ZANZIBAR President Dr Hussein Ali Mwinyi has called on Tanzanians to make full use of banking services to support the government's goal of ensuring that integrated financial services reach 80 percent of the population by 2028.

Dr Mwinyi made the appeal over the weekend during the inauguration of a new branch of the People's Bank of Zanzibar (PBZ) in Mwanza. 

He expressed concern over current data, which shows that financial services have reached 76 percent of the population, while only 22 percent are using banking services.

"Financial inclusion is essential for promoting sustainable economic growth in Tanzania. That's why it is imperative for Tanzanians, especially residents of Mwanza and neighbouring regions, to take full advantage of banking services," Dr Mwinyi emphasized.

He highlighted that PBZ Bank’s efforts to expand its presence across mainland Tanzania align with the government's goal of fostering economic unity. 

He noted that the establishment of this new branch would provide enhanced access to loans and financial services, thereby creating economic opportunities for the region's residents.

"The expansion of PBZ in both mainland Tanzania and the Zanzibar islands serves as a vital link to strengthen national unity and promote economic benefits for all. This bank will unlock opportunities for various groups, including farmers, livestock keepers, entrepreneurs, traders, and employees in both the public and private sectors. I expect that interactions between Zanzibar and the Lake Region will thrive with the opening of this branch," Dr Mwinyi said.

He commended the bank's commitment to quality service and its contributions to community welfare, including support for sports, education, and healthcare initiatives.

"I am optimistic that the people of Mwanza will benefit from the bank’s dedication to corporate social responsibility," he added.

Arafat Haji, bank's managing director, spoke about the positive impact the new branch would have on Mwanza's residents, emphasising that the improved banking services would offer significant opportunities for empowerment and provide loans to various groups, such as farmers and entrepreneurs.

“It is no coincidence that we opened this branch during Customer Service Week. This branch will bring our services closer to Mwanza residents and surrounding areas, in line with the motto of Customer Service Week, 'Above and Beyond,” Arafat said.

He also recognised the ongoing efforts of both President Dr Mwinyi and President Samia Suluhu Hassan in crafting policies that promote economic growth and support the success of financial institutions in the country.

PBZ, which is the seventh-largest bank in Tanzania with assets exceeding 2.3trn/-, continues to expand. This year, the bank opened branches in Morogoro, Mbeya, and Mwanza.

"In our strategic plan, we intend to open more branches in regions such as Arusha and Tanga," Arafat said, reaffirming that PBZ services are accessible through various platforms, including VISA cards, Umoja Switch cards, agents nationwide, mobile banking, and internet banking.