TPB Chief Executive Officer, Sabasaba Mshindi
In an exclusive interview with The Guardian, he said at the moment,
the bank operates under the Banking and Financial Institutions Act,
(BAFIA) 2006 which requires all banks to be incorporated under the
Companies Act.
“When the changes are done, it will enable TPB to offer affordable
and inclusive financial services as a leading institution in the
country,” he said.
Mshindi assured members of the public that the new legislation,
approved by the national assembly on Monday does not seek to
‘close-down’ the bank, rather it enables the TPB to be owned by
Tanzanians, he said.
TPB’s main shareholders are the Government with an 83 per cent
stake, the Tanzania Posts Corporation with ten percent, the Tanzania
Posts & Telecommunications Servings and Credit Cooperatives Society
Ltd (3.1 percent) and Zanzibar 3.6 percent. Listing it at the DSE would
bankroll the bank in its expansion programmes, said Mshindi who told a
press conference:
“We are making broader adjustments. We have come-up with several
innovations to reach more people in the small and medium level of the
economy. We hope that this change will add more to the existing ones.”
He admitted that the parliament move to endorse the Tanzania Postal
Bank (TPB) (Repeal and Transitional Provisions) Act, 2015 making the
bank transform itself had more questions than answers.
“But people should understand that the bank will exist and what
changed are just legislations … including all assets and liabilities.”
He was surprised to note that some customers left the bank just after the parliament changed the law.
He said people should understand that the law did not give
loopholes for the TPB to be owned by foreigners but rather Tanzanians.
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