CRDB Bank has a customer service camp ...

Story Page 5

NBC Bank has launched a customer service campaign which will stretch to the end of November ...

Mokka City Cafe and Lounge is a Tanzanian coffee house of international repute ...

Story Page 13, 14

Story Page 19

DECEMBER 1 7, 2012
DSE All Share Index Tanzania 1473.98 -1.42% NSE All Share Index Kenya 92.26 -0.66%

A JOURNAL FOR THE BANKING AND FINANCE INDUSTRY

USE All Share Index Uganda JSE All Share Index South Africa Gold Prices 1727.20 +10.70% USD TShs 1586.0 0.40% KShs UGSHs 2528.0 0.18%

1181.00 0.25%

37926.31 +0.04%

Global

1588.0 -0.35%

18.36 -0.25%

FOREX

Yen on doubts over Greece deal

Euro falls vs Dollar

closer to a record low against the US Dollar

Tanzania Shilling
MONEY MATTERS

A man holds Japanese 10,000 Yen ($121) bank notes in front of a bank in Tokyo. A 4 percent slide in the yen against the dollar in the last week and a half, driven by expectations that the Bank of Japan would take aggressive monetary policy under a likely new government, has increased the allure of long-suffering exporter shares and pushed Japanese stocks higher.
[Credit: Reuters/Kim Kyung-Hoon]

By Wanfeng Zhou NEW YORK (Reuters)

he euro edged lower against the dollar and yen on Tuesday as optimism about a Greek debt deal gave way to worries about the lack of details in the plan. Data showing U.S. consumer confidence at a four-year high also provided a modest boost for the dollar, though a looming budget crisis tempered optimism about the American economy and kept dollar gains in check. The euro overnight notched a one-month high above $1.30 after euro zone finance ministers and the International Monetary Fund agreed to reduce Greeces debt, which paves the way for the release of emergency aid for the country. But investors fretted over the lack of detail on a Greek bond buy-back, which has to be carried out before the IMF can release its share of aid in December. There was also concern about Athens ability to meet its debt reduction targets. Market participants are not overly enthused by the tentative deal, said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. Questions persist about the proposed debt buyback. Against this backdrop, we are seeing renewed modest net selling of the euro. The euro last traded at $1.2936, down 0.3 percent. Earlier it reached a one-month high of $1.3009, on Reuters data. Against the yen, the dollar rose 0.1 percent to 82.15 yen after Japanese opposition leader Shinzo Abe, who is

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he US dollar has gained significant ground against the Tanzania Shilling in the last two months thus the shilling heading to its lowest levels in the last eight months and sending a bad signal to investors. According to commercial banks, the Tanzanian shilling depreciated by almost TShs 38/- against the green back in the last two months. It opened at TShs 1,587/- at mid last month before sinking to TShs 1,625/- at the end of the last month. The dwindling of the shilling in

such a short period was associated by growing demand for the US currency by the energy and manufacturing sectors, in the midist of unmatched supply. NMB Bank said the shilling was going down due its failure to stand against heavy demand pressure from the energy and manufacturing sectors, which did not match the inflows from mining, agriculture and tourism sectors. The dollar continued to strengthen against the Tanzanian Shilling, as demand for the US Dollar from importers continued to grow up.

To rescue the Tanzanian Shilling against the US Dollar, the Bank of Tanzania has intervened in the market to cool the temperatures but the demand for the Dollar has surpassed supply from the mining, agriculture and tourism sectors. The Tanzania Securities Chief Executive Officer, Mr Moremi Marwa, said that, the major reason for the shillings fall in the last three months was due to strong demand for dollars from importers and an increased demand

DECEMBER 1 7, 2012
CONTINUED FROM PAGE 1

Closer to a Record Low

Tanzanian Shilling

Against the US Dollar

for fuel, to power vehicles and energy generation, hence pushing up the demand side of the Dollar in the forex markets. The closure of Geita Mine, one of the biggest gold mines in Tanzania for some time, reduced the availability of forex. The mining sector grew by 1.2 per cent in the second quarter, compared to 5.6 per cent last year, mainly because of Geita Gold Mines temporary closure. Donor funds are one of the dependable foreign currencies sources for the country apart from exports and Diaspora remittance. Barclays Bank said the shilling is yet to see better days as the Dollar continue to put it under pressure and intervention by BoT could not salvage the shilling from falling to lowest levels since January.

The market is still struggling to maintain the dollar despite BoT intervention at 1,610 levels by mid of last week, as supply continues to be thin. There is a lot of optimism that the shilling might take a turnaround as the economy is heading towards the end of the month, as traditional corporates will be looking for local currency to settle taxes and salaries obligations. The shilling, normally gains ground, during the last week of the month as corporates raise the demand for the Tanzanian Shilling. The weakening of the shilling as the economy is approaching the end of year holiday season, could mean that the prices of imported goods are going to be higher, as services also might sky rocket during these holiday season.

