United Bank for Africa (UBA) looks to boost its operation around Africa with proposed new branches in Tanzania. The leading African bank targets include, Dodoma, Mwanza as well as Mtwara.
Investors view Tanzania as a potential investment hub that is worth splashing cash on as its economy expresses a radical shift. President of the country, John Magufuli has also played a crucial role in seeing that the economy continues to scale high with better performances offered all round.
Tanzania’s economic prospects depend on investment in more infrastructure, as well as improving the business environment, increasing agricultural productivity and value addition, improving service delivery (to build a healthy and skilled workforce), and managing urbanization.
The bank’s presence in the East African country is perceived as a gesture of revived economy and opportunities brewing beyond the locality, registering positive vibes with improvements being made in the banking sector.
Tanzania has sustained relatively high economic growth over the last decade, averaging 6–7% a year. At 7%, in 2016, Tanzania’s economy expanded quickly, putting it close to the top of the fastest growing economies in Sub-Saharan Africa. However, this expansion softened during the last quarter of 2016 and continued to do so into 2017.