Bank M: The bank that grew too big, too fast

08Aug 2018
Fumbuka Ng'wanakilala
DAR ES SALAAM
Financial Times
Bank M: The bank that grew too big, too fast
  • FROM BOOM TO BUST After growing rapidly to become one of Tanzania's Top 10 biggest banks in less than a decade since its establishment, Bank M was suddenly hit by a liquidity crunch and a sharp decline in profitability.
  • Then they got an unwanted visit from the regulator.

WHEN a group of local businessmen teamed up with an expatriate banker in July 2007 to open a new bank, nobody expected the newcomer to make such a big impact on Tanzania's already overcrowded financial services sector.

bank m.

 But the founders of Bank M were on a mission to disrupt the established order in the country's banking industry with a bold, new way of doing business.

Led by Sanjeev Kumar, an Indian banker who previously served as Chief Executive Officer of Diamond Trust Bank (DTB), Bank M focused on a niche segment of corporate and investment customers.

It also targeted big and mid-sized family-owned businesses in Tanzania and introduced extended bank working hours from 8am to 8pm - the first of its kind in the country.

Visit e.paper.ippmedia.com