DCB let down by its major founders, shareholders

DCB's Board of Directors Chairman Ambassador Paul Rupia
The DCB Commercial Bank has asked for intervention of the Chief Secretary to help its founders and shareholders utilise the services of the bank.

Currently, the Dar es Salaam City Council and its three municipalities of Kinondoni, Ilala and Temeke have not made optimal use of the bank as it was expected.

The Bank’s Board Chairman, Ambassador Paul Rupia said in Dar es Salaam recently that the management of the bank was discussing with the Chief Secretary to see to it that its shareholders use the services of the bank.

“Utilising the services of this bank in full will enable not only increasing its liquidity but also paying more dividends to shareholders,” Ambassador Rupia said.

The Chief Secretary had promised to give us a feedback over the matter in the coming three weeks, he further said. Ambassador Rupia said one of the challenges facing the bank was lack of table deposits to cater for many loan applications from its clients, forcing it to loan from other sources like the Pension Funds which is too costly.

He announced the payment of dividends for this year as 954.2m/- paid to shareholders following a 1.9bn/- profit the bank made after tax last year. The Bank’s Managing Director, Mr Edmund Mkwawa said plans were underway to introduce three banking systems - Agency Banking, Internet Banking and Financial alert banking.

He said that the new products came as the bank kept on growing, calling for more strategies in ensuring smooth operation and services. He said the Agency banking will be made possible through the partnership of Maxmalipo agencies that will be scattered across the Dar es Salaam City, before the new service spreads to upcountry branches by next year.

“On the Internet Banking and Financial alert system, the two services will enable customers to access the services via the internet as well as receiving an alert whenever they transact with the bank,” he said.

Likewise, he said, in bringing services closer to people, the bank plans to open three new branches at Makuburi area in Kinondoni Municipality, city centre and at Kariakoo to bring to nine the number of branches of the bank.
Source: The Daily News, reported by Pius in Dar es Salaam,Tanzania
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