and Mbeya. We have also made banking easier and more convenient to our customers by giving access to their money 24/7 across WhatsApp, Messenger, Apple Messages, Instagram and Google Business Chat. Said Amb. Tuvako Manongi, UBA Tanzania Board Chairman.
Speaking during the launch, Deputy Minister of Investment, Industry and Trade, Exaud Kigahe, has commended UBA for coming with a solution that would help the MSME sector to thrive and have significant impact in the prowess of the national economy especially at a time where the government is striving to improve the business and investment environment, trade relations and open doors for the influx of new investors to invest in the country’s growing economy.
“I applaud you for creating a facility that would businesses to thrive and become better competitors. What you have done sets an example to other financial institutions on the importance of having tailor made products and facilities that will aid the expansion of businesses. This will in turn help the government gain more revenue through taxes which will then be channeled into building a better and functioning business environment for the MSMEs and for the investors whom we are inviting. Hence boosting the economy through a healthy business competition as local business will no longer feel left behind,” said Deputy Minister Exaud.
As one of the best and most resilient bank, UBA has proven expertise and capacity in key sectors of economies across Africa as it provides corporate, commercial, SME, consumer and retail banking services to more than 27 million customers who are served through diverse channels and robust online banking services, and with over 2,669 ATMs and 87,223 PoS.
UBA United Bank for Africa remains to be a leading Pan-African financial institution, connecting people and businesses across 20 African countries through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services with presence in New York, London and Paris and the UAE.
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