Akiba Commercial Bank

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Akiba Commercial Bank
Private company
IndustryFinancial Services
FoundedAugust 1997; 21 years ago (1997-08)
Headquarters,
Key people
Ernest Massawe
Chairman
Juliana Swai
Ag. Managing Director
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
RevenueIncreaseAftertax:TSh:8.36 billion (US$3.68 million) (2016)[1]
Total assetsTSh:211.2 billion (US$92.85 million) (2016)[1]
Websitewww.acbtz.com

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

Location[edit]

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.[3] 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).[4]

Overview[edit]

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, 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).[1] In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" based on convenience, customer care and pricing.[5]

History[edit]

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.[6]

Ownership[edit]

The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following, as of 31 December 2016.[1]

Akiba Commercial Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 ACCION Investments 20.00[6]
2 Parastatal Pension Fund of Tanzania 11.0
3 Stitching Hivos-Triodos Fonds 8.0
4 Incofin CVSO of Belgium 7.0
5 Netherlands Development Finance Company (FMO) 7.0
6 InterConsult Limited of Tanzania 6.0
7 Fonds Européen de Financement Solidaire pour l’Afrique (FEFISOL) of Luxembourg 5.0
8 Stitching-Triodos Financial Management 5.0
9 Erncon Holdings Limited of Tanzania 5.0
10 Tanzania Development Finance 3.0
11 Other Investors 23.0
Total 100.00

Branch Network[edit]

As of December 2016, Akiba Commercial Bank operated a network of branches, in Dar es Salaam, Arusha, Dodoma, Mwanza[7] and other urban centers in the country.[1]

  1. Main Branch: Amani Place, Ohio street, Dar Es Salaam
  2. Ubungo Plaza Branch: Ubungo–Morogoro Road, Dar Es Salaam
  3. Tandale Branch: Tandale CCM, Dar Es Salaam
  4. Kariakoo Branch: Corner of Uhuru Street & Likoma Street, Dar Es Salaam
  5. Buguruni Branch: Opposite Buguruni Police Station, Buguruni, Dar Es Salaam
  6. Kinondoni Branch: Mwinjuma Road, Kinondoni, Dar Es Salaam
  7. Tegeta Branch: Tegeta Kibaoni, Bagamoyo Road, Dar Es Salaam
  8. Temeke Branch: Tandika Mwisho, Temeke, Dar Es Salaam
  9. Kijitonyama Branch: Letsya Towers, Opposite Oilcom Petrol Station, Kijitonyama, Dar Es Salaam
  10. Mbagala Branch: Mbagala Rangi Tatu, Dar Es Salaam
  11. Ukonga Branch: Banana Petrol Station, Dar Es Salaam
  12. Aggrey Branch: Aggrey Street, Dar Es Salaam
  13. IIala Branch: Lindi Street, IIala, Dar Es Salaam
  14. Dodoma Branch:12th Road, Opposite Independence Square, Dodoma
  15. Moshi Branch: Market Street, Moshi
  16. Arusha Branch: Summit Centre, Uhuru Road, Arusha
  17. Mwanza Branch: Nyerere Road, Mwanza
  18. Mbeya Branch: Mwanjelwa Road, Near Mwanjelwa Market, Mbeya.

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.[1]

See also[edit]

References[edit]

  1. ^ a b c d e f Akiba Commercial Bank (24 March 2017). "Annual Report for the Year Ending 31 December 2016" (PDF). Dar es Salaam: Akiba Commercial Bank Plc. Retrieved 7 May 2018.
  2. ^ Bank of Tanzania (30 June 2017). "Directory of Banks and Financial Institutions Operating in Tanzania As of 30 June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Retrieved 7 May 2018.
  3. ^ Akiba Commercial Bank (7 May 2018). "Location of the Head Office of Akiba Commercial Bank". Dar es Salaam: Akiba Commercial Bank Plc. Retrieved 7 May 2018.
  4. ^ Google (7 May 2018). "Location of the Headquarters of Akiba Commercial Bank Plc, Amani Place, Ohio Street, Dar es Salaam, Tanzania" (Map). Google Maps. Google. Retrieved 7 May 2018.
  5. ^ 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.
  6. ^ a b Accion.org (7 May 2018). "Akiba Commercial Bank: Background". Cambridge, Massachusetts, USA: Accion.org. Retrieved 7 May 2018.
  7. ^ Masare, Alawi (23 May 2014). "ACB To Open New Branch In Mwanza". The Citizen (Tanzania). Dar es Salaam. Retrieved 8 November 2014.

External links[edit]