THE Kilimanjaro Cooperative Bank Limited (KCBL) has scooped the Tanzania Best Bankers Award organised by the Tanzania Institute of Bankers (TIOB) to recognise the banking sector achievements.
As the inaugural winner of the Tanzania’s Best Bankers, the cooperative bank is largely credited for being one of the first banks to adopt the warehousing receipt system in the country.
“Across the years, we have had ups and downs in the sector, but we have weathered the times. KCBL’s story in the last few years is a remarkable example of the resilience and professional approach in problem solving in banking,” the TIOB Executive Director, Patrick Mususa said at the ceremony that showcased the growth and the achievement of Tanzanian banks across the years.
“Our theme was celebrating 30 years of professional excellence. What better way to do this than unveiling the bankers’ awards that recognise what banking sector has achieved so far. We will also have the prestigious ‘Tanzania’s Best Bankers’ Awards for the first time,”
KCBL had faced liquidity issues and in 2020 and CRDB bailed it out with 7bn/-. The cooperative bank has since transformed from a loss-making entity to a profitable bank.
In 2021, KCBL made a pre-tax profit of 318m/- and extended loans amounting to 4.7bn/-while deposits rose to 5.5bn/-.
“This success story is an indication that our banks can succeed. In fact, Tanzanian banks are in a very good state and are responding well to the shocks from the global financial markets,” Mususa said.
The event brought together the Bank of Tanzania, bankers from the industry, trainers and the sectors professional partners.
The second prize winner overall was ABSA bank followed by Azania bank and the fourth place went to Equity bank.
Other categories of awards were the most conscientious bank award went to NMB bank and Azania bank, while KCBL bank also scooped the final round award for the Most Aggressive Bank.
The most cautious bank award was won by Stanbic bank (round one) while Equity bank won the same award in the final round. ABSA bank Tanzania swept the best bank presentation and came in the round one of the most aggressive bank that was won by KCBL.
“Competition among banks is healthy. We need a vibrant financial services sector that will offer a wide range of products that will match what the economy and consumers need,” he said.
Founded in 1993, TIOB’s mission is training Tanzanian bankers to world-class standards adhering to professional excellence grounded on ethics, integrity and quality in all of its undertakings.
The event also marked the end of the Tanzanian Bankers’ Challenge, a 2-month bank risk management competition that simulates banking industry conditions and the market environment.
A typical bank simulation offers participants the practical learning on major risks that are faced by a bank and provide the learners an opportunity to identify and analyse these risks.
He described banking as the business of taking on and managing risks, “and the levels of risks are ever increasing in market.”
“The intellectually gruelling exercise teaches these participating professionals team collaboration skills and working effectively under pressure,” Mususa said.
The competition organised by TIOB in collaboration with ICAP Training Solutions tests bankers’ ability to make the right decisions that will give results needed to become the best bank in the virtual competition.
Mr Mususa noted that the competition is part of TIOBs strategy of offering training that reflects the very dynamic conditions of the global financial markets.
“We are in a global world. Banks in Tanzania are no exception to the shocks in the global financial markets. ICAP Training Solution’s simulation offers world class exposure to this environment to our local talent,” he added.
The TIOB boss remained upbeat about the future of the awards noting that the second edition of the event will bring in more bankers, members from academia, policymakers, government and non-bank sectors of the financial services industry.