Akiba Commercial Bank
Ag. Managing Director
|Products||Loans, Transaction accounts, Savings, Investments, Debit Cards|
|Revenue||Aftertax:TSh:8.36 billion (US$3.68 million) (2016)|
|Total assets||TSh:211.2 billion (US$92.85 million) (2016)|
The headquarters of Akiba Commercial Bank are located at Amani Place, along Ohio Street, in the central business district of the city of Dar es Salaam, the financial capital and largest city in Tanzania. The geographical coordinates of the bank's headquarters are: 06°48'42.0"S, 39°17'16.0"E (Latitude:-6.811667; Longitude:39.287778).
The bank is a retail commercial bank that focuses on serving the poorest of poor Tanzanians and their enterprises. It operates as a microfinance bank. As of December 2016[update], its total asset base was valued at TSh:211.2 billion (approximately US$92.85 million), with shareholders' equity of TSh:32.96 billion (approximately US$14.5 million). In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" based on convenience, customer care and pricing.
Akiba Commercial Bank was established in 1997 by Tanzanian business people with the objective of serving the banking needs of the poorest of Tanzanians, who were hitherto unbanked and not served by the large commercial banks. It opened its doors that year, after receiving a commercial banking license from the Bank of Tanzania.The majority of Akiba's shares are owned by individual Tanzanians. Akiba maintains a management agreement with Accion, primarily covering the areas of product design, marketing and training.
The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following, as of 31 December 2016.
|Akiba Commercial Bank Stock Ownership|
The Board of Directors of the bank comprises eight individuals. The Chairman is one of the seven non-Executive Directors. The Managing Director and Chief Executive Officer (CEO), is answerable to the Board.