Bank files plan to open new branches

14Sep 2020
James Kandoya
Dar es Salaaam
The Guardian
Bank files plan to open new branches

MKOMBOZI Commercial Bank PLC management has said that it needs at least 15bn/- in the next financial year to expand its bank networks across the country by next year.

The bank’s managing director Respige Kimati told the Guardian over the weekend on the side-line of the 11th annual general meeting that the bank plan is to open branches in all regions.

Kimati added that the move goes concurrently with opening up of agency banking in every district downwards to the wards and villages.

“Our target to ensure that the banking service penetrates all people to increase financial inclusion among the community as well to increase profits and bank efficiency, ”he said.

He however called the bank shareholders to buy more shares when the window is opened to increase the bank capital to enable the bank to deploy more and late4rst technology.

For her part, the MBCB Board Chairperson Prof Marcellina Chijoliga said despites economic depletions the bank continues to perform.

She said the loan and advances to customers increased by 23 percent from 99,036 million as at 31st December 2018 to 122,084 million as at 31 December 2019.

Furthermore, customers deposits increased by 14.1 percent from 178,824 million as at 31 December 2018 to 204,038 at 31 December 2019.

“The bank has improved its services delivery on alternative channels which improved the turnaround time in issuance by acquiring new technology that enables instant issuance, ”he said.

MBCB The bank director, the Archbishop of Dodoma catholic Diocese Beatus Kinyaiya assured the public and share’s holders that the bank was a right place to invest.

He said the bank's future plan was to see it penetrate to the interior to increase financial inclusion hence promoting the nation economy.

“So as to continue enhancing affordability, accessibility and in line with our objective of increasing financial inclusion in the country we are building branch networks,he added

MKCB started as an initiative of the Tanzania Episcopal Conference to establish a commercial bank with the main objective of serving and supporting the emerging Tanzanian businesses for provision of financial services.

It was granted banking license by the Bank of Tanzania as a full-fledged commercial bank on 18th July 2009 and started banking business on 28th August 2009.

Its target markets are small and medium sized entrepreneurs, companies, SACCOS, social enterprises such as schools, universities and corporations.

MKCB serves the needs of growing companies, middle-market and large corporations, institutional investors, financial institutions and government entities.

It has eleven branches as at 31 December 2019: four branches are located in Dar es Salaam and one each in Mwanza (Mwanza region), Bukoba (Kagera region) and Morogoro (Morogoro region).

Others are Dodoma (Dodoma region), Iringa (Iringa region) Njombe (Njombe region and Moshi (Kilimanjaro region).

MKCB plans to build a branch network throughout Tanzania.

The bank was listed at Dar es Salaaam Stock Exchange (DSE) – Enterprise Growth Market – in December 2014, under the stock symbol MKCB.