Industry Financial Services Headquarters Dar es Salaam Number of employees 213 | Website Homepage Founded 2007 Type of business Private | |
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Key people Nimrod Mkono, Chairman
Sanjeev Kumar, Chief Executive Officer Products Loans, Checking, Savings, Investments, Debit Cards Total assets US$414.72 million (TZS:889.11 billion) (March 2016) Revenue 8.04 million USD (Pretax, 2012, ...) | ||
Tanzania s bank m muscles its way into the kenyan market
Bank M is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.
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Overview
The bank is a medium-sized financial services provider in Tanzania. It provides financial services to individuals, small to medium enterprises, and large corporations. As of June 2013, the bank's total asset base was valued at about US$336.2 million (TZS:532 billion).
History
The bank received its commercial banking license from the Bank of Tanzania in February 2007 and opened for business in July of the same year. Its authorized capital is approximately US $17 million (Tanzania shillings: 25 billion), of which US $6.3 million (TZS:9.3 billion) had been paid up as of October 2010.
Ownership
The bank's stock is privately owned by the following individuals and corporate entities:
Branch Network
As of November 2014, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania:
- Main Branch - 8 Ocean Road, Dar es Salaam
- Nyerere Road Branch - 27-28 Nyerere Road, Dar es Salaam
- Kisutu Street Branch - 29 Kisutu Street, Dar es Salaam
- Uhuru Street Branch - 27 Uhuru Street, Dar es Salaam
- Arusha Branch - 29 East Joel Maeda Road, Arusha
- Mwanza Branch - 62W Capri Point, Mwanza
Governance
The Chairman of the Board of Directors is Nimrod Nkono, a non-Executive Director. Sanjeev Kumar, a shareholder in the bank is the Chief Executive Officer of Bank M.