Bank commends interventions, policies of Bank of Tanzania 

23Oct 2021
By Guardian Reporter
The Guardian
Bank commends interventions, policies of Bank of Tanzania 

Mwalimu Commercial Bank has commended the various interventions and policies by the Bank of Tanzania (BoT) in rescuing the country’s economy during the COVID-19 pandemic outbreak, saying Tanzania posted better performance compared to other African countries.

The statement was given in Arusha yesterday by the bank’s board of directors’ chairperson, Francis Ramadhani when presenting a report to delegates attending the bank’s stakeholder’s annual general meeting.

He said data from the central bank indicates that Tanzania recorded a 4.7 per cent economic growth and that it is projected to grow by 6 per cent in 2021.

“The inflation rate has continued to be low at 3.5 per cent signalling the presence of conducive business and investment environment,” he said.

Ramadhani said in 2020, Mwalimu Commercial Bank entered into contract with three institutions—National Health Insurance Fund (NHIF),  Public Service Social Security Fund (PSSSF) and the Tanzania Teachers Union (TTU) who have jointly contributed 25bn/- to the bank’s deposits.

He said with the funds, the bank was able to provide loans to a good number of clients whereas a total of 42bn/- was issued.

Mwalimu Commercial Bank Chief Executive Officer, Richard Makungwa said the bank will continue to improve its operation systems as well as creating a good business environment. He said they have also opened braches in Morogoro, Mwanza, Mbeya, Dodoma and Arusha.

“We also introduced the Mwananchi VISA Card to allow our clients to access services at our over 2,000 ATMs across the country and be able to make online payments through the POS-point of sales available at supermarkets and hotels,” said Makungwa.

He said the bank plans to come up with an arrangement to enable its customers and shareholders to register for life insurance through Mwalimu Commercial Bank, which is also an insurance agent. He said the move would boost the bank’s income, thus facilitate expansion of its services.

“We also generate income from other services such as transaction fees and banking services through our agents,” said the CEO noting they are also expecting to continue generating income through several sustainable programmes such as the education ecosystem.

TTU Secretary General, Deus Seif appealed to teachers to use the bank for deposits and other services. He said when they decided to establish the bank; they hoped to make it one of the largest banks in the country because they expected all the teachers who were in government pay roll in 2015 (217,000) would opt for Mwalimu Commercial Bank.