Mkombozi Commercial Bank

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Mkombozi Commercial Bank
Private
Traded as DSE: MKCB
Industry Financial Services
Founded 2009
Headquarters Dar es Salaam, Tanzania
Key people
Method Anatoli Kashonda
Chairman
Edwina Agnellus Lupembe
Managing Director & CEO
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue IncreaseAftertax:US$70,500+ (TZS:119 million (2013)
Total assets US$37.94 million (TZS:64.03 billion) (2013)
Website Homepage

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.[1] Mkombozi is a Swahili word meaning Savior.

Overview[edit]

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.[2]

History[edit]

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[edit]

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.[3] 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.[4][5]

Branch Network[edit]

As of December 2015, MKCB maintains a network of branches at the following locations:[6]

  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[edit]

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.[7]

See also[edit]

References[edit]

  1. ^ BOT, . "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania (BOT). Retrieved 14 November 2014. 
  2. ^ DSE, . (12 November 2014). "Mkombozi Commercial Bank IPO". Dar es Salaam Stock Exchange (DSE). Retrieved 15 November 2014. 
  3. ^ Mbonea, Israel (31 August 2009). "Tanzania: Dar Catholics Launch Bank". East African Business Week (Kampala). Retrieved 15 November 2014. 
  4. ^ Tanzania Invest, . (11 November 2014). "Tanzania's Mkombozi Commercial Bank Announces Initial Public Offering And Listing At Dar Es Salaam Stock Exchange". TanzaniaInvest.Com. Retrieved 15 November 2014. 
  5. ^ Daily News Reporter, . (3 November 2014). "Mkombozi Bank Formally Goes Public, Offers 5 Million Shares". Tanzania Daily News (Dar es Salaam). Retrieved 14 November 2014. 
  6. ^ MKCB, . "The Branches of Mkombozi Commercial Bank". Mkombozi Commercial Bank (MKCB). Retrieved 15 November 2014. 
  7. ^ MKCB, . "The Board of Directors of Mkombozi Commercial Bank". Mkombozi Commercial Bank (MKCB). Retrieved 15 November 2014. 

External links[edit]