Boost to co-op sector as Samia set to launch Coop Bank
DODOMA: THE cooperative sector in the country is expected to robust as President Samia Suluhu Hassan, Monday, set to launch cooperative-specialized bank, Coop Bank Tanzania with 51 percent ownership of the cooperative societies.
Speaking ahead of launching of the bank in Dodoma over the weekend, Coop Bank Tanzania Managing Director Godfrey Ng’urah stated that the financial institution officially enters the competitive market with 58bn/- capital.
The digital driven bank, Mr Ng’urah stated, will start with 58 agents, with cooperative society offices across the country becoming the Coop Bank Tanzania branches.
Coop Bank Tanzania was established through the merger of Kilimanjaro Cooperative Bank (KCBL) and Tandahimba Community Bank (TCBL) on May 26, 2024 with the mission to transform the financial landscape in Tanzania by providing a comprehensive range of services that prioritize social welfare, particularly for the cooperative sector, entrepreneurs, and the unbanked population.
After receiving its transitional license from the Bank of Tanzania (BOT) on July 23, 2024, Coop Bank Tanzania officially commenced operations on October 1, 2024.
He said that Coop Bank Tanzania is poised to make a significant impact in the Tanzanian banking sector since will throw the weight behind community engagement and inclusive financial services is aimed at addressing the diverse needs of its clientele, thereby contributing to the socio-economic development of Tanzania.
On her part, Dodoma Regional Commissioner Ms Rosemary Senyamule expressed optimism that the bank is going to boost grapes value chain in the central part of the country where there is a strong cooperative society formed by the farmers.
She said the bank has made Dodoma proud for becoming the first financial institutions to have its headquarters in the capital city as she called wananchi, stakeholder to attend the official launching of the bank which will be presided by the Head of State.
“Dodoma residents are set to benefit more from this bank through employment, financial services and economic prosperity resulted from the existence of this bank in Dodoma,” RC noted.
Prior to the launching of Coop Bank of Tanzania, RC Senyamule said, President Samia will visit the bank’s headquarters in the capital city as well as cooperative exhibitions.
Coop Bank Tanzania’s strategic goal aims to enhance financial inclusion by catering to underserved populations, leveraging technology to improve service delivery and customer experience as well as fostering strong partnerships with cooperatives and other community organizations.
It also aims at driving social welfare initiatives that positively impact the communities it serves and ultimately improving the quality of life for many Tanzanians through its innovative approach and community-centric focus.
