Blue economy: DCB Bank out to play role in Zanzibar

Zanzibar. The DCB Commercial Bank is set to open a branch in Zanzibar as it seeks to play a role in the development of blue economy.

The bank’s top management, led by managing director Godfrey Ndalahwa (pictured), is currently undertaking a week-long tour of the Isles, as they explore investment opportunities.

Zanzibar President Hussein Ali Mwinyi has been the main supporter of the blue economy, saying that it is the best way to develop the Isles’ economy.

The World Bank defines a blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem”.

“There are massive opportunities in a blue economy. We at DCB are poised to offer financial services to players across the entire society from the grassroots, starting with small and medium entreprises, groups of entrepreneurs, women and the youth,” said Mr Ndalahwa.

Speaking with the DCB delegation, the Zanzibar Minister of State in the President’s Office (Economy and Investment), Mr Mudrik Ramadhan Soraga, said the government was ready to work with DCB and other investors by putting in place a conducive environment for investment in the Isles.

DCB was established in 2002 as Dar es Salaam Community Bank, seeking to provide capital resources for small traders in the commercial capital.

With a sustained growth, it graduated into a fully-fledged commercial bank in the year 2012, in line with requirements of the central Bank of Tanzania.

“During the past 20 years of its existence, the bank’s profits have been going up while its branch network has since expanded to eight,” he said.