Barclays Bank Tanzania recognised for driving strong growth in operating deposit balances as it wins Best Cash Management Bank in Tanzania at The Asian Banker Middle East and Africa Risk Management and Transaction Awards 2019
- Continued investments in technology infrastructure grew the cash management business
- Technology-based solutions to enhance corporate banking services
- Customer centric solutions expanded the cash management business
Dubai, 7 November 2019 – Barclays Bank Tanzania received the award for Best Cash Management Bank in Tanzaniaat The Asian Banker Middle East Risk Management and Transaction Awards 2019. The awards ceremony was held in conjunction with the International Finance Summit at Conrad Dubai.
From left: Nick Dove, International Resource Director, The Asian Banker; Tumi Mohubu, Head, Transaction Banking, Absa; Clement Kasalu, Transaction Banking, Absa; Allan Atuhaire, Head, Trade & Working Capital, Absa; Mobasher Zein Kazmi, Head of Research, The Asian Banker
Continued investment in technology infrastructure grew the cash management business
As part of Absa Group Limited, Barclays Bank Tanzania continued to leverage its large corporate base across international and domestic segments, and investment in technology to drive growth for its cash management business. In 2018, the bank had positive growth in market share, with 24% market share in cash management, and its operating deposits also grew. Furthermore, Barclays Bank Tanzania implemented several high-profile cash mandates and the bank also posted large increases in year on year growth rates for revenue, profit and fee income.
Technology-based solutions to enhance corporate banking services
Barclays Bank Tanzania developed a host to host integration solution for its client to facilitate payments through their hub, the centralized treasury at real-time. The benefits of the host to host solution to the clients include the following: Real time payments straight from their ERP; Real time reporting on the transactions; Real time reconciliation of all payments and collection; Pre-defined beneficiaries for all the payments hence simple to make payments; and File upload capability which makes easy for payment processing.
The launch of a commercialised billing platform had a positive impact to customers
The bank launched a commercialised billing platform to fully validate references on bill payments for its customer. In addition, the billing platform enables the bank’s customers to auto reconcile all the payments made by their clients in real time. The impact of the platform for the end users is elimination of duplicate payments. It generated an overall positive impact for the country’s revenue authority in eliminating duplicate tax payments, and implemented a commercialised billers platform to validate and auto reconcile incoming tax payments. It also implemented a host-to-host integration solution for a UN affiliated organisation that streamlined payments processing for its treasury.
About the programme
The Middle East and Africa Risk Management and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
To know more about the programme, visit http://www.asianbankerawards.com/Middle-East-and-Africa-Awards/awards.php.
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About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
For more information, please contact:
The Asian Banker
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