Akiba Commercial Bank

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Akiba Commercial Bank
Private company
Industry Financial Services
Founded 1997 (1997)
Headquarters Dar es Salaam, Tanzania
Key people
Elizabeth Minde (Chairperson), John Lwande (Managing Director), Israel Chasosa (CEO)[1]
Products Loans, Transaction accounts, Savings, Investments, Debit Cards
Total assets US$79.35 million (2013)
Number of employees
487 (2013)
Website www.acbtz.com/akiba.html

Akiba Commercial Bank (ACB) is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the central bank and national banking regulator.[2]

The bank is a small commercial bank that focuses on serving the poorest of poor Tanzanians and their enterprises. It operates as a microfinance bank. As of December 2013, its total asset base was estimated at US$79.35 million. At that time the bank maintained over 240,850 deposit accounts with an average of US$335 per account. Loan accounts stood at over 28,950, with an average loan balance of US$1,576 per account.[3] In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" based on convenience, customer care and pricing.[4]

History[edit]

Akiba Commercial Bank was established in 1997 by Tanzanian businesspeople 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.

Ownership[edit]

The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following

Akiba Commercial Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 ACCION Investments 20.00[5]
2 ACCION International
3 Incofin
4 Netherlands Development Finance Company (FMO)
5 Stitching Hivos-Triodos Fonds
6 Stitching Triodos-Doen
7 InterConsult Limited of Tanzania
8 Parastatal Pension Fund of Tanzania
9 Nearly 70 Tanzanians
Total 100.00

Branch Network[edit]

As of November 2014, Akiba Commercial Bank operates a network of 17 branches, in Dar es Salaam, Arusha, Dodoma, Mwanza[6] and other urban centers in the country.

Governance[edit]

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.

See also[edit]

References[edit]

  1. ^ Pesatimes, Correspondent (18 February 2013). "AKIBA Targets 47 Percent Profit Increase for 2013". PesaTimes.Com. Retrieved 8 November 2014. 
  2. ^ BOT, . "Directory of Banks Operating In Tanzania". Bank of Tanzania (BOT). Retrieved 7 November 2014. 
  3. ^ "Akiba Commercial Bank Limited: Financial & Performance Data, December 2013". MixMarket.Org. Retrieved 7 November 2014. 
  4. ^ Daily News Reporter, . (29 November 2013). "Tanzania: Akiba Commercial Bank Ranked Best in Customer Focused". Tanzania Daily News (Dar es Salaam). Retrieved 7 November 2014. 
  5. ^ "Akiba Commercial Bank: Background". Accion.Org. July 2014. Retrieved 7 November 2014. 
  6. ^ Masare, Alawi (23 May 2014). "ACB To Open New Branch In Mwanza". The Citizen (Tanzania). Retrieved 8 November 2014. 

External links[edit]