26 | The Lion King
Tanzania’s economy has been
growing steadily for the past
10 years. In 2012, the economy
expanded by 6.9%, which is close
to its more recent historical aver-
age. Recent surveys have shown
that the economy is performing
better in 2013 than in 2012 and
prospects for 2014 are positive.
The rapid and stable growth of
the economy over the past few
years, in spite of turbulence in
world and regional markets, is
explained by five critical sec-
tors that have been expanding
rapidly, driving almost 60% of
growth in Gross Domestic Prod-
ucts (GDP) since 2008. These
include the telecommunications
sector, transport and financial
intermediation, manufacturing,
construction and trade, that has
seen contribution to GDP double
since 2008. The growth of these
sectors have transformed how
Tanzanians trade and do busi-
ness by facilitating a revolution in
banking.
UBA Tanzania is glad to be part
of this success with USD 40 Million
commitment finance to the pub-
lic sector. Additionally, we have
also been involved in various pri-
vate sector projects notably Oil
and Gas where we have about
USD 40million exposure, Build-
ing and Construction with about
USD 70million exposure, regional
trade and other trading sectors.
We will continue to support both
private and public ventures with
a view of ensuring sustainability
of the Tanzanian economy.
What is your target contribution
to Group balance sheet in say
three years?
We are expecting to increase our
contribution to the Group bal-
ance sheet to a minimum of 5%
in the next three years.
What is your strategy for achiev-
ing this vision?
People are my greatest asset
and I will do everything possible
to empower them with required
skills and strategic focus so as to
be among the top three play-
ers in every growing sector of
our economy. Our goal is to be
among the top three players in
the Banking industry within the
next five years, albeit there are
currently 52 banks in Tanzania. By
being one of the top three in our
chosen markets and collaborat-
ing with leading players in every
major sector, our top three vision
is achievable within the set time.
What are the challenges you en-
visage in running UBA Tanzania?
Human resources issues: Scarcity
of qualified personnel, poaching
by competitors thus making staff
retention very difficult. So, what
we are faced with is largely a
cross section of talented young
people who are inexperienced
and need rigorous training,
coaching and mentoring. A lot
of time and monetary resources
go into this. Although the mar-
ket looks up to UBA for quality
staff because of the depth of
training and exposure given to
our people, we see this as our
contribution to the growth and
development of the industry. UBA
remains one of the few banks in
Tanzania that exposes its people
to all facets of banking, with full
empowerment.
Cultural differences: Adjust-
ing to cultural differences has
also been a challenge as there
has been an expectation gap
between what the home country
expects and how these should
be done and the way things
really are done here. The reac-
tion to pressure is different, the
turnaround time in the business
world is also different and there
is a different perspective on
management of performance
vis-a-vis the legal framework.
With teamwork, these will be his-
tory sooner than later.
How do you balance work and
family life?
Before I travelled to Tanzania,
I knew that I was going to be
separated from my family for a
while; however, dealing with the
actual separation has not been
easy. Like I said before, there
have been new challenges and
of course I have to devise new
ways of dealing with them.
Now, I have to keep in touch via
technology! Apart from that,
there is no time for relaxation.
Almost all the time is taken up by
official work but this will change
soon, as we get on the right track
in terms of performance. It is then
that work-life-balance will be the
focus.
I have been registered as a
member of Dar es Salaam Gym-
khana, a very popular Golf Club;
I have not been able to set my
feet on the course because of
official commitments. My life is
essentially home-office-home for
now, but it is for a season and we
can see light at the end of the
tunnel. I am very glad to say that
things are looking up; the results
are getting better earlier than
expected with the full coop-
eration and commitment of my
colleagues. It is important to note
the support of our colleagues at
the African Credit Office, without
which it would have been impos-
sible. The MD/CEO UBA, Africa,
is one person that I must com-
mend for his leadership role and
prompt response to our issues at
all times. He is an embodiment of
maturity and fountain of knowl-
edge, with uncanny skills for
resolving issues.
What are the things that interest
you outside banking?
I love to spend quality time in the
presence of the Lord Almighty
the giver of life. There is noth-
ing that interests me more than
being in His presence and if you
know me well, you would un-
derstand what I mean. Mine has
been a life of divine and unprec-
edented grace.
Well, I love banking and the truth
is, I have spent almost all my life
in the financial services industry
since May 1989 when I started.
My dream is to retire into manag-
ing my own business selling or
offering a product or service that
will command good market pa-
tronage. It may and may not be
in the financial services industry,
but something that can run on its
own.
What would Demola Ogunfeyimi
like to be remembered for?
The legacy of success, transfor-
mation and turnaround of the
subsidiary into making sustain-
able profits, development of the
capacity and empowerment of
the locals to take over as I retire
with a smile.
Growing the Seed
