Tanzania: Joy as Mkombozi Bank opens branch in Bukoba

Mkombozi Commercial Bank has opened a first branch outside Dar es Salaam in Bukoba a move termed to speed up people's development in the region.

"The step is timely. My appeal is that the bank should consider giving soft conditions to enable low income people to open accounts in the bank," Kagera Regional Commissioner said in a speech read on his behalf by Karagwe District Commissioner (DC), Mr Deodatus Kinawiro.

He also thanked the Catholic Church for opening the bank adding that the 5th phase government under Dr John Magufuli resolve was to improve people's lives especially those at the grassroots level.

He urged residents in Kagera Region including small-scale entrepreneurs, `boda boda' operators, farmers and livestock keepers and fishermen to utilise the bank services by opening accounts. 

The bank is listed on Dar es Salaam Stock Exchange and its share was trading at 1,000/- at the close of market Wednesday.

Mkombozi Commercial Bank Executive Director, Ms Edwina Lupembe, said the bank which was officially launched in 2009 had already opened six branches, three in Dar es Salaam and others in Moshi, Kilimanjaro Region, Mwanza and now Bukoba.

She elaborated that the bank's assets increased from 34.9bn/- during 2012 to 106bn/- until October this year. 

Deposits also increased from 28.3bn/- during 2012 to 78.5bn/- by last year Loans increased from 16.6bn/- during 2012 to 54.2bn/- while Capital increased from 6.5bn/- during 2012 to 20.6bn/- by last year mainly due to Rights Issues and IPO.

According to Ms Lupembe, the bank generated profit amounting 119.02m/- during 2013. During 2014 the profit increased to 1.6bn/- while until October last year the profit was 372m/-. 

She noted that a report by the External Auditor indicated that year ending December 31, 2014 the net profit generated stood at 1.6bn/-.

She said members under cooperative groups with accounts in the bank will be covered under National Health Insurance Fund (NHIF) by paying a mere 76,500/-. 

Bishop Desiderius Rwoma of Bukoba Catholic Diocese, who was chief guest, thanked all people who assisted in making the dream come to true.

He appealed to residents in the region to take loans from the bank to improve their lives. He also urged workers of the bank to maintain integrity and confidence by serving well the customers.
Source: Daily News, reported from Kagera, Tanzania
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