UBA Tanzania Extends Support to Rufiji Hydro- Electric Power Project, Opens a New Branch on Site - MTAA KWA MTAA BLOG


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Tuesday, 1 December 2020

UBA Tanzania Extends Support to Rufiji Hydro- Electric Power Project, Opens a New Branch on Site

  Following the over $400m funding commitment towards the construction of Rufiji Hydroelectric power project (RHPP), one of the most potential projects in Tanzania, United Bank for Africa Tanzania Ltd (UBA Tanzania) has again extende
d its support with the launch of an ultra-modern business office at the project site.

The newly opened UBA Rufiji Branch will offer full banking services to contractors, staff and general public at the Julius Nyerere Hydropower Station, also called Rufiji Hydroelectric Power Station, a 2,115 megawatts hydroelectric dam under construction. The power station is expected to produce 5,920GWh of power annually.

The new branch also comes with a variety of digital products and services including secure and convenient bills payment and online transactions, an indication of the bank’s commitment to the project and support for the government’s infrastructure development.

Commenting on the new office, the Managing Director of the Bank, Kingsley Ulinfun noted that “In line with UBA’s customer first philosophy, this is another step that UBA Tanzania has taken in its branch expansion program. The Bank plans to open in five more locations Tanzania - Zanzibar, Mwanza, Mbeya and Arusha.” 

It will be recalled that in 2019, the United Bank for Africa (UBA) provided $366mm financial support to the Rufiji Hydroelectric Power Project. As a further demonstration of the support for this project, the bank is providing another $40mm in project financing, bringing its total commitments to over $400mm. The project has been described as one of the biggest achievements in President Dr. Magufuli’s government who is determined in building an industrialized nation with an improved economic system and development for her citizen.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

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