Suvarna Garge (Editor)

Mkombozi Commercial Bank

Updated on
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Covid-19
Type  Private
Industry  Financial Services
Headquarters  Dar es Salaam
Traded as  DSE: MKCB
Founded  2009
Mkombozi Commercial Bank tanzaniainvestcomwpcontentuploads201602mkom
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:

  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.

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.

References

Mkombozi Commercial Bank Wikipedia


Similar Topics
Paranoid (2000 thriller film)
Naresh Babu
Pake McEntire
Topics
 
B
i
Link
H2
L