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Groupe Bank of Africa expands into Tanzania

Groupe Bank of Africa has announced the opening of BOA Bank-Tanzania). This move is driven by the growth potential in that country's banking industry.
“Our customers will enjoy the accessibility, convenience and latest banking technology of the new branch for all of their personal and business banking needs,” said Kobby Andah, BOA Bank-Tanzania MD.

Groupe Bank of Africa, which has a strong presence in West Africa, is expanding in East Africa spurred by strong economic fundamentals in the region. According to the International Monetary Fund, the Tanzanian economy is growing at a rate of 6.5% and is projected to improve to 7% by next year.

BOA Bank-Tanzania is the 10th Commercial Bank within the Bank of Africa group network currently operating in six West African countries, three East African countries, Madagascar, six financial companies, one brokerage firm and one real estate bank.

Founded 25 years ago in Mali, Groupe Bank of Africa reported KSh2bn in net profit in December 31, 2006, according to final consolidated figures. The bank is keen to offer personalized financial services to the Tanzanian banking market and says its innovative banking model will seek to ensure that more Tanzanians are able to access affordable banking services.

“The Bank offerings suit the Tanzanian region well, providing consumers in surrounding areas with superior customer service and consistently competitive rates”, said Andah.

About Carole Kimutai

Carole Kimutai is a writer and editor based in Nairobi, Kenya. She is currently an MA student in New Media at the University of Leicester, UK. Follow her on Twitter at @CaroleKimutai.