(Unguja) – Zanzibar’s Minister of Water, Energy, and Minerals, Shaib Hassan Kaduara, has urged entrepreneurs in Kinyasini Market, North Unguja, to take advantage of loans offered by the People’s Bank of Zanzibar (PBZ) to expand their businesses.
Speaking at the inauguration of a new PBZ branch in Kinyasini on January 10, 2025, Minister Kaduara emphasized the importance of capital for any business and called on market vendors and other residents to utilize the new branch for financial solutions.
The new PBZ branch will make it easier for locals to access government services without needing to travel to the city center, he noted. Services include utility bill payments, government transactions, and financial services such as deposits and withdrawals.
Minister Kaduara encouraged hotel owners, business operators, and small-scale entrepreneurs to support the bank and communicate any challenges they face to ensure solutions are found. He stressed that the bank’s presence is intended to provide financial solutions and urged residents to open accounts and move away from outdated methods of saving money, such as keeping cash at home.
Deputy Minister of Finance and Planning, Juma Makungu Juma, reinforced this message, saying that saving money in traditional ways, such as in pots or under mattresses, is no longer practical. He pointed out the risks associated with such practices, including the loss of savings in events like house fires.
“People should understand that banks are not only for those with large sums of money. Even small savings can grow when kept in the bank,” he said. He also advised residents to be cautious about sharing confidential information, particularly bank or mobile money account passwords.
PBZ Managing Director Arafat Haji highlighted the rapid growth of the bank, which now operates 44 branches—29 in Zanzibar and 15 on mainland Tanzania. The bank also works with over 1,500 agents across the country. He added that PBZ currently holds total assets worth TZS 2.4 trillion and is ranked as the sixth most profitable bank in Tanzania.
Key Information
| Topic | Details |
|---|---|
| Event | Launch of PBZ branch in Kinyasini, North Unguja |
| Call to Action | Entrepreneurs encouraged to use bank loans for business growth |
| Bank Services | Government payments, deposits, withdrawals, and utility payments available locally |
| Key Messages | Saving in banks is safer than traditional methods; banks are for everyone, not just the wealthy |
| Bank Growth | PBZ now has 44 branches and 1,500 agents, with total assets of TZS 2.4 trillion |