launches in Africa
Fastjet, the first low-cost airline for Africa, backed by easyJet founder Stelios Haji-Ioannou, has launched with its British management team promising to give people used to 12 hour bus rides the option to fly.
be surprised at both the limited leg room and the charges for drinks, snacks and checked-in bags. Apart from two domestic no frills outfits in South Africa, all other airlines in Sub-Saharan Africa operate full service flights. It is going to take a week or two to get this new model fully understood, few passengers in Africa have had exposure to the way low cost carriers operate, said Kyle Haywood, fastjets general manager, who earlier helped launch the Gulfs first no frills airline, Air Arabia. Fastjet plans to expand its fleet, all Airbus A319s, to 15 aircraft within 12 months. Its initial route focus will be in East Africa, with hubs in Dar es Salaam and Nairobi serving Ethiopia, South Sudan, Uganda and Rwanda. Were looking at a lot of different possible destinations, Mr Winter said. When asked if they might include Mogadishu, Somalias capital, he said, why not? Theres a lot of demand. The company is majority owned by Lonrho, with Mr Haji-Ioannou holding 5 per cent of the shares and acting as lead consultant.
end of the year. A deal needs to be done to avoid the fiscal cliff of tax increases and spending cuts due to take effect at the beginning next year. The Congressional Budget Office has said that letting all the tax and spending changes come into force would thrust the U.S. economy back into recession. Congress and the White House remain at odds on a deal, causing a level of uncertainty that typically boosts the appeal of the safe-haven dollar. Federal Reserve Chairman Ben Bernanke said last week that 2013 could be a very good year for the U.S. economy, provided lawmakers avoid letting it sail over the fiscal cliff. A spike in consumer confidence in November added to optimism and shows theres more hope for the U.S. economy than for other developed ones, said Kathy Lien, managing director of BK Asset Management in New York. Indeed, analysts said the euro would continue to struggle around $1.30 given the worsening economic outlook for the 17-country euro zone. The problem for Greece might be solved for the moment, but there are bigger problems like Spain, and with the dire growth outlook for the euro zone, that will be very difficult to solve, said Niels Christensen, FX strategist at Nordea. He said a retreat to $1.2916, the euros 55-day moving average, might bring some buyers back to the market. (Additional reporting by Steven C. Johnson; Editing by Leslie Adler)

Fastjet

AVIATION

CONTINUED FROM PAGE 1

One of the beautiful Fastjet kites in flight, in African skies.

Story By Mike Pflanz, Dar es Salaam SOURCE: www.telegraph.co.uk

chief executive and formerly chief operating officer at both Go and easyJet. There will be everyone from people who have never flown before, to traders finding new markets, to government ministers. The idea is to give people who used to spend 12 hours on a bus to visit their relatives the option to fly for the first time. Fastjets first aircraft, a 156-seat Airbus A319 that was until six weeks ago in service with easyJet, took its inaugural public flight from Dar es Salaam on Tuesday, a 40-minute round trip over the Indian Ocean above Zanzibar. Regular African passengers used to ample space in the continents flag-carrying airlines are likely to

Air travel in Africa is among the most expensive in the world, with some 45 minute flights costing more than 300. Fastjet offers base fares from 13 before taxes, cheaper than taking long-distance buses, and begins its first commercial flights from its hub in Tanzanias commercial capital, Dar es Salaam, on Thursday. Its British bosses, former senior managers of airlines including easyJet, Go, FlyBe and Ryanair, intend to open new hubs in Kenya next and later in Ghana and Angola. There is no typical fastjet passenger, said Ed Winter, its

expected to become prime minister after next months election, reiterated calls for bolder monetary policy and fiscal stimulus. The dollar hit a 7-1/2-month high of 82.82 yen last week. The euro slipped 0.1 percent against the yen, to 106.31 yen. Some traders booked profits after the Greek deal was announced, taking advantage of the euros rise last week, its best weekly showing in more than two months. Investors who were buying on the rumor have been selling on the news, said Brad Bechtel, managing director at Faros Trading in Stamford, Connecticut. Monthend rebalancing is also playing a role today, with positioning in equities and bonds spilling over into the currency market. ECONOMIC WOES IN EUROPE, FISCAL CONFUSION IN US The dollars direction in the coming weeks will be swayed by whether U.S. lawmakers reach a sweeping deficit reduction agreement by the

Disclaimer: The Financial Junction is a weekly Journal of Global Plexus Ltd. The Financial Junction is distributed with the understanding that the publisher is not rendering legal, financial or any other sort of advice. However, the contents inaccuracies can occur, consequently readers using this information do so at their own risk.

DECEMBER 1 7, 2012

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A Profile of CRDB Bank

CRDB Bank was established in 1996 and has grown and prospered over the years to become the most innovative, customer need driven, first class and trusted bank in the country.

RDB Bank Plc is a leading, wholly-owned private commercial bank in Tanzania. The Bank was established in 1996 and has grown and prospered over the years to become the most innovative, customer need driven, first class and trusted bank in the country. The Bank is listed in the Dar es Salaam Stock Exchange (DSE); it has been recording progressive profit every year since its foundation and paid dividends to shareholders annually. CRDB Bank has been successful in its operations and become the first Tanzanian bank to cross borders by opening a subsidiary in Bujumbura, Burundi this year 2012. Opening of the subsidiary has came up in view of expanding and sustaining the Banks growth, capturing the untapped International market, increase customer base, capitalize on the existing Banks technological platform and increase the market share as well as taking a first step in its regional expansion strategy to the East Africa Community. The Bank offers a comprehensive range of financial products and services including Corporate, Retail, Business, Premier as well as wholesale microfinance services through a network of more than 85 branches, 250 ATMs, 12 Mobile branches, 900 Point of Sale terminals, Agencies and scores of Microfinance partners institutions. The Bank issue and acquires MasterCard and Visa branded cards through its ATMs, Point of Sale devices located at all merchant outlets countrywide. CRDB Bank is a pioneer in product and service innovation in the banking industry in Tanzania. Product and service innovation has being crucial to CRDB Banks success, it has enabled the Bank to gain competitive advantage in the market, enhance its brand visibility, love mark and pursue its focus on growth and saving customers according to their individual financial needs. Over the years CRDB Bank has maintained

