Bank of Baroda Tanzania Limited has opened a new branch at Kenyatta road in Mwanza.

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.