Inaugurating its fourth branch located at Kenyatta road in Mwanza, the District Commissioner for Nyamagana district, Baraka Konisaga, said that the bank services are significant for socio-economic development.
Mr. Konisaga noted that the bank industry empowers all the economic activities in terms of investment,business payments and private transactions, deposit, and business credits to citizens.
“The Government recognizes and gives priorities in enhancing and developing this sector so as to reduce poverty in the country. The Government has set good investment environment and strengthen security,”Mr. Konisaga said.
He further noted that the availability of the Bank of Baroda services in the region and the country — is a pillar of economic development in the country since the sector has been significant to the economy of any country in the world.
DC Konisaga, also said that many business traders in Mwanza undergo a number of challenges of which the major one being lack of capital, adding financial institutions charge them high interest rates.
“The launch of Bank of Baroda will benefit a lot of people. I am proud to hear that you’re now getting back to the community purposely for development every year. The Government is proud to see your support in different sectors such as health and education. This is something to be emulated by other institutions in the country,” he said.
The DC has urged Bank of Baroda to provide quality service to the people so as to compete with other bank services in Mwanza.
Bank of Baroda continues to expand its global network with its wholly-owned subsidiary Bank of Baroda (Tanzania) opening its second branch in Arusha in Tanzania. The bank will be offering the full range of banking products including trade finance and SME financing.
The Indian bank has also opened its second branch in Johannesburg, South Africa. The branch was open for business as of August 6, and will also be offering trade finance facilities.
It was officially inaugurated by R K Bhatia, high commissioner of India in South Africa, in the presence of Anil Khandelwal, chairman and managing director of the bank.
In March this year, the bank secured approval to set up a subsidiary in Trinidad and Tobago, and it total has received domestic regulatory approval to open 10 new overseas offices in 2007-08.
Nominated by the people for accreditation as an East Africa Top100 Sustainable Development Agencies and to be gazetted in The 2016/2017 East Africa Sustainable Development Factbook in appreciation and recognition of its contribution towards attainment of the United Nations Sustainable Development Goals in East Africa.
The people of East Africa have so far nominated over 500 agencies from government, business sector, Non Government organizations and international agencies.
Voting is going on to determine only the Top100 Sustainable Development Agencies in Uganda which will be gazzetted in the 2016/2017 East Africa Sustainable Development Factbook and will be accredited The East Africa Top 100 Sustainable Development Agencies.
Public Opinions recognise,award and accredit agencies which promotes and uphold international best practices such as respect for rights of workers,payment of taxes, supporting productive corporate social responsibility, quality products and services, environmental protection,employment and renumeration of people, ,Commitment to Zero-Corruption policy,committment to United Nations Sustainable Development Goals.