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The creation of the bank took the Government's cognition of the bank's strengths and particularly the advantage of canvassing the masses both in rural and urban areas. In arriving at this decision, the following problems had been identified:- Placing TPOSB as a department under the Tanzania Posts and Telecommunications was detrimental to the former as the two have different missions and hence their culture.
Limited investment opportunities allowed by law, i.e., Government Papers was the only opportunity for TPOSB by law. Consequently, since 1983, TPOSB was operating on losses mainly due to the mismatch between the interest payable to customers and yield on government stocks whereby the later was lower than the former. The bank lacked its own capital and hence resulting in the cumulative losses. Inadequate sufficiently trained and experienced manpower to run banking business.
Poor management information system Thus the Presidential Commission of Enquiry into Monetary and Banking System, the German Association for Technical Co-operation, the German Savings Banks and Giro Association, as well as an interministerial Committee under the Ministry of Finance made recommendations which include, among others:-
The Postal Bank Legislation be enacted and the bank be restructured to operate as a financial institution answerable to the Minister of Finance and subject to banking supervision by the Bank of Tanzania; The legislation and restructuring provide for adequate recapitalization of the bank, and for equity participation by the Government, TP & TC and others; The restructured bank have a suitable management structure which will ensure its functioning effectively as a business entity.
To expand and diversify the bank's investment portfolio and hold besides Government Securities, types of investments which will give it reasonably high returns with safety of funds invested; The bank be allowed to expand its operations by accepting other types of deposits as well as loans; The bank to begin making loans to clients either individually or in groups.
The bank equips itself to offer Giro services as soon as possible NUMBER OF BRANCHES 28 Branches 1 Western Union Customer Service Centre located at the ground floor of Extelecoms Annex Building. 2 Dedicated locations for Western Union Money Transfers, one in Mwanza and one in Dar Es Salaam (YWCA Building) AGENCY NETWORK 115 Post offices throughout the country 5 Networked Post Offices to TPB banking system (Temeke, Bagamoyo, Mpanda, Usa River and AICC) SUB AGENT NETWORK (Western Union Money Transfer)