In a bid to drive economic growth and improve livelihoods of the majority, Deputy Prime Minister and Minister of Energy, Dr. Doto Biteko, has called on banks to focus more on the agricultural and livestock sectors, which are underserved by financial institutions.
Speaking on Monday (August 12) at the opening of a new KCB Bank branch in Geita, Dr. Biteko acknowledged KCB's efforts in attracting business clients but stressed the need to extend services to farmers and livestock keepers as the sectors cover a large part of the population and often struggle to access credit.
"I'm happy to see KCB expanding its services to Geita. This will boost the local economy, where many people are involved in farming, livestock keeping, and business, as well as mining," Dr. Biteko said.
He encouraged KCB staff to provide excellent customer service and actively reach out to farmers and livestock keepers to help them access financial products, especially loans, which can help grow their businesses.
Dr. Biteko also commended KCB for its investment in Geita, which aligns with the government’s Third Five-Year Development Plan. He highlighted the government’s efforts to create a supportive business environment through initiatives like insurance, guarantees, and empowerment funds, which have led to better banking services and a reduction in non-performing loans.
He also praised KCB for its community involvement, such as donating TZS 125 million to support victims of the 2018 MV Nyerere ferry disaster.
He noted KCB’s significant contributions to national projects in energy, water, and infrastructure.
"KCB has provided over TZS 329.7 billion to the Rural Energy Agency (REA) for rural electrification, which now covers 95% of rural areas. They have also extended TZS 107.1 billion to the Rural Water Supply and Sanitation Agency (RUWASA) and TZS 103.9 billion to the Tanzania National Roads Agency (TANROADS) for road construction," Dr. Biteko said.
Minister of Finance, Dr. Mwigulu Nchemba, also praised KCB as a key player in Tanzania’s financial sector, supporting the government’s goal of building an inclusive economy.
Geita Regional Commissioner, Martin Shigella, thanked President Samia Suluhu Hassan for creating a favorable environment for economic activities. He said KCB’s decision to open a branch in Geita reflects the region’s strong economy, particularly in gold mining.
"Under President Samia’s leadership, Geita has produced 53,000 kilograms of gold in the past three years. The revenue from these sales, reinvested locally, shows the importance of KCB’s new branch here," Shigella said.
Cosmas Kimario, Regional Director of Business and Head of KCB Bank Tanzania, reiterated the bank’s commitment to expanding across Tanzania, supported by a favorable investment climate. He highlighted KCB’s 25-year presence in the country and its network of 17 branches.
"We chose to expand to Geita because of the supportive environment created by the government, which has allowed us to grow. We will continue to expand our branch network and improve our services," Kimario said.
He added that KCB, the largest bank in Central Africa, remains committed to working with the government on various projects and continues to invest in digital banking solutions.
