Bank of Africa Ltd (BOA), which entered into Tanzania’s banking industry early last year has opened a branch in Arusha town. The state of the art branch which is housed at the Arusha Co-operative Union (ACU) building was officially launched by Arusha’s Regional Commissioner Isidore Shirima on October 29. The Regional Commissioner said one of the major problems facing Small and Medium (SMEs) in Tanzania today was lack of capital to boost their small business ventures. “I am now beginning to sense a sigh of relief after learning that the Bank of Africa has designed loan packages tailored to meet the needs of SMEs. I hope these loans will continue to enable small businesses to flourish and grow rapidly,” said Mr. Shirima. Bank of Africa is one of the fastest growing commercial banks in the country. Apart from Arusha branch, the bank has five others in Dar es Salaam – Msimbazi branch, Sinza branch, Airport branch, National Development Corporation (NDC) branch, and Tandika branch. It also has one branch in Mwanza. During the official launch of Arusha branch, the bank’s managing director; Kobena Andah said the simultaneous opening of Mwanza and Arusha branches was in partial fulfillment of the promise the Bank of Africa (BOA) had made when it entered Tanzania’s banking industry early last year. “We serve the corporate, retail and consumer segments of the market and although we like to be referred as a universal bank, our bread and butter is the Small and Medium Enterprises (SMEs),” said Kobena, “Our SME products will undoubtedly bring relief to SME customers in Arusha town who now obtain short - term finance designed to fit into their cash-flow cycles without the hassle of providing the traditional collateral.” he adds. Speaking during the official launch of Arusha branch, the Bank’s Chairman, Ambassador Fulgence Kasaura, said his bank intended to work with the government in its efforts to eradicate poverty across the country. “We have made major strides in our efforts to support Small and Medium Enterprises across the country.” Paul Derreumaux, who is the founding member, Bank of Africa Group- Mali as well president Bank of Africa Ltd (T), said his bank was determined to serve Tanzanian’s banking public and that is why the bank chose to invest in Tanzania. He said his bank plans to open more branches in Tanzania so as to satisfy unmet demand.