Barclays Tanzania opens another forex bureau in a Dar 5 Star Hotel

Barclays Bank Tanzania Head of Marketing and Corporate Relations, Aron Luhanga (right), shakes hands with Hyatt Regency Dar es Salaam Operations Director, Timothy Mlay during the official opening of BBT second forex bureau in Dar es Salaam yesterday. In the picture from left are BBT City Mall Branch Manager, Winford Mwang’onda, bank’s Head of Global Markets, Esther Maruma and  BBT Head of Retail Banking, Oscar Mwamfwagasi.

By Our Reporter

The drive to heed Bank of Tanzania call for banks to take the initiative and expand forex services has continued to gain momentum, with Barclays Tanzania Bank opening up a forex shop at Dar’s busy CBD to fill the supply deficit created when tens of bureaus lost licenses over failure to follow laws.

Speaking at the launch at Hyatt Regency hotel yesterday, Barclays Tanzania Head of Global Markets, Esther Maruma said; This strategy direction was taken to support cash trading requirements of the public. We have more than six currencies available for trading immediately.”

Ms Maruma, who said the expansion is part of Barclays foreign exchange retail proposition, added that the bank was evaluating other strategic locations, including ports of entry and other regions outside Dar to ensure the network grows even further and deliver forex services closer to consumers.

The bank’s Head of Retail Banking, Oscar Mwamfwagasi, said as a business strategy, the bank had to review and improve its forex Board Rate pricing, in order to make services affordable across the clientele base trading in cash, online and through the bank’s footprint.

The forex services, which is an extension of our forex portfolio, gives us opportunity to serve clients beyond the regular working hours, he noted.

However, he said the bank will continue to offer the foreign exchange services in accordance with regulations laid down by The Bank of Tanzania.

The bureau, which will be open seven a week covering weekends and holidays, is the second in the Barclays ambitious forex services provision expansion, having opened up the first one in April.