SHAREHOLDERS of Mwalimu
Commercial Bank PLC who convened in Dodoma during their annual meeting have been assured that the bank continues to grow following ongoing reforms that began in 2019.
The Chairman of the Board of
Directors, Mr Francis Ramadhani,
told the bank’s shareholders that
significant reforms underway have
contributed to elevating the bank’s
status up to the year 2022.
He emphasised that for Mwalimu Commercial Bank (MCB) to perform better, it is crucial for employees to continue working diligently and dedicatedly in serving customers.
This, he said, will be the key differentiator
between MCB and other banks in
the country, as competition in the
financial sector intensifies.
“We have reached the seventh
year in 2022 since the bank’s inception, and during this period, the bank has managed to grow its assets and value by more than twice, going from having 30bn/- to reaching 83bn/-,” said Mr Ramadhani.
As MCB’s loan portfolio grew
fourfold from 16bn/- to 64bn/- it
was observed that customer deposits also increased from 11bn/-to
60bn/-.
Likewise, according to Chairman Francis, MCB’s revenues have increased from 2.8 billion to 7.2 billion Tanzanian Shillings.
This is seen as a significant indicator of
MCB’s efficiency and growth.
These are substantial advancements in our bank’s growth, and we certainly have every reason to be proud. The stage we have reached, collectively as the board and management leads us to believe that
Mwalimu Commercial Bank will
continue to stand strong and maintain this momentum in business operations, ultimately delivering value to our shareholders by reaching the point of dividend distribution.
In its expansion plan, by December 2022, MCB had two branches in Dar es Salaam. It also established eight regional offices in the regions of Morogoro, Dodoma,
Mwanza, Mbeya, Arusha, Kigoma,
Rukwa, and Mtwara, enabling easy
access for stakeholders in this early
stage of growth.
In addition to opening regional
offices, MCB has also reached its
clients through user-friendly channels like the mobile app and the Mwalimu Card Visa, available at its more than