Bank of Tanzania increases support to SMEs

The Bank of Africa Tanzania (BoA) has pledged to increase its support to operators of Small and Medium Enterprises (SMEs) to enhance their contribution to the Tanzanian economy.

Bank of Africa Tanzania Managing Director, Mr Ammish Owusu- Amoah said “The bank seeks to provide swift financing solutions and upscale the SME community to higher levels”, adding that the bank’s SME portfolio has grown significantly over the last few years.

Mr Ammish said advances to customers in 2012 increased approximately 31 per cent compared to 2011 and most of the advances went to SMEs. “This demonstrates our commitment to grow with the SMEs,” he said.

The bank provides banking support to transporters, distributors, suppliers of different goods to big companies, hotels and importers of goods from Asia.

Customized solutions for small and medium business owners will enable them to go about their business activities and increase productivity.

Bank of Africa Tanzania is part of the Pan-African, Bank of Africa Group who has grown in status to be regarded as one of the key players contributing to the corporate and SME sectors in Tanzania.

Of late, a lot of emphasis has been directed towards the SME and Retail sectors to which a series of products have been designed to provide quick solutions.