Exim Bank introduces Tanzania and Comoro borderless banking service

BY DIRAMAKINI

EXIM Bank Tanzania has introduced its borderless banking service between Tanzania and Comoros that aims at delivering affordable real-time transactions to customers and traders between the two countries.Exim Bank’s Head of Retail Banking, Andrew Lyimo, (2nd left) talking to reporters (not pictured) while introducing the bank’s new borderless banking service between Tanzania and Comoros during a brief introduction of the product held in Dar es Salaam. Others include the Bank's Head of Strategic Investments & Subsidiaries, Sumit Shekhar (left), the bank’s Head of Products and Revenue Assurance, Mtenya Cheya (right) and Assistant Manager Trade and Financial Institutions from the bank, Bruno Tarimo.

Introducing the new service to the Tanzanian market, Mr. Sumit Shekhar, Head - Strategic Investments and Subsidiaries said, "We are delighted to start these services making business easy for Comorians visiting Tanzania. As we all know, Union of the Comoros, an archipelago country in the Indian Ocean sharing maritime borders with Tanzania in the northwest, has seen growing business interest and trade between the two countries.”

“Exim Bank is among the top 5 banks in Tanzania and the largest bank in the islands of Comoros and the only financial institution to have presence in both countries. This is a new leaf in increased economic cooperation between two countries whilst creating opportunities for traders and manufacturers in both countries.’’

“Comoros main imports are rice, cement, fish, food items, sugar other than fuel and cars. Their top exports are cloves, essential, vanilla, and scrap vessels. Tanzania with a good number of manufacturing companies locally and a huge port infrastructure offers considerable trade synergy between both countries,"added Shekhar in Dar es Salaam.

Further elaborating on the New Product, Mr. Andrew Lyimo, the bank’s Retail Banking Head said: “The product which was initially launched in Comoro a few weeks ago offers transfer of funds between the two countries, facilitates payment from customers’ accounts, and cash withdrawals solutions through Exim-designated branches in Dar es Salaam, Mtwara, and Zanzibar. This is a step further wherein the bank is continuously pursuing innovative ways to serve its customers by enhancing the efficiency of its electronic banking services.”

According to Lyimo, through the product, Comorians visiting Tanzania for trade, business, medical, or any other purpose can access and withdraw funds or make payments to any clients in Tanzania. They just need to visit designated branches thus making it easier for them to conduct businesses and reducing considerably the risk and inconvenience of dealing in cash.

The use of the product will benefit the bank’s customers with several advantages including travel without cash as well as an easy, fast, and reliable way to withdraw money abroad.

“Further through the product, our customers can pay their suppliers from their account while abroad, protect themselves from the risk of theft and loss of money and it also enables them to spend their money based on their needs.’’ He mentioned.

According to Lyimo, the product would further increase the speed of banking transactions, facilitate increased business volumes, flexibility to make higher payments thus formalizing trade and gradually accessing credit lines.

“Comorians visiting Tanzania for personal reasons like medical and study will also be able to benefit from these services. All they need to do is to have an account at Exim Bank and have a valid passport and visa.’’ He spoke.

“We are rigorously working to create a seamless system for business transactions irrespective of our customers’ location in Africa, to make banking services affordable, secure, and convenient for everyone. Soon, this service will be extended to other locations within and outside Africa”. He conclusively said.