Dr. Charles Kimei is the CRDB Bank MD, He is responsible for steering CRDB to great success.
its position in the country through offering of Value Added Services such as a superior Internet based services (Internet Banking), Mobile Banking which enables customers to access their accounts using their mobile phones (SimBanking) and Electronic bank statement (E-statement) to both its retail and corporate customers. These services provide hassle free 24/7 accessibility and convenient of banking services to customers. The Bank launched a Call Centre in the December, 2010 the first bank in the country. Customers can call or email to ask questions and provide their suggestions regarding the Banks products and services as well as various operations and procedures of the Bank also social media through face book, twitter, can be used to access the Call Centre. The Centre has been helpful to customers and a success to the Bank by strengthens our relationship with customers hence create more customer satisfaction. As a way of showing appreciation to the society for their contribution towards the growth of the Banks business, the Bank spends 1% of its annual profit for Corporate Social Investment focusing on the social priorities of environment, education and health with greater emphasis being placed to less fortunate groups in the society.

President Kikwete Showers High Praise on CRDB Bank

PRESIDENT Jakaya Kiwete highly commended the management of the CRDB Bank for establishing a model Branch at Marangu, in Moshi rural area. The branch is equipped with modern gadgets and products. Officiating at opening of the new branch, which flung open its door to customers in December last year, he urged the bank management to open as many branches in the rural area as possible where the majority of Tanzanians live and also mobilize savings as economic growth is dependent on investments. The President directed Marangu residents to make use of the branch to ensure safety of their money which will ultimately make them qualify for credit facilities to enable them set up development projects to eradicate abject poverty in the rural areas. President Kikwete urged CRDB management to review interest rates imposed on loans and savings so as to attract potential customers, adding that working collaboration and partnership between the bank and Savings and Credit Cooperative Societies (SACCOs) should be sustained to maintain smooth delivery financial services in the rural areas. He also requested the bank management to aggressively urge mobile customers go for financial leasing, saying that was the best way of accelerating development activities. He added under that arrangement the Bank could disburse loans in a form of materials, tools, machinery and vehicles and that the same could be retrieved in case of non-compliance to repayment. President Kikwete challenged operators in the private sector to access mortgage financing to enable them build houses for sale or conducting business activities. He also thanked the Bank for realizing its corporate social services by donating 18 beds, 18 mattresses and 80 bed sheets worth 3m/- to the maternity unit at Marangu Hospital. Earlier, CRDB Managing Director, Dr Charles Kimei informed the President that currently there were 60 CRDB Branches and 5 mobile banks operating in the country, saying the Bank has earned 12bn/-in profit of which one per cent is set aside for social services. He said the Bank plan to open branches in every district countrywide, adding that presently structures for 12 branches were in different stages of construction and three more mobile banks will soon be in place. Dr Kimei assured the President that more branches will be opened in rural areas, saying the Marangu branch will be a model to be emulated, saying the thrust was to reduce the gap of people who do not access financial services in the rural areas. He added that a study conducted by experts has revealed that only 12.4 per cent have access to financial services. According to CRDB Marketing and Research Director, Ms Tully Mwambapa, Marangu branch had accumulated savings totaling 1.8 bn/- within a period of five months and it registered 2000 clients.

DECEMBER 1 7, 2012

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DECEMBER 1 7, 2012

DECEMBER 1 7, 2012

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DECEMBER 1 7, 2012

Who is your Insurance Provider ...

Bumaco Insurance Co. exists to provide to Tanzania community quality insurance information and insurance product choices with certainty.

his mission embraces the Tanzanian our environment, whereby for historical reasons many people are not very well informed about modern insurance forms and services. In the past our societal norms and practices took care of insurance needs of individuals and the community at large. Any falling sick was taken care off by his relatives and neighbors. Old people were taken of by their sons and daughters. A family home was never abandoned so long as a parent, grand parent, or a sick family member was alive. In some communities the last born son and his family remained at home to take care of these people. The family of this last born was supported by the families of elder children. If this support was inadequate uncles came in. If fire destroyed on house completely, the whole community came in restlessly to put up another. Under these conditions one would hardly see the need for life endowments, personal or group accident insurance. Fire and burglary insurance are not easily understood. Under Ubuntu life Style I am because you are and vice versa. Our lives are very much dependent on the community. In recent years, however a socio-economic change at global level and in our communities has greatly changed the situation. Wage employment, competition, urban migration, different value cultures; have eroded the community caring ubuntu philosophy into individual everybody for himself and God for us all Style of life. One must take of himself in several aspects of life. Even where group action is needed cash contribution by members of the group is necessary. The society then must be educated through carefully prepared information to understand the modern concept of insurance, its effect and consequences in many aspects of life. Bumaco Insurance Company evolved gradually from an agency into a broker and finally a full fledged insurance firm. In the eighties, a consulting company found it necessary to form an Insurance agency to give it access to information an insurance practices in a closed market economy. Those days internets and websites were unknown. So the massive information on all about insurance available on line was not there. Bumaco need the information in its endeavors to improve co-operative Insurance practices in East and Central Africa. When liberalization of insurance business was effectively resulting from financial reforms in mid nineties, Bumaco transformed its agency into a brokerage. After a few years of practice, the company transformed the brokerage into a full fledged insurance company. This gradual transformation has given us a full picture on the operation of Insurance companies in Tanzania. We are home born and home grown. Yet, the current globalization, and Information technology put us on the carpet of International State of Art Insurance practices. We are re-insured both locally and internationally. We are part of global Insurance industry. Currently Bumaco offers services in Fire Engineering Bonds o Accidents: o All Risks o Burglary o Cash o Fidelity guarantee o Personal Accident o Plate Glass Motor and public liability

This is why, motor vehicle policies are the most common. The situation was made worse by 30 years of monopoly insurance practices in Tanzania, where by supply and not demand principles were applied in the industry. The second aspect of Bumaco Insurance mission is Insurance product choices. People need to understand different kinds of Insurance products offered by the company. Understanding gives people informed choices. People may choose among different products in the market. It is also possible that knowledge about our product may send customers away from our companies to other suppliers. The most important issue is that the insured is fully informed about the product or service being offered. Certainty is a very key issue in insurance. One must understand at the very beginning of an insurance contract all the pertinent issues. Failure at these points complicates the situation when one is making a claim.

