An international banker hails Tanzania on its economic reform

PLANS by Tanzania government of constructing Bagamoyo port and make it an international gateway for import and exports of goods will facilitate interregional trade links with landlocked countries within East and Central African region, an international banker has observed. Head of Consumer Banking of the Standard Chartered Bank for Africa region, Kariuki Ngari said in Dar es Salaam recently that, efforts made by the government on its port expansion along the coastline will help grow the country’s economy. He said with the recent discoveries of gas and oil whose excavations have not yet started, the government needs to strengthen its plans properly in order to benefit from its underground natural wealth. However, he said that, the authorities should not worry about its excavation at the moment and urged the government to put in place its development strategies as this wealth is likely to make Tanzania become the leading in East Africa region in terms of economic growth. Unlike at the moment, he said Kenya is the leading though it has little natural wealth, and Tanzania ranks the second despite of having numerous unexplored wealth. After Tanzania, Uganda follows then Rwanda and Burundi. Kariuki who is a Kenyan by nationality noted that, the resources that Tanzania has is enough to make it grow at a much faster pace if properly utilised and well planned. Kariuki made a three day familiarisation tour in Tanzania since his appointment by Standard Chartered Bank to head the position as a consumer banking in Africa region which started in 1^st April this year. Before his appointment, he was an Executive Director, Consumer Banking East Africa region. His new appointment will make him lead the consumer banking strategy for the bank and its implementation in Africa, capturing growth opportunities and introducing innovative strategies to further strengthen the bank’s market position in Africa region. He joined the bank in 2009 from Barclays where he was the Director of Consumer banking and prior to that, he was the head of Retail Performance. He also had worked for the Standard Chartered bank Kenya Ltd in various capacities before he left for Barclays in 2001. He is the first African to head such a high ranking position in the bank that entails consumer banking business for Africa. His inspiration has shown the growing strength and depth of talent in Africa, said Anne Mutahi chairperson of the Standard Chartered Bank Kenya. Anne has described him as an accomplished banker with extensive experience in all aspects of banking having successfully transformed East African regional strategies resulting in international awards for business performance and strong understanding of the East African consumer business which has developed a strong market share in chosen market segments. She further noted that, Kariuki is an inspirational leader with a proven ability to attract, retain and motivate the best of talent. He possesses sound experience in sales and performance management with proven track record of driving change and delivering exceptional business results in challenging and dynamic business environment.