Standard Chartered Bank Tanzania (SCT) faced a number of challenges in 2006. Despite an impairment loss on a major account, the bank was able to increase its revenue base by 16% by focusing on higher value-added products, introducing innovative products and expanding into key sectors that are vital to the country’s economic development. The bank continued its aggressive campaign to target the agriculture sector, which is a key sector of Tanzania’s economy. The group also enhanced its structured agriculture and trade finance business by expanding to cover more agricultural commodities, while and developing a number of unique solutions for this sector.
SCT upgraded its trading platform with a more robust version, allowing for more efficient management of positions, market risk factors and transaction settlements. The bank has been at the forefront in offering solutions to manage interest and exchange rate risk. It has developed solutions using innovative products such as high-yield deposits, options, FX swaps and fixed income products. As a result, it was the number one choice for customers looking for treasury products.
The group has also been leading the way in introducing innovative products and services in the market. Last year, it launched Tanzania’s most competitive savings account, Tajirika Account, which features a low opening and minimum balance matched with the highest interest rates offered in the country, with no service charges.
On the small businesses front, the bank launched the fast turnaround, reduced collateral SME Express Trade Account and International Trade Account.
