BoT grants licence to new women’s bank

BoT HQ

A new community bank has opened its doors for business in Tanzania.The Bank of Tanzania (BoT) has issued a licence to Covenant Bank for Women (Tanzania) Ltd to operate as a community bank.

A BoT statement issued on Monday said Covenant Bank would operate in Dar es Salaam, with head office located at LAPF Millennium Tower, Ally Hassan Mwinyi Road.

Covenant Bank was among the banks granted a provisional licence last year. Others were Equity Bank (T) Ltd and Amana Bank Ltd, which have already received approval and commenced operations earlier.

Amana Bank Ltd was granted an approval to carry on banking business as a fully-fledged commercial bank and would initially offer products and services based on Islamic principles (Sharia).

“The Covenant Bank for Women (Tanzania) Limited commenced operations on 28 August 2012,” says the Bank of Tanzania in a statement.

This comes a few weeks after what used to be Dar es Salaam’s most famous community bank, Dar es Salaam Community Bank (DCB), won the central bank’s approval to start operating as a fully-fledged commercial bank.

DCB which is also listed at the Dar es Salaam Stock Exchange (DSE) was recently given a licence upgrading it to a commercial bank after achieving sufficient capital to make it qualify the upgrade.

Source: The Citizen,http://www.thecitizen.co.tz, reported by  Alawi Masare

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