Type Private Industry Financial Services Headquarters Dar es Salaam | Traded as DSE: MKCB Founded 2009 | |
 | ||
Key people Method Anatoli Kashonda
Chairman
Edwina Agnellus Lupembe
Managing Director & CEO Products Loans, Checking, Savings, Investments, Debit Cards Revenue Aftertax:US$70,500+ (TZS:119 million (2013) Total assets 37.94 million USD (TZS:64.03 billion, 2013) | ||
Mkombozi Commercial Bank Plc. (MKCB) is a commercial bank in Tanzania. It is licensed by Bank of Tanzania, the central bank and national banking regulator. Mkombozi is a Swahili word meaning Savior.
Contents
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 2013, the bank's total asset valuation was approximately US$37.94 million (TZS:64.03 billion), with shareholder's equity of approximately US$6.82 million (TZS:11.5 billion). The bank made a profit of TSh119 million (US$70,500), in calendar year 2013.
History
The bank obtained a commercial banking licence from the Bank of Tanzania, the national banking regulator, in July 2009. MKCB then 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 US$5 million (TZS:7.8 billion) initial share capital, shares were sold to individuals and businesses, in batches of 100 shares at US$0.75 per share. 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.
Branch Network
As of December 2015, MKCB maintains a network of branches at the following locations:
- Main Branch - St Joseph's Catholic Church, 40 Mansfield Street, Dar es Salaam
- Mwanza Branch - Mwanza
- Msimbazi Branch - Msimbazi, Ilala District, Dar es Salaam
- Kariakoo Branch - Kariakoo, Dar es Salaam.
- Moshi Branch - Moshi Town, Kilimanjaro
- Bukoba Branch - Bukoba Town, Kagera.
Governance
The Board of Directors of the bank comprises eight individuals. The Chairman is one of the seven non-Executive Directors. The current Chairman is Method Kashonda. The current Managing Director and Chief Executive Officer (CEO), is Edwina Agnellus Lupembe.