Azania Bank in a forex trading shops opening spree

12Jun 2019
The Guardian Reporter
The Guardian
Azania Bank in a forex trading shops opening spree

IN a bid to take advantage of the vacuum left behind by hundreds of foreign currency trading shops in the country closed by Bank of Tanzania in Dar es Salaam earlier this year, Azania Bank Limited has opened five bureau de change shops.

The ABL’s Managing Director, Charles Itembe said the five stand-alone bureau de change shops opened in Dar es Salaam, Arusha and Kilimanjaro regions will allow customers easily change their money.

Itembe said it is important that the business of foreign currency trading should continue smoothly hence his bank’s decision to invest in the new shops to address demand which has been increasing tremendously.

The newly opened bureau de change shops include two in Dar es Salaam and one each in Arusha City, Kilimanjaro International Airport and Moshi Municipality respectively. Foreign exchange services will be provided at the shops during normal working hours as do other banking services.

ABL’s opening of the new shops comes after the Bank of Tanzania (BoT), earlier this year, established new regulations to govern the forex trade after its prompt inspections found massive irregularities.

The ABL’s Managing Director, said pledged to continue investing in expansion of forex trading shops to all corners of the country particularly where demand is very high.

“Apart from providing forex services to our customers and the general public, these stand-alone bureaux will also provide additional banking services such as account opening, cash deposit, cash withdrawal as well as mobile banking,” Itembe added. He added that ABL will also continue to have foreign exchange windows in all of its branches in the country which are open to the public daily.

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