Buoyed by its subsidiaries in Kenya, Tanzania and Uganda the Commercial Bank of Africa (CBA) boasts of exclusivity as the hallmark of its services. Currently the bank has 11 branches in the country which serves more than 8million customers. Last week, our writer EDWARD QORRO, sat down with GIFT SHOKO (pictured), CBA’s Chief Executive Officer, for this interview on the bank’s operations in the country and its newly launched private banking service. Excerpts…
QUESTION: How would you describe your 56 years of operations in the country?
ANSWER: It has been a remarkable journey capped by major milestones that have been reflected in our customers’ welfare. For instance, we are the first bank in Tanzania to introduce mortgage banking before other financial institutions followed suit. We were also the pioneers of credit cards.
Such milestones have helped us shape our innovations. I’m happy and proud to tell you that CBA has played a crucial part in the development of this country. We have also stayed relevant with the country’s development pace.
Tell us about the newly launched private banking service in Arusha.This is an exclusive service, tailor made for our customers. Through the service, our customers will receive exclusive banking and lifestyle benefits that ensure they always enjoy a seamless and pleasurable banking experience.
We have launched private banking service for our esteemed customers in order to provide them with the most convenient, exclusive and personal banking experience with the bank.The service will allow its valued customers to experience the latest in technology through mobile and internet banking.
What is so unique about the service?
As a bank, we do not believe in the one-size fit all mentality. Private banking will spare our esteemed customers the burden of going to the bank. People should not go to the banks; rather it is CBA that will be following the customers wherever they are.
How would you describe your customers?We serve all kinds of segments; from mama mbogas to the corporate. Technology has helped reach out to a large audience of customers for example using Mpawa, a technology-based product, which enables people to make savings and access loans through the mobile platform.
The country’s banking system is current facing hard time, including liquidity squeeze in the economy. The Bank of Tanzania has also recently revoked licences of two banks as part of measures to clean up the country’s financial sector. What is your take of the situation?
This will be a concern to any bank and it is sad to see our colleagues treading such a treacherous path. However, as a bank we are counting on our innovations in coping with the current challenges facing the industry.