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New branch to move Nampula Forward

With an estimated annual commercial production of over 17,548 million meticais, the Ribáuè district in the province of Nampula, has just benefited from a new integrated Standard Bank branch, whose official inauguration took place in March.

The inauguration of the branch, equipped with ATMs to deposit money, aims to extend Standard Bank branch network to rural areas, thus expanding its products and services to the communities of these areas.

Speaking at the ceremony, Ribauè district administrator Emanuel Impissa said that the new branch from Standard Bank will surely boost the development of that region, including the neighbouring districts.

“The district of Ribáuè, with 291,991 inhabitants, annually moves around 305,409 thousand meticais in wages and salaries, in addition to commercial activities estimated at about 17.548 million meticais, which will constitute part of the market for the sustainability of the new banking infrastructure”, said Emanuel Impissa.

Chuma Nwokocha, the bank’s managing director, mentioned the specific features of the new branch, highlighting the availability of electronic channels, aimed at facilitating the access to modern financial products and services by the communities,  that can respond to the needs of all individual and business clients.

“We want to help our customers grow, so we have been investing equally in modern technology, which ensure that banking transactions are carried out in a safe and fast way”, said Chuma Nwokocha, noting that one of the objectives of Standard Bank, in opening a branch in that region, is to boost the performance of agriculture, enabling the strategy of diversification of the economy.

Standard Bank’s managing director has emphasized during his speech, that the Nampula branch is also important in the promotion of employment, because its human capital is 100% local.

The director of Bank of Mozambique’s branch in Nampula, Vasco Mepula, considered that Standard Bank’s presence in Ribáuè reflects the need to boost the agricultural sector, which serves as a base for the country’s economy.

“This important region, where the new branch is located, covers the districts of Ribáuè, Malema and Lalaua and stands out in agricultural production and trade, having the potential to produce more and to multiply foreign exchange generating activities through increase in exports, especially by small and medium-sized enterprises”, concluded Vasco Mepula.

It should be noted that Standard Bank currently has five branches in Nampula province.

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