Equity Bank has opened a new branch in Zanzibar.

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The branches is the 14th by the facility to be opened in Tanzania.

Zanzibar’s Finance and Planning Minister, Dr. Khalid Salum Mohamed has lauded the move.

"We are happy and encouraged to see Equity Bank developing products and services that support all members of the society and in different sectors of the economy including some previously perceived as high risk, due to lack of collateral and high costs of serving them," said Salum.