Azania targets 3pc market share growth
Deputy minister for Finance and Planning, Dr Ashatu Kijaji, cuts the ribbon to signal the official inauguration of Azania Bank‚ Dodoma-Sokoine Branch, during a brief ceremony held in the city yesterday. She is flanked by the bank’s managing director Charles Itembe (left) and the bank’s board chairman, Mr Eliud Sanga. PHOTO | COURTESY
What you need to know:
- Azania bank Limited is targeting to increase its market share by three per cent each year as the bank is targeting to elevate its status to tier one in the next five years.
Dodoma. Azania Bank Limited has said it is targeting to grow its market share by three per cent annually in the next three years as part of supporting economic activities.
The bank’s managing director, Mr Charles Itembe, revealed this during yesterday’s opening of the lender’s 19th branch in Dodoma by the deputy minister of Finance and Planning, Dr Ashatu Kijaji.
Although he did not reveal the current market share, Mr Itembe was optimistic that ongoing investments in branches and digital banking platforms will help to expand its scope of coverage.
“Our current main strategic objective is to expand our network by establishing at least three branches each year as well as increasing our market share by at least 3 per cent in three years,’’ said Mr Itembe.
The managing director added that the bank’s other objectives were centred in elevating the bank to Tier One within five years of strategic business objectives, to gain a status as the largest local bank.
He said the bank was also positioned to make sure that it supported the industrialisation drive, through funding working capital, trade finance and other corporate and individual loans.
“In supporting president Magufuli’s industrial agenda, Azania Bank Limited is committed to making this a reality in collaboration with the government and all citizens,’’ he noted.
Dr Kijaji challenged banks to ensure that they were fully confronting Non-Performing Loans (NPL) and reducing operational costs.
