Coop Bank issues over 49bn/- in loans
DODOMA: The Cooperative Bank of Tanzania (Coop Bank) has issued loans worth over 49bn/- to members of various cooperative unions since it began operations following its official launch by President Samia Suluhu Hassan, this year.
Coop Bank’s Acting Managing Director and CEO, CPA Kinyaki Obby Kinyaki, revealed this yesterday in Dodoma during the launch of the 2025 Customer Service Week at the bank’s headquarters.
He said the bank’s total deposits have now surpassed 50bn/-, while total transactions have reached 98bn/-, attributing the steady growth to the public’s trust despite the bank being a new player in the financial sector.
CPA Kinyaki said Coop Bank will continue to spearhead the financial inclusion drive to ensure that no one is left behind.
“We will continue to support the government’s efforts to achieve this goal, bearing in mind that cooperative unions are the majority shareholders, holding 51 percent of the stake. When we talk about cooperatives, we mean people at the grassroots,” he said.
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During the Customer Service Week, he noted, the bank’s officials will go into the streets to meet people from various groups, identify the financial challenges they face, and find solutions that allow more people to benefit from the bank’s services.
Despite having only three branches in Moshi, Tabora, and Tandahimba, CPA Kinyaki explained that Coop Bank has extended services to other regions, including Songwe, Manyara, and Lindi, through agents and the COOP Pesa application, thanks to technological advancements.
Moving forward, he said the bank plans to open new branches in Mtwara, Kagera, Mwanza, and Mbeya to ensure every Tanzanian can access its services. The bank currently works with 58 agents and plans to recruit more to strengthen its network across the country.
One of the bank’s customers, Mr Justine Mogendi, who attended the Customer Service Week launch, commended Coop Bank for supporting members of cooperative unions engaged in the agricultural sector.
“You don’t need to have collateral to get a loan. Your deposits alone can enable you to qualify,” said the Dodoma resident.
Coop Bank was formed following the successful merger of two prominent cooperative banks, the Kilimanjaro Cooperative Bank (KCBL) and the Tandahimba Cooperative Bank (TACOBA).
The bank joins other service providers around the world in commemorating Customer Service Week, an internationally recognized event celebrated annually during the first full week of October to honor the importance of customer service and the people who serve and support customers every day.
The week is meant to appreciate customers for their loyalty, recognize employees who deliver excellent service, raise awareness of the critical role customer service plays in organizational success, and strengthen the culture of quality service within institutions.
