#UBAAT70: COUNTRY FOCUS; TANZANIA

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.