Africa-Press – Tanzania. UNGUJA-headquartered People’s Bank of Zanzibar (PBZ) plans to expand its services countrywide and become one of Tanzania’s top five largest commercial banks in the next three years.
PBZ Managing Director Dr Muhsin Salim Masoud told the ‘Daily News’ over the weekend here that through its 2021/2025 strategic plan, the five-decade old financial institution aspires for operational efficiency, affordability and competitiveness in the banking industry.
He further said the bank plans to open at least two branches annually, focusing on high business potential areas in Tanzania mainland—Arusha, Mwanza, Tanga and Mbeya.
“Dodoma and Tandahimba branches are ready for launch anytime,” he hinted.
Besides the branch network, Zanzibar’s oldest and largest financial institution will expand through mergers and acquisitions as well as recruitment of more PBZ agents, said the managing director.
The bank currently operates through 23 branches and service delivery centres; 251 Umoja Switch ATMs and 85 PBZ service agents.
“We envisage the competitive commercial bank that accommodates a fully-fledged subsidiary Islamic Bank in Zanzibar and mainland Tanzania,” Dr Masoud said.
The seasoned banker and former University of Dar es Salaam financial accounting lecturer further said the bank looks forwards to establish an aggressive business department, which will be entrusted with the task of promoting the bank’s business, with the aim of making PBZ one of the largest banks in Tanzania.
“We aspire becoming the trillion-bank by 2023,” said Dr Masoud, describing the banking environment in Zanzibar as favourable but competitive.
And, to intensify its Corporate Social Responsibility (CSR) services, the bank plans to establish a special foundation with CSR professionals to do the job. “Our role will be to give funds to the foundation, which will allocate them more professionally and leave us with what we can do best—banking business,” said Dr Masoud.
PBZ, which controls 75 per cent shares in MUCOBA, has recently recorded impressive growth in both assets and profitability.
According to the latest financial accounts, the group’s assets grew by over two per cent from 838.5bn/- in March 31, 2021 to 856.78bn/- in June 30, 2021.
The group profit on the other hand soared by about 27 per cent from 4.097bn/- in the second quarter ending June 30, 2020 to 5.19bn/- in the corresponding period this year.
Dr Masoud whom President Hussein Mwinyi appointed to head the bank in February 2021 said he dreams PBZ as a giant financial institution; among the top five banks in Tanzania; highly competitive and provider of the best services to customers.
He said: “I foresee PBZ, which will attract the best talents and retain the happiest workforce, which embraces ethical conduct in the industry.”
