Mkombozi Commercial Bank

Mkombozi Commercial Bank Plc. is a commercial bank in Tanzania. It is licensed by Bank of Tanzania, the central bank and national banking regulator.[1] Mkombozi is a Swahili word meaning Savior[2]

Mkombozi Commercial Bank
TypePrivate
DSE: MKCB
IndustryFinancial services
Founded2009
HeadquartersDar es Salaam, Tanzania
Key people
Gasper Njuu
Chairman
Respige Kimati
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncreaseAftertax: TSh 806 million (US$346,800+ (2018)
Total assetsTSh 178.82 billion (US$76.94 million) (2018)
Websitewww.mkombozibank.co.tz

Overview

The bank is a small commercial bank that focuses on serving the lower social economic classes in Tanzania, along with their small-to-medium enterprises (SMEs). As of December 2018, the bank's total asset valuation was approximately TSh 178.82 billion (US$76.94 million), with shareholder's equity of approximately TSh 23.3 billion (US$10.02 million). The bank made a profit of TSh 806 million (US$346,835), in calendar year 2013.[3]

History

The bank obtained a commercial banking licence from the Bank of Tanzania, the national banking regulator, in July 2009, and opened for business in August 2009.

Ownership

Mkombozi Commercial Bank is owned by Tanzanian Catholic dioceses, parishes, and individuals of all religious persuasions. In order to raise the TSh 7.8 billion (US$5 million) initial share capital, shares were sold to individuals and businesses, in batches of 100 shares at US$0.75 per share.[4] In November 2014, the bank floated its shares of the Dar es Salaam Stock Exchange (DSE), with three main objectives: (a) to raise paid-up capital, above the new statutory minimum of TSh15 billion (US$9 million), before 1 March 2015 (b) to raise funds for expanded lending and (c) to source funding for opening more branches.[5][6]

Branch Network

As of December 2019, Mkombozi Commercial Bank maintains branches at the following locations:[7]

  1. Main Branch - St Joseph's Catholic Church, 40 Mansfield Street, Dar es Salaam
  2. Mwanza Branch - Mwanza
  3. Msimbazi Branch - Msimbazi, Ilala District, Dar es Salaam
  4. Kariakoo Branch - Kariakoo, Dar es Salaam.
  5. Moshi Branch - Moshi Town, Kilimanjaro
  6. Bukoba Branch - Bukoba Town, Kagera
  7. Morogoro Branch - Morogoro Town, Morogoro
  8. Tegeta Branch - Tegeta, Dar es Salaam
  9. Dodoma Branch - Dodoma City, Dodoma
  10. Iringa Branch - Iringa Town, Iringa
  11. Njombe Branch - Njombe Town, Njombe.

Governance

The Board of Directors of the bank comprises eight individuals. The Chairman is one of the seven non-Executive Directors. The current Chairperson is Gasper C. Njuu. The current Managing Director is Respige Kimati.[8]

See also

References
  1. "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania. Retrieved 14 November 2014.
  2. "mkombozi - Swahili-English Dictionary". www.swahili.it. Retrieved 2019-02-13.
  3. "Mkombozi Commercial Bank IPO". Dar es Salaam Stock Exchange. 19 October 2020. Retrieved 19 October 2020.
  4. Mbonea, Israel (31 August 2009). "Tanzania: Dar Catholics Launch Bank". East African Business Week (Kampala). Retrieved 15 November 2014.
  5. "Tanzania's Mkombozi Commercial Bank Announces Initial Public Offering And Listing At Dar Es Salaam Stock Exchange". TanzaniaInvest.Com. 11 November 2014. Archived from the original on 19 December 2014. Retrieved 15 November 2014.
  6. "Mkombozi Bank Formally Goes Public, Offers 5 Million Shares". Tanzania Daily News. Dar es Salaam. 3 November 2014. Archived from the original on 29 November 2014. Retrieved 14 November 2014.
  7. "The Branches of Mkombozi Commercial Bank". Mkombozi Commercial Bank. Retrieved 19 October 2020.
  8. "The Board of Directors of Mkombozi Commercial Bank". Mkombozi Commercial Bank. Retrieved 13 October 2020.
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