Many people took insurance, because it was compulsory.

We are endeavoring to offer micro Insurance service as well. One of our unique developed products, Malaika Group Credit provides credit life insurance to finance Institution, notably SACCOS, VIKOBA. In short the cover pays loans of borrowers who die or unexpectedly become incapacitated to pay for the loans. The same policy covers larger clients of banks and other financial institutions.

DECEMBER 1 7, 2012

11

HEAD OFFICE: 3rd Floor Luther House Centre, P.O.Box 13147, Sokoine Drive, .Tel/ Fax +25522-2130256 ARUSHA BRANCH: Uchumi House P. O.Box 7164, Uhuru Road, Tel / Fax +255027-252503406 MOSHI BRANCH: KNCU BUILDING P.O. Box 1747, Kibo Road, Tel / Fax +25527-2750374 MWANZA BRANCH: Obedient House P.O. Box 1180, Miti Mirefu Street Tel/ Fax +25528-2502263 MOROGORO BRANCH: Hood Property. P.O. Box 343,Ngoto Street Tel+255 752951039/Fax+25522-2130256

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NBC Bank has launched a customer service campaign which will stretch to the end of November and involve the entire NBC Leadership team. The campaign known as Leadership in action I CARE, focuses on improving service provision to NBC customers. It is a service focus day for the NBC Leadership Team. The Campaign was launched at NBC Flagship branch, Corporate Branch, in the heart of Dar es Salaam City Centre. NBC Managing Director, Mr. Lawrence Mafuru was the first member of NBCs executive team to take on this initiative where he engaged NBC customers on various issues pertaining to the banks services. Mr Mafuru enquired with customers about their satisfaction level of the banks services & recommendations. Leadership in action I CARE initiative is set to run across several NBC branches. The initiative will see 25 branches visited by NBC Leaders between 19th and 30th November 2012. Of the 25 Branches which will be visited by the Leadership team, 18 of these branches are Dar es Salaam based whereas 7 are upcountry based. The initiative is part of an internal campaign which aims at making Life much easier for our NBC customers. Leadership in action- I CARE intends to put NBC customers at the centre of everything that the bank does, and ultimately being closer to customers. To acknowledge the importance of customers in running a successful banking business, The NBC Leadership Team have set aside half a day to spend time in the Banking Halls appreciating and supporting frontline colleagues; sharing in their successes and challenges in providing the required support, as well as receiving critical customer feedback. Among some of the issues NBC Managing Director Mr. Lawrence Mafuru discussed with customers include the issue of card skimming which is currently a problem affecting most of the banks in the country. Commenting on the issue Mr. Mafuru told customers, Card skimming, is a major issue, particularly in Eastern Europe, where customers are conned out of thousands of hard earned dollars. Over recent times, this issue has become quite troublesome in Tanzania as well, where our customers are conned out of their money, especially through ATMs located in various parts of the city. Mr Mafuru Added, The Tanzania Bankers Association has taken note of this issue and plans are underway to address the situation and ensure our customers are protected at all times. Other concerns addressed by customers included system failure sometimes, which results in customers standing in queues, while awaiting for the system to get back online and have their transactions processed. There were also numerous positive comments from customers, where one loyal customer from Chemi & Cotex Ltd complimented NBC on the immense improvement on turnaround time of TISS processing, from 2-3 days down to just one day.

NBC Bank Launches Leadership in action I Care Campaign

NBC Bank to sponsor Top 100 Mid-Size Companies Survey

Mr. Lawrence Mafuru, The NBC Bank MD speaking during the gala dinner to reward the top players in the sector. [Picture by NBC Bank]
Story By Eddie Mhina, P.R. Consultant, NBC, HQ, Dar es Salaam

The situation with small and medium industries sector is not that banks are unwilling to provide financial assistance to facilitate growth of this sector but ...
The National Bank of Commerce, one of the leading & most reputable banks in Tanzania, which has been providing exceptional financial services for over 45 years, first expressed its commitment to sponsoring the KPMG Top 100 MidSize Company survey, in December 2010, when the bank entered an agreement with the consultancy firm to sponsor the survey for three consecutive years. This year the bank has sponsored the second KPMG Tanzania Top 100 Mid-size companies survey, which was launched in June 2012, and therefore reaffirming our commitment to supporting this great initiative, aimed at recognizing the sector which plays a monumental part in boosting our economy.

