Absa Group has reaffirmed its long-term commitment to Tanzania, citing the country’s economic growth, expanding middle class, rising trade activity and rapid adoption of digital financial services as key areas of opportunity.
The commitment was reiterated by Absa Group’s Chief Executive for Personal and Private Banking Pan-Africa, Mr Sitoyo Lopokoiyit, during a visit to Tanzania where he met customers, employees, business leaders and other stakeholders.
Mr Lopokoiyit said Tanzania was becoming increasingly important to East Africa’s economic growth, with expanding commercial activity creating opportunities for financial institutions to support businesses and households.
“Tanzania is a market with tremendous potential and an increasingly important role in East Africa’s growth story,” he said.
His visit comes as banks increasingly turn to digital platforms and other technology-driven services to respond to changing customer needs and widen access to financial services.
Mr Lopokoiyit said customers expected banking services to be accessible, convenient and responsive to their financial goals, whether in business, housing, investment or everyday transactions.
“Whether they are growing a business, buying a home, investing for the future or making everyday transactions, our focus is on delivering solutions that are simple, accessible and relevant to their needs,” he said.
Mr Lopokoiyit identified digital transformation as one of the main opportunities for expanding financial inclusion in Tanzania, saying technology, expertise and partnerships could help banks reach more customers and provide services tailored to their needs.
“As digital adoption continues to accelerate in Tanzania, we see significant opportunity to support customers with solutions that enable growth, inclusion and prosperity,” he said.
Absa Bank Tanzania Managing Director Obedi Laiser said the bank’s continued focus on Tanzania reflected the country’s broader importance to the group’s African strategy.
He said increased investment, expanding trade and digital adoption were creating opportunities for individuals and businesses.
“Tanzania is experiencing strong growth driven by increasing investment, expanding trade opportunities and rapid digital adoption, creating significant potential for individuals, businesses and communities to prosper,” Mr Laiser said.
He said Absa Bank Tanzania would continue investing in financial solutions, relationship banking and digital capabilities as customer needs evolve.
The bank also said its digital platforms and payment solutions were intended to improve access to banking services and enable customers to participate more effectively in economic activity.
Mr Laiser said the bank would also use its pan-African network to strengthen links between Tanzanian customers and markets across the continent.
Absa’s renewed focus comes as Tanzania seeks to expand investment, trade and digital financial services, areas that are expected to shape competition among banks and other financial service providers in the country.