Bank of Africa has pledged to lower interest rates and to open up new braches in the East African Community states ofUganda,Kenya,Rwanda,BurundiandTanzania.

The governments of the East African community block are therefore advised to push for lower bank interest rates on loans before Bank of Africa kicks local banks out of business.

The warning was issued by the Bank of Africa’s managing director, Ammish Owusu-Amoah, during a press conference in Dar es Salaam, republicof Tanzania.

The bank of Africa is interested in prospects of growth in the East African Community countries ofKenya,Uganda,Rwanda,Tanzania, andBurundi. The Bank of Africa managing Director says that the bank is committed to bringing banking services to the door steps ofEast Africa.

Bank of Africa has opened several branches in East Africa including inKampala,Nairobi,Dar   es Salaam, Morogoro, Tunduma, Mwanza, Moshi, Mbeya and Arusha city.