The National Bank of Commerce recognizes the important role that small and medium sized business sector plays in facilitating the growth of the Tanzanian economy, yet it is a sector that is least recognized for its significant contribution to the GDP. In support of recognizing this sector, through the survey launched by KPMG and MCL, NBC had pledged to support the event total cost of USD210, 000, over the three year period. Speaking during the Top 100 gala dinner, held last month to reward the top players in the sector, NBC Managing Director, Mr. Lawrence Mafuru said, The situation with small and medium industries sector is not that banks are unwilling to provide financial assistance to facilitate growth of this sector but rather there exists a negative borrowing culture in the country, where people borrow, but then fail to honour their commitment. This is not good for business. Contrary to the perception of most customers, that banks are unwilling to provide loans hence the high interest rates and restrictive requirements, banks are always open and willing to provide loans to businesses which are in need of these loans, and provided that they meet

the borrowing requirements set by our regulators. It must be remembered that all loans which are extended by banks are funded by other customers deposits and the bank has the responsibility of lending prudently. It is therefore imperative that banks exercise due care in the whole lending process ensuring losses are minimized if at all they cant be entirely avoided. Next year will be the final round of the survey where, NBC will be sponsoring, but NBC Managing Director, Mr. Mafuru, indicated an interest in continuing with the sponsorship should the conditions continue to prove favourable for the bank to take on the initiative. Through the top 100 Mid-size companies survey, NBC has managed to provide several fast growing businesses, access to convenient financial services, which in turn have facilitated further growth for these businesses. NBC is one of the most represented retail bank in the country with an expanded branch network of 52 branches, 302 Visa enabled ATMs, and over 264 Points of Sales strategically located throughout the country.

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DECEMBER 1 7, 2012

as the First Credit Reference Bureau gets a license in Tanzania

Currently TBA has 40 member banks and financial institutions including Community Banks Association representing 7 community banks in the country. The main objective of TBA is to facilitate the consideration and discussion of matters of common interest to its members. The Chairman of TBA Mr. Lawrence Mafuru said, TBA recognises the important role that banks play in the development of any economy, particularly lending to productive sectors of the economy. However, in our country, the non-repayment culture has, to a marked degree, been a major challenge facing banks and financial institutions, hence leading to cautious lending at relatively high interest rates. Following increasing rate of non performing loans, TBA members in 2001 agreed to share negative information on customers so as to minimize the growth of non performing loans and reduce cost of credit. However, in the absence of an abling law to share customer information, TBA members unanimously agreed that year 2003 should be a cut-off date for any customer intending to open a new account or applying for a new facility or renewing an existing facility must sign a consent clause allowing his/her information, in case of default, to be sent to TBA database for sharing with other banks. BOT being in support of this initiative granted TBA a provisional license to operate a Credit Information Bureau for TBA members only. This Bureau became operational in December 2004. Todate, with more than 2000 reported cases, member banks and financial institutions are using TBA Credit Information Bureau to share negative information on their customers. Following amendment of Bank of Tanzania Act, 2006 which, among other things, provided for establishment of Credit Reference Bureau, at the 2010 Conference of Financial Institutions organized by BOT, the Prime Minister challenged the industry body for banks to establish a full fledged Credit Reference Bureau as soon as possible. Subsequently, TBA engaged the International Finance Corporation (IFC) to study the Tanzania credit market, source for and identify a reputable service provider to set up and operate a Credit Reference Bureau in the country. Mr. Mafuru added It is gratifying to see for the first time in the history of the Tanzanias financial sector the first credit reference bureau have been licensed and it will be operational at the beginning of 2013.This could not have been possible if it was not for the joint efforts by TBA and BOT. I want to commend the Bank of Tanzania for playing the central role of ensuring that the requisite reference system that will house the data is established, the regulatory environment to govern the credit reference bureau activities is in place and the subsequent licensing of the credit reference happens. With the establishment of Credit Reference Bureaus in the country, TBA envisages an improved credit quality in the banking industry, more inclusion of the informal sector in the banking system and most importantly a better and managed economy for the country. I want to send some greetings to people who have track record of borrowing money from banks with the intention to default that their days are numbered and at the same time to assure those who have a track record of honoring their obligation they must look forward to start enjoying prime borrowing rates in the market, Mafuru said. In a nutshell, some of the expected benefits accruing from the establishment of the Credit Reference Bureaus include the following: Broader and inclusive access to credit. Better performing loans. Reduced cost of lending due to low risk premium and hence low lending rates. Improved profitability and hence sustainable growth of the banking sector. Stability in the Financial Sector. Reliable credit history of clients. Integration with other consumer/retail sectors such as telecommunication, power, health care, insurance, automotive and registries and retail outlets. The banking sector have always been accused of charging customers high interest rates but the reality is that on average the Interest rate that the borrower ends up paying includes between 5-10% of risk premium and this is paid by all borrowers regardless of the behavior simply because there is no any system of identifying prime borrowers and sub-prime borrowers but this will now be addressed through credit reference bureaus. Mr. Mafuru said, I think what makes this even more exciting is the fact that the national identification project is also in top gear and once each Tanzanian is identified then there will be nowhere to hide. He further added, At TBA we are pleased to be part of this long awaited milestone and we urge our clients and the general public at large to welcome this development positively as a solution to financial inclusion of the informal sector, assurance to reduced cost of lending and eventually alleviation of poverty amongst our people.

The Banking Sector Records A Milestone Achievement

Story By Eddie Mhina, P.R. Consultant, NBC, HQ, Dar es Salaam

he Tanzania Bankers Association (TBA) is an association of banks and financial institutions licensed by the Bank of Tanzania (BOT) to carry on banking business in Tanzania. TBA was registered in 1995 under the Societies Ordinance. In January this year TBA was incorporated under the Companies Act 2002 as a company limited by guarantee.

