Unguja. Zanzibar Deputy Minister of Finance and Planning Zanzibar, Dr Hamad Omar Bakari, said the Zanzibar economy is growing due to favourable conditions that are driving growth in national income.
Speaking on behalf of Minister, Dr Malik Juma Akili, during the opening of the Equity Bank branch at Kijangwani, Dr Bakari said one of the key drivers of economic growth is rising employment levels among citizens, which is contributing to greater economic empowerment.
He said Zanzibar is growing through increased employment opportunities and efforts to reduce the cost of living, which is improving citizens’ economic welfare.
He noted that the Revolutionary Government of Zanzibar (RGZ) is committed to reducing the cost of living by lowering inflation of goods and services.
He said branch expansion on the island is strengthening business linkages and bringing citizens together to conduct commerce more efficiently and smoothly.
He added that the increase in bank branches is bringing financial services closer to citizens at lower cost and greater convenience for customers.
“Banks contribute significantly to Zanzibar’s economic growth and development by providing dividends that help government operations function more efficiently,” he said.
Equity Bank Tanzania executive director, Ms Isabela Maganga, said the bank has been operating in Zanzibar for 10 years, which is the reason for opening an additional branch.
She said the new branch is intended to accelerate economic activity on the island, supported by ongoing government investment.
“The bank considers Zanzibar a strategic area given its positive economic outlook and therefore remains committed to working closely with government,” she said.
The Bank’s Zanzibar Branch Manager, Mr Annas Ramadhani, said this is the second branch opened in Zanzibar, aimed at supporting medium and large traders.
He said the branch will help connect traders to more efficient services and improve the effectiveness of their operations.
He added that the bank aims to serve all customers and welcomed residents of Zanzibar to use the services to improve business efficiency.
Businessman and customer, Dr Issa Seif, said the bank plays an important role in supporting clients and enabling them to grow their businesses.
