A blog that gives out financial institutions news on time with accurate informations.


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Tuesday, May 31, 2022

Stakeholders hail new Education Plan, as TCU Okays

 

 Higher education stakeholders have praised a new government plan to encourage universities to set up technical education campuses, saying the move will create a pool of competent graduates in the wake of an increasingly competitive and dynamic labour market.

“We commend the government for its plan to expand the scope of technical education by allowing universities to offer competence-based courses,” Ms Angela Mungai said in an interview with this correspondent on a wide range of issues related to higher education in Tanzania.

Stakeholders’ comments came following Minister for Education, Science and Technology Prof Adolf Mkenda’s statement in Parliament recently. The minister said the government planned to encourage universities and higher education institutions to set up technical education campuses as part of a long-term strategy to enhance the provision of competence-based technical education in the country.

Winding up his ministry’s budget estimates recently, Prof Mkenda told the National Assembly that the government would encourage universities and higher education institutions to open technical campuses for certificate and diploma in different regions across the country.

Among other things, according to the minister, the move intends to promote the provision of technical education in universities and other higher education institutions --with a broader view to imparting to students technical skills needed in the labour market.

In fact, the minister was responding to long time concerns by Members of Parliament (MPs) and higher education stakeholders, who had on various occasions expressed a need to allow universities and other higher education institutions to offer technical education and produce competent graduates with technical skills required in the rapidly changing labour market.

Higher education stakeholders described the latest government plan as “a step forward” towards enhancing the provision of competence-based education and thus increase the number of competent graduates in Tanzania in the face of stiff competition in the labour market.

“The labour market requires graduates who can do the job and not just holders of degree certificates with flying colours. We are happy to see that the government is now committed to expanding the scope of technical education up to university level,” said Mr Mohamed Unju, an expert in higher education based in Dodoma.

But stakeholders expressed doubts that  implementation of the new government plan will remain “a mere dream” if the regulator of Universities—Tanzania Commission for Universities (TCU) will not review restrictive guidelines barring universities from offering technical education programmes (diploma and certificates).

 

Interviewed, one higher education stakeholder, Joseph Mfutakamba cited specific TCU guidelines 1.5.2 which “restricts universities to offer NACTE accredited technical education (certificate, diploma) programmes that are being offered in a regular middle level institution operating in Tanzania and guideline 1.5.4 which restrict Universities to start new competence-based Technical programmes (certificate and diploma) are might not have been listed in the initial accreditation documents.”

 

“It’s time for TCU to review restrictive guidelines and allow both technical colleges and universities to offer competence-based technical programmes in order to go at par with dynamics of today’s competitive labour markets, new government education plans and Academic freedom for Universities,” added Mfutakamba.

 

When contacted, TCU spokesperson  Jorlin Kagaruki said “...TCU guidelines will not be a stumbling block for universities and higher learning institutions wishing to open technical education campuses.  It is up to the universities (public and private ones) to strategize on how they are going to implement new plan announced by the Minister Pro. Mkenda”

“TCU has no problem with Universities wanting to create or construct technical education campuses as part of the implementation of the plan announced by the Minister in the Parliament on the need to sensitize higher learning institutions to set up technical education campuses in different regions countrywide….,” said Kagaruki.

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Thursday, May 12, 2022

ABSA BANK TANZANIA PROFIT AFTER TAX SOARS 155% IN THE FIRST QUARTER OF 2022

   
Absa Bank Tanzania has started the year 2022 positively by recording profit after tax (PAT) of TZS 5.2 billion which is 155% higher than the amount recorded in the same period 2021. The improved performance was driven by good performance in transaction banking, FX Income and net interest income following the improving economy from the pandemic effects together with launching of mobile lending which has positively impacted interest income, the bank’s Managing Director Abdi Mohamed has revealed.

The profit before tax (PBT) also grew significantly by 150% year on year from 2.96 billion in the first quarter of 2021 to TZS 7.38 billion this year. This was mainly contributed by the 33% growth in NII driven by the mobile lending and the notable improvement on the income from the government securities on the back of the increased volumes”, said Abdi Mohamed yesterday

He also commented that the Fees and commission and FX Income improved by 31% and 40% respectively year on year. The impressive improvement by organic growth following improving economic activities that has seen growing volumes of transactions. The bank continues to be competitive in pricing its products and services and the ensure the customers get the best quality of services.

Absa Finance Director (CFO) Obedi Laiser said, “the net customers loans improved by 34% year on year and 20% from the previous quarter thanks to the impressive impact of the mobile lending drive. The bank continued to sell and grow its mobile lending product in partnership with Tigo Tanzania that has reached thousands of customers and assist them to access financial services more conveniently and improve their lives and wellbeing. The growth in customers’ loans was also boosted by the increased utilization in overdraft facilities as customers continued to finance their growing business needs”.

The customers’ deposits improved 4% year on year and 8% from the previous quarter with growth obtained in all segments. The bank has a network of delivery channels and talented customers’ service team that provide our esteemed customers with best value proposition. Our prices on the deposits continue to remain competitive, according to Laiser.

Total capital position of the bank grew by a decent 14.52% year on year to TZS 153 billion largely contributed by the retained profit which was reinvested into the capital of the bank. Total Capital of the bank increased by TZS 5.15 billion during the year adding more capital resources which are deployed in expanding Bank’s lending capabilities to serve our customers better. The bank continues to have a strong capital position and operates well above the regulatory and internal capital requirements, said CFO Obedi Laiser.

For more information please contact:

Aron Luhanga
Head, Marketing & Corporate Relations
Absa Bank Tanzania Limited
+255 768 221 717

About Absa Bank Tanzania

Absa Bank Tanzania Limited is a leading commercial bank in Tanzania that currently boasts a network of 15 branches and 62 ATMs strategically located countrywide – 21 at all our branches and 49 offsite.

The Bank is a wholly owned subsidiary of Absa Group Limited.

Absa Bank Tanzania Limited, (registered number 38557), is regulated by the Bank of Tanzania.

About Absa Group Limited

Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups.

Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.

Absa Group has a presence in 12 countries in Africa.

The Group’s registered head office is in Johannesburg, South Africa, and it owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa (Absa Bank), Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia. The Group also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia, and an International Representative Office in London and New York.

For further information about Absa, please visit our website www.absa.africa
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