#UBAAT70: COUNTRY FOCUS; TANZANIA

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In
September 2009, when UBA commenced its operations in Dar-es-salaam, the bank
had a total deposit of TZS 4bn, approximately USD 2M less than 1% of market
share. 10 years down the line, the bank is operating from a deposit position of
USD 23M (about TZS 52.6bn). UBA Tanzania began in 2009 with a business office
at Pugu road in Dar-es-salaam, later expanding to City Centre in 2010, Kariakoo
in 2011 and in the new capital city of Dodoma in 2018, with plans to open more branches
across the country in the six main business centres of the country.
The
United Republic of Tanzania, one of the most stunning countries of East Africa
within the African Great Lakes region is home to Mount Kilimanjaro, Africa’s
highest mountain.
The
magic of Tanzania is hard to beat; as is the fabulous number of holiday options
it presents. With choices ranging from awesome safaris among African wildlife,
the peaceful surrounds of the beautiful lakes, the highest mountain in Africa,
and a simple stroll through the eclectic Stone Town, there are way too many
things to do in Tanzania.
Over
100 different languages are spoken in Tanzania, making it the most
linguistically diverse country in East Africa. Tanzania does not have an
official language, although the national language is Swahili. Since 1996, its
official capital has been Dodoma where the president’s office, the National
Assembly, and some government ministries are located. Dar es Salaam, the former
capital, retains most government offices and is the country’s largest city,
principal port, and leading commercial centre.
Economically,
according to recent reports from the Central Bank, the economy grew by 6.7% on
average in the first three quarters of 2018, with healthy private sector credit
growth in the fourth quarter pointing to resilient economic dynamics. The
construction sector accounted for the lion’s share of growth in Q1-Q3,
supported by buoyant public infrastructure spending. Tanzania’s economic growth
is expected to average 6.2% between 2017 and 2026. The growth is underpinned by
infrastructure development and a growing consumer base. Heavy infrastructure investment
into rail, port and road is expected to be one of the main drivers of Gross
Domestic Product (GDP) growth between 2017 and 2026. BMI forecasts the real
growth of fixed capital formation to average 7.1% within this period.
 
Tanzania
has seven official World Heritage Sites. Teeming with diverse wildlife and a
spectacular sight, Ngorongoro is the largest unbroken and unflooded volcanic
caldera in the world. Serengeti is the breath-taking outback venue of the
annual migration of millions of wildebeest combine this with an evolutionary
trip to Olduvai Gorge, Laetoli and the Kondoa Rock Art Cave Sites which take
you back to your human origins. Selous, Ruaha and Katavi are unspoiled remote
wildernesses, home to thousands of elephants and bovines, and packs of rare
African wild dogs and other diverse predators. Lake Tanganyika is among the
most beautiful lakes in the world. Others are Lake Manyara and Ernest Hemingway.
Over
the past 10 years, UBA has played a very active part in Tanzania’s
infrastructure improvement, contributing over 250 M in the Kigogo road
constructions project, as well as power improvement through the TANESCO
syndication in 2013.
UBA
has equally dominated digital banking space in Tanzania with the introduction of
cutting-edge digital products and services including the UBA Magic Banking,
enabled by dialling *150*70# and “LEO” the Chatbot, first of its kind in
Tanzania.


Originally written by BRENDANSIA KILEO for the
lion King Magazine; 70th Commemorative Edition.

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