TANZANIA : Government and TRA to provide public secrecy publicly kill economics

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This happen after the church leader, bishop Zachary Kakobe to give a statement in the late Christmas season last year that he has more money than the government.



In short : Explain the situation in progress may lead to lack of Trust of people to the banks

Dar es Salaam. Chairman of the Tanzania Banks  (TBA), Dr Charles Kimei has warned that it is seriously needed in government authorities to provide customer confidentiality from the bank and to put them in public can kill that sector.

Kimei's warning has come three days since the Tanzania Revenue Authority (TRA), to publicly report the full Gospel Gospel Fellowship (FGBF) account at the NBC Bank that has more than Sh8 billion.

On February 19, TRA issued a statement of the results of the investigation after the church leader, bishop Zachary Kakobe to give a statement in the late Christmas season last year that he has more money than the government.

TRA General Commissioner, Charles Kichere, issued a statement on the investigation, said Bishop Kakobe has no financial or financial account at any financial institution in the country than being one of the chief executive officers of the church account.

Dr. Kimei said among the key issues in banking business is the confidentiality of customer information and government authorities in carrying out its obligations bank statements should not be the first thing but should be issued if the Court will require

Kichere went further and said that NBC's church accounts have more than Sh8 billion, which are the money of the offerings, tithes and the donations provided by the believers. However the issue is not accepted among the banks.

The issue lead  the debate among economists and financial sector specialists was also addressed by the Director of Private Sector Institution (TPSF), Godfrey Simbeye at the conference.

Simbeye said it is important for the authorities to assess the outcome of the matter they want to do before taking action.

The fact that customer information is bad for investing , big businessmen will not want to come to the country to invest in fear of being secretive in their financial affairs, "Simbeye said.

According to the NBC bank, where the church deposits its statement on TRA's actions to clarify the Full Gospel Bible Fellowship (FGBF) financial statements, while the banking sector continues to blame it

NBC after being asked by the Mwananchi Tuesday this week about how to fulfill its role in protecting customer information as the law and order you want, yesterday responded via e-mail saying all things followed the procedure and legal requirements.

Protecting customer information is among our bank's priorities and we do so in accordance with the laws, regulations and procedures of the country, in Kakobe all procedures were followed in accordance with the law and the NBC has no mechanism for providing customer information without involving it, "explained the statement of the bank.

At the last meeting, financial sector stakeholders said that financial institutions could fully participate in the country's industrial sector, the government had to reduce borrowing in the country, provide banking education to the people and establish a special investment lending tool for industry.

At the opening of the meeting, deputy minister of Industry and Trade, Stella Manyanya, said the financial institutions should assist the Government to achieve its ambitious desire to have a state of industrial economy to facilitate investment in the area.

There is an opportunity to invest and gain greater profit in the industry now, but commercial banks are not able to lend long-term loans because most of their money is deposits of people with tall deposits being only 40 percent," said Dr Kimei.

Last year the funds paid to the private sector are 16.3 trillion, only 9.8 percent have gone to factories ... building a manufacturing economy is a national project like the SGR so it is important that the government get specific funds for it, "Simbeye said.

By #epa....

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