Traditionally known for its iconic tourist destinations, Tanzania has emerged as the destination of choice for investors across the globe.
The recent natural gas findings off the coast of Tanzania are set to catapult the EA region into one of the largest sources of liquefied natural gas (LNG) in the world, with reserves currently valued at USD $430 billion.
Receiving heavy investment from some of the global giants in the Oil and Gas sector such as the BG Group, Statoil, ExxonMobil, Ophir Energy and Tullow Oil, it is estimated that the sector will attract between USD $10-20 billion for exploration and production in the coming decade.
Growing investment opportunities in the country are continuously receiving attention from international investors as demonstrated by recent high level investment delegations from the UK, Canada, Norway, Brazil, China and the USA.
For most pundits touting Tanzania’s investment potential in recent years, a lot depends on the country’s growing and proven gas reserves. However, there is more to Tanzania than meets the eye.
With a population of almost 50 million, Tanzania enjoys political stability since its independence in 1961, is endowed with valuable natural resources including gold, coal, diamonds, uranium, cement and Tanzanite a gem found only in Tanzania and touted to be rarer than diamonds among many others.
A strategic gateway to EAC and SADC regions of Africa, Tanzania boasts of a deep water-port serving its land-locked neighbors Rwanda, Malawi, Uganda, Burundi, Zambia and DR Congo.
With a landmass greater than Nigeria, Africa’s most populous country, Tanzania has swathes of fertile lands for agriculture alongside some of the most iconic tourist destinations in the world.
With such endowments, it comes as no surprise that Tanzania played host to presidents of the two most powerful nations in the world: USA and China in 2013.
“As an investment destination, Tanzania is ripe till kingdom come,” says Enoch Osei-Safo, the Managing Director, Ecobank Tanzania Limited.
{xtypo_quote_right}With real GDP growth forecasted at 7% for the next five years, Tanzania is the pride of the emerging African lion economies. However, to harness the burgeoning opportunities in Tanzania, investors need to associate with a bank that understands the terrain and how to navigate its unique challenges and risks{/xtypo_quote_right} “Despite the effects of the global financial crisis in 2008/2009, many African countries have managed to hold their own, registering significant real GDP growth rates reminiscent of that of the Asian tigers of the 1990s. With real GDP growth forecasted at 7% for the next five years, Tanzania is the pride of the emerging African lion economies. However, to harness the burgeoning opportunities in Tanzania, investors need to associate with a bank that understands the terrain and how to navigate its unique challenges and risks. This is the return you are assured of getting from a relationship with Ecobank Tanzania drawing from the Group’s experience in investing-in and supporting investment initiatives for more than 25 years across 36 African countries”.
Incorporated in Tanzania in 2009, Ecobank started operations in Tanzania in 2010 as a full service bank, offering both retail banking and corporate banking to a broad spectrum of customers including individuals, multinationals, SMEs, regional corporates, parastatals, international organizations and financial institutions.
Ecobank Tanzania (ETZ) also enjoys support from centralized product and support specialists at the Group level in areas such as investment banking, asset management, research and a revolutionary integrated platform operated by e-Process – the Group’s technology subsidiary.
By virtue of Ecobank Group’s superior footprint complimented by a subsidiary in France and active representative offices in London, Beijing, Johannesburg and Dubai, Ecobank is emerging as the preferred financial gateway to Tanzania and Africa at large.
For instance, the Ecobank Nedbank Alliance allows the Group to service the needs of South African corporates doing business in the rest of sub-Saharan Africa.
In Tanzania, Ecobank is uniquely positioned to facilitate end-to-end trade and investment activities across the Sino-Tanzanian corridor via the Ecobank representative office in China and the Chinese desk in Tanzania.
Ecobank is one bank in Tanzania that offers ‘one-stop shop’ banking solutions. “At the corporate level, we have the capacity to adequately address traditional banking needs including advisory services, trade finance, lending and treasury solutions as well as investment banking and cash management solutions. Furthermore, through a single point of contact, we can coordinate offerings and provide integrated solutions for companies that operate across multiple geographies in Africa.” Says Enoch Osei-Safo.
Among Ecobank’s compelling value propositions is the Group’s suite of offerings targeted at African expatriates.
For instance, Rapidtransfer, the fast, reliable money transfer solution facilitates transactions across 36 African countries through the Group’s market-leading 1,250 branches.
The Ecobank Regional Card, accepted in all ATMs within the Group’s network across Africa, enables account holders to access local currency whenever in another country.
Finally, holders of the Ecobank Diaspora Account in Tanzania have the luxury of combining their home country account with their host country account thus enjoying transparent, convenient and seamless control over all their finances.
Ecobank Tanzania Limited
Karimjee Jivanjee Building Plot Nº 19, Sokoine Drive
P.O. Box 20500 Dar es Salaam – Tanzania
Toll free line: 0800 110 021
Fax: +255 22 213 7446
Email:ecobanktz@ecobank.com
Website: www.ecobank.com
