Equity Bank Tanzania, a subsidiary of Equity Group Holdings has entered into a partnership with the Tanzania Postal Corporation (TPC) to use the latters’ facilities to provide its banking services in the form of Super Agents.
The partnership aims to bring banking services closer to its customers in the East African country.
“ The signing of the MoU will ensure increased scope of service delivery network and enable us to include more Tanzanians for economic empowerment.” said The Bank’s Managing Director Robert Kiboti.
Equity Bank Tanzania has nearly 3,900 agents across the country.
Currently, Equity Group Holdings is strategically planning to revamp its underperforming subsidiaries in Tanzania, South Sudan and Rwanda afloat through additional funding to strengthen its vertical growth plan, propounded after abandoning cross-border acquisitions in 2020.
Initially, Equity targeted to hit a Ksh.1 trillion in terms of assets and 100 million customers by 2024 through a pan-African expansion programme.
However, the programme failed last year, after the lender failed to acquire four banks in Rwanda, Tanzania, Zambia and Mozambique, which it considered key to its ambitious plan.
Previous to its acquisition of the Congolese Banque Commerciale du Congo (BDC) last year, Equity Bank had put an additional Ksh.4.79 billion in Tanzania, Uganda and the DRC units.
