Zanzibar Minister for Finance and Planning, Dr Juma Malik Akil (second right), launches the new KCB Mkunazini branch in Unguja. Others from left are KCB Bank Tanzania managing director Cosmas Kimario, Minister for Information, Communication Technology and Innovation, Mudrik Ramadhan Soraga and the bank’s board chairman Peter Kallaghe. PHOTO|COURTESY
The bank was also the first to introduce Islamic banking services in Tanzania in 2008, in attempt to support the development of an inclusive economy that enables citizens to participate fully in productive activities.
Unguja. KCB Bank Tanzania has officially launched a relocated branch in Zanzibar as it promises to support the implementation of the isles’ Development Vision.
The new branch was relocated from Malindi to Mkunazini Ward in Zanzibar’s West Region, Unguja as a strategic step to improve service accessibility, according to the bank.
Speaking during the launch, KCB Bank board chairman Peter Kallaghe said the opening reflected the lender’s commitment to advancing inclusive growth, accelerating financial sector reforms, promoting the blue economy, empowering the private sector and leveraging technology as a driver of financial and social development.
He said KCB Bank Tanzania was the first bank in East Africa to introduce a Sukuk bond, known as Fursa Sukuk, which was launched in November 2022 and listed on the Dar es Salaam Stock Exchange (DSE).
The bank was also the first to introduce Islamic banking services in Tanzania in 2008, in attempt to support the development of an inclusive economy that enables citizens to participate fully in productive activities.
“These services include short- and long-term financing, business and personal accounts, as well as digital payment systems, enhancing financial transparency and strengthening competitiveness in the private sector,” said ambassador Kallaghe.
KCB Bank Tanzania managing director Cosmas Kimario said the bank was committed to simplifying access to financial services.
“This branch has simplified access to financial services for residents, entrepreneurs, traders and investors, while stimulating economic activity in this strategically important area,” he said.
In support of the blue economy, he said, the bank has financed strategic projects, including the acquisition of large cargo vessels worth more than Sh14 billion. The investment has strengthened Zanzibar traders’ capacity to engage in regional and international trade, reinforced marine value chains and contributed to long-term employment and income generation.
The bank has also supported the tourism sector — a key pillar of Zanzibar’s economy — by investing approximately $6.5 million (about Sh17 billion) in hotel development, in line with efforts to promote high-value, sustainable tourism that contributes to community welfare and domestic economic growth.
Mr Kimario said KCB was ready to back digital transformation initiatives in collaboration with the government of Zanzibar.
He said the commitment aimed to enhance public service delivery, improve financial transparency and harness technology as a catalyst for development.
