(Ecofin Agency) - Tanzanian commercial bank, People's Bank of Zanzibar, PBZ (fully owned by the Zanzibar government) plans to open new branches in the country to expand its customer base.

Speaking on the sidelines of the Bank's 52nd anniversary, MD Juma Hafidh said the branches will be set in Dodoma, Arusha and Mwanza in the coming year. “We’re going to increase the number of ATMs in different parts of Zanzibar,” he said.

Furthermore, PBZ which was founded in 1996, also plans to deploy in rural areas. Indeed, banks have long been reluctant to set branches in these remote areas due to the lack of basic infrastructure.

Chamberline Moko