NBC Bank Launches Leadership in action I Care Campaign. The Campaign in Pictures

DECEMBER 1 7, 2012

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DECEMBER 1 7, 2012
LUXURY DRINKS

Source: listverse.com

The most Prestigious Bottle of Champagne in the world

2013 Range Rover First Ride

LUXURY AUTO NEWS

1893 Veuve Clicquot In July of 2008, while hiring a locksmith to cut a key and open an antique piece of furniture in the Scottish residence of Torosay Castle, owner Chris James discovered a treasure chest of alcoholic delights. The crown jewel of this discovery was a bottle of 1893 Veuve Clicquot in near perfect condition, including the famous hallmark yellow label. After also finding a bottle of claret, brandy and a port decanter, it became fairly obvious that the aged sideboard was a personal drinks cabinet that had been locked since the late 19th Century. Upon contacting the Grand Marque Champagne house directly, Mr. James was informed it was the only known such bottle in existence. It is considered by many to be priceless and is now on display at the Veuve Clicquot visitor centre in Reims, France. Ultimately, champagne is all about exclusivity, and by that measure as there is only one example in existence, this bottle of 1893 Veuve Clicquot is the most exclusive champagne in the world.

The back-seat view proves revealing as David Wilkins has an early on-the-road experience
Engine: 4.4 turbo-charged diesel V8; also available, 3.0 V6 turbo-diesel and 5.0-litre V8 supercharged petrol. Transmission: eight-speed automatic, permanent four-wheel drive Power: 339 PS at 3,500 rpm Torque: 700 Nm between 1,750 and 3,000 rpm Fuel consumption (combined cycle): 32.5 mpg CO2 emissions: 229 g/km Top speed: 135 mph Acceleration (0-60 mph): 6.5 seconds Price: Range Rover range from 71,295 Can you really tell how good a car is without driving it? My own view is that travelling in a car without taking the wheel doesnt normally allow you to make much of an assessment at all but this week I found a partial exception to the rule. I dont think anybody outside the company has so far driven the soonto-be-launched fourth-generation Range Rover properly - or at least if they have, theyre not allowed to talk about it yet but on Wednesday, on the eve of the Paris Motor Show, I had the chance to join the small select group of journalists who have at least had a chance to experience this important new model on the move as a passenger. This turned out to be a surprisingly revealing exercise - and for three main reasons. First, some of the changes to the Range Rovers driving qualities are so marked that they are readily perceptible to the occupants of the passenger seats. Second, one of the main priorities for the development of the latest Range Rover was to improve the passenger experience so that it could be sold more easily to the sorts of people who prefer to be driven in their cars rather than driving them themselves, so a stint as a back-seat passenger provided a great opportunity to assess an important aspect of the new

cars performance. Finally, my driver and informative guide - was a top Land Rover engineer, Nick Rogers, the Vehicle Line Director for the companys Range Rover models. I doubt anyone knows more about how the new car is put together, or is better qualified to explain its many features. So lets look at those driving qualities. One of the big changes to the new Range Rover is the adoption of an advanced aluminium body structure that addresses one of the few significant points of criticism of the old car its weight. The fourth-generation model is a huge 420kg lighter than its predecessor, and the impact of that change can immediately be felt when the car is under way. The old model could wallow a bit but the new one has much better body control and also picks up speed under acceleration with an ease that was absent before. The previous car was fast, but there was always the feeling it was having to use brute force to punch a big square SUV-shaped hole through the air and overcome quite a bit of inertia before it really got into its stride. This lighter, lower and aerodynamically slipperier vehicle is different. And the back-seat passenger experience? The wheelbase has been stretched by 42mm and all of that and more has gone towards improving rear-seat legroom, which increases by 118mm, or about four inches. If the standard back seat, which is very comfortable, doesnt do the job for you, you can opt for the what Land Rover calls the Executive Class seating option. That provides two individual, separately adjustable rear seats, with a massage function and a centre console that is fully extended into the rear section of the passenger compartment. The company says this car provides a new level of material quality; the out-going model, even towards the end of its decade-long life is a standard-setter when it comes to cabin ambience, but its fair to say that its successor still manages to nudge the

game forward quite a bit, with a cleaner, less cluttered dash layout, for example, although the underlying look is quite similar. What motor industry types call NVH or noise, vibration and harshness is also improved, thanks to measures such as a stiffer body, better engine mounts, aerodynamic fine-tuning and an acoustic lamination applied to most of the windows. Ride comfort is impressive too and speed bumps barely register. In all, the rear-seat passenger experience easily bears comparison with that provided by luxury saloons, and its revealing that when Nick Rogers talks about competitive benchmarks for the new car, he first mentions models such as the Bentley Continental and Mercedes S-Class rather than, say, Mercedes GLClass or the Audi Q7 although the latest Range Rover can probably be relied upon to maintain its position as the best off-roader among the premium SUVs as well. The new car builds upon the already formidable systems of the old, with a new automatic version of Land Rovers Terrain Response technology promising to make cross-country driving untested on this occasion - even easier. Previously drivers would select a Terrain Response setting corresponding to prevailing ground conditions, for example, mud and ruts, and the car would adjust its ride height, engine mapping and other parameters accordingly. The new models systems can sense the ground conditions and make the adjustments automatically without any intervention from the driver, although settings can still be selected manually as well. And after an exhaustive briefing and demos of the new cars other technical highlights such as its adaptive cruise control and powered split tailgate from Nick Rogers, I can hardly wait to get behind the wheel myself. Only that will give the full picture, but on the evidence we have so far, the new Range Rover could be very good indeed.

Jack Row Architect

Story By: John Lyon http://robbreport.com

Metal Pen:
THE ART OF WRITTING IN LUXURY

Jack Rowa 26-year-old goldsmith in Birmingham, Englandmade his debut in the luxury pen market last year with Architect, a collection of fascinating intricacy and modernity. Employing both centuries-old techniques such as lost-wax casting and cutting-edge computer-assisted design, Row was able to create a writing instrument that delicately evokes a modern skyscraper: A filigree based on a steel girder twists along the pens barrel, which is set with gemstones in place of rivets. The fountain pen is available in three versions: the $10,400 sterling-silver edition with black diamonds (limited to 888 examples); the $34,400 version with 18-karat yellow gold and sapphires (limited to 88 examples); and the $38,900 version with 18-karat white gold and diamonds (also limited to 88 examples). (206.686.2740, www.jackrow.com)

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DECEMBER 1 7, 2012
CLASSIE CELEBRATION Business Meeting Places

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Mokka City Cafe and Lounge Now in Dar es Salaam

Coffee is a brewed beverage with a distinct aroma and flavor prepared from the roasted seeds of the Coffea plant. Coffee berries, which contain the coffee seeds are produced by several species of small evergreen bush of the genus Coffea. The two most commonly grown are also the most highly regarded Coffea Arabica, and the robusta form of the hardier Coffea canephora. The Roasting of the coffee is key and influences the taste of the beverage by changing the coffee seed both physically and chemically. During roasting, caramelization occurs as intense heat breaks down starches, changing them to simple sugars that begin to brown, which alters the color of the seed. Aromatic oils and acids weaken, changing the flavor; at 205 C (401 F), other oils start to develop. One of these oils is caffeol, created at about 200 C (392 F), which is largely responsible for coffees aroma and flavor. Grading of the roasted depends on the color of the roasted seeds as perceived by the human eye, they will be labeled as light, medium light, medium, medium dark, dark, or very dark. Other ways for professional roasters are count of crack sounds and timing that consistently indicates the roasted coffees relative degree of roast or flavor development. Roast characteristics The degree of roast has an effect upon coffee flavor and body. Darker roasts are generally bolder because

they have less fiber content and a more sugary flavor. Lighter roasts have a more complex and therefore perceived stronger flavor from aromatic oils and acids otherwise destroyed by longer roasting times Storage Once roasted, coffee seeds must be stored properly to preserve the fresh taste of the seed. Ideally, the container must be airtight and kept in a cool, dry and dark place. In order of importance: air, moisture, heat, and light are the environmental factors responsible for deteriorating flavor in coffee seeds. Folded-over bags, a common way consumers often purchase coffee, are generally not ideal for longterm storage because they allow air to enter. A better package contains a one-way valve, which prevents air from entering. Vacuum packing is the best in which the roasted coffee was packed, 99% of the air was removed and the coffee in the can could be stored indefinitely until the can was opened. Today this method is in mass use for coffee in a large part of the world. Brewing Coffee seeds must be ground to create a beverage. The criteria for choosing a method include flavor and economy. Almost all methods of preparing coffee require the seeds to be ground and mixed with hot water long enough to extract the flavor, but without over extraction that draws out bitter compounds. (See Next issue

Mokka City Cafe and Lounge is a coffee house of international repute, that is situated along Azikiwe/ Samora Avenue in Dar es salaam opposite IPS Building.

ar es salaam is a busy city with much happening at the same time. Most of this actives are in the down town , this became one of the key reasons that led to the choice of the location for Mokka city flagship store . Right at the Askari monument round about along Samora & Azikiwe Street (Posta Mpya) it is truly a relieve to the business persons, tourists, travelers using the ferries, offices personnels , and any person in the CBD (Central business district) As a caf and lounge it has become the place of choice to meet out of office and other populated noisy. Being next to the hotels (New Africa, Southern sun, Serena and Kilimanjaro hyatt ) the hotel guests have a place to dine, lounge ,browse, and hang out away from the norm of the hotel environment . Those heading and coming from Zanzibar, a stop is best felt with a fresh brew of coffee or a healthy meal accompanied by a scrumptious dessert . Mokka city unveils the simplicity of good food and drinks complimenting all areas of your city endeavors. Mokka city caf and lounge goes further by offering free wireless internet, office deliveries, fresh bread and pastries every morning and the must home felt service. (at the second visit you will know the chef and manager in person) Mokka city team has come a long way through in- house training to become like a family with only the best at heart for its customers experience. This explains our vision (Visit our Facebook page Mokka city and lounge ). Prices are surely competitive and the menu is vast

blending in local and international cuisine to a signature venture which is the pride. Being a local brand on an international level, Mokka city is the best blend of Tanzanian grown and roasted coffee. The east African coffee has in the past and even today been ranked to be the best in the world. This makes Mokka city to do business shoulder high knowing it has what is best for the world market . You can by this coffee for you or for a friend fresh and grinded to the end usage.

living you craving for more. Mr. Robinson the Executive Chef is not only health conscious but also a family man. With this in mind he has put together a menu that is vast in choice and cuisine. He has a kids corner that your little angels will always enjoy and long for. A great meal should be balance and with the right ingredients, that is why each place is appealing to the eye, tasty and filling in portion. A jovial service team will guide you through the menu explaining your choices saving you the bother of memorizing the Chef culinary

For Coffee preparation.) By:www.mokkacity. com

Mokka city plans to expand the coffee business to packaging for the shelf sale. In association with the Tanzania coffee stake holders plans are there to hold exhibitions across Tanzania to educate all about coffee. At Mokka city Head barista Joseph Mbitah and the GM Mr. Benson Wambugu have a rich back ground on coffee and vast experience across the world. They have under take time to train the Barista team to deliver the best cups of coffee every minute. You will enjoy the coffee arts and the freshness with every sip you take. Together with the fresh pastries, Ice cream desserts and a variety of cold and iced drinks will brighten and quench your thirst without a doubt,

words. Though each meal has been expounded some chef words may best told in a simpler word by the smiling service team . Mokka City Caf and lounge is not only a place of choice but should be the only place of choice. Plans to build new outlets and others vetures are to in pipeline. Please enjoy the true Tanzanian experience in a different level and comfort at MOKKA CITY CAF AND LOUNGE . For feedback please feel free to post it on the face book page (Mokka city caf and Lounge) or write to the manager (mokkacitydar@live.com) or call 0789-308160 / 0222110845. website www.mokkacity.com

DECEMBER 1 7, 2012
GOLFING YATCHING PARADISE

Start Ahead in your Golfing kick offs

By Justin Kemballa, PGA

ENGLISH POINT
MARINA

We all know that powerful drivers of the golf ball have great extension of the arms past the golf ball. After impact, both arms extend toward the target as the body continues to uncoil and rotate toward your forward side (left side for right-handers). Postimpact, a long-hitters body weight has already pushed off their right side and into their left leg, which effectively serves as a post for the body to continue rotating around, up and through to the finish. Only thing is, many amateurs dont quite do what longer hitters (both on and off the PGA Tour) do so well. Often, I see my students lose a lot of power because they tend to collapse the arms after impact, creating the classic chicken wing with the left arm. So what, you ask? Whats it matter what the arms do after impact? Well, the goal with any powerful swing is to create width in the backswing and the early followthrough, which is the extension Im referring to here. If you collapse after impact, it means you were trying to hit into the ball instead of through the ball, causing you to lose a ton of power. If you change your thinking, and try to extend all the way through and after contact, youll likely keep accelerating the club well through impact, helping you hit longer tee shots. A great drill for this is to start with the golf club in a great extension position, as Im doing in the above picture. Then, swing back from this position and, as you make a downswing, try to get to the same position you started from. Its good to do this with a couple of practice swings first, and then try to do it with a golf ball. In no time, this drill will help you achieve a better extended position after impact, causing you to hit longer and straighter drives. Justin Klemballa PGA, is a Master Instructor at the Jim McLean Golf School at SunRidge Canyon in Fountain Hills, Ariz. Visit sunridgecanyongolf.com
ENGLISH POINT MARINA; is a fantastic opportunity to be part of an exclusive marina development with spectacular views across to Mombasa old town and Fort Jesus. [Pictures from englishpointmarina brochure]
Source: englishpointmarina.com

THE BEST IN LIFESTYLE & LUXURY

A fantastic opportunity to be part of an exclusive marina development with spectacular views across to Mombasa old town and Fort Jesus. EnglishPoint Marina is a contemporary development designed by Broadway Malyan, a major international architectural practice. It offers apartment living in the comfort, luxury and security of a hotel and will be managed by the award winning team of the Pinewood Village Beach Resort. Onsite facilities include a hotel, restaurant, spa & gym, serviced marina, water-sport centre, boardwalk with retail outlets and underground car parking. EnglishPoint is located on a 4 acre beach front site, across the creek from the historic Fort Jesus and spectacular skyline of Mombasa old town. FACILITIES AT ENGLISHPOINT EnglishPoint is situated on a beautiful white sandy beach, with full access to the warm waters of the English Point creek and spectacular views of Mombasa old town, Fort Jesus and Old Mombasa harbour. APARTMENTS 96 Three bedroom apartments, from 1655 to 2100 sq ft. 8 Penthouses. RESTAURANT Restaurant with spectacular views straddling the beach and sea with indoor and outdoor seating. International standard cuisine and management. Preferential arrangement for residents. HOTEL 23 Air-conditioned rooms, 3 suites, 24-hour reception, rooftop breakfast restaurant, rooftop meeting room and conference facility. EnglishPoint apartments will also be part of the hotel inventory - an opportunity for investors to sub-lease their apartments to the hotel. Hotel marketing also to include the apartments.

SPA & GYM Fantastic waterfront location with full unobstructed view of the marina and beyond. Preferential arrangement for residents. MARINA East Africas first floating pontoon marina. Fully serviced with on-berth supply of fresh water, electricity, internet, satellite TV, fuel, pump out facilities and slipway. 88 berths from 6m to 30m with access to full hotel services. Dedicated Security and Management Centre. FERRY SERVICE Unique shuttle service for residents and guests across the creek to Mombasa old town. Bypasses the busy Nyali Bridge for direct road access to Mombasa Island and the airport. WATER-SPORT CENTRE Comprehensive facilities for water-sports including deep-sea fishing, scuba diving, snorkelling, sailing, windsurfing, kite-surfing, sea safaris and excursions around the creek. RETAIL Space located in the hotel block and on the boardwalk for potential small supermarket, bank, travel shop, coffee shops and gift shop. SWIMMING POOL /JACUZZI/ POOL DECK Spectacular sea front location with unobstructed view of

Mombasa old town and Fort Jesus. For apartment and hotel residents only, also includes a fully serviced pool bar. UNDERGROUND CAR PARK Facility for the safe and secure storage of vehicles and personal belongings. One secure entrance and exit. Each space to have a floor to ceiling locker. Allocation of one car park space per apartment. Additional spaces for sale. Serviced by lifts and stairs to the apartments above. SECURITY Fully secure development with manned entrance gates, beach patrols, CCTV cameras, rapid response backup and comprehensive security lighting throughout. BOATS Available for the exclusive use of apartment occupants for excursions around the creek or private sundown cruises with skipper. TAXIS & TUK TUKs On site at the hotel available 24 hours a day. GOLF Apartment owners will receive free membership of the nearby Nyali Golf Club, an 18 hole golf course with tennis and squash facilities. 10 minute drive from the development.

The Financial Junction is a weekly Journal, of Global Plexus Limited: P.O. Box 31113 Dar es Salaam, Tanzania NSSF Nyerere Towers 6th Floor, Bibi Titi/Morogoro Road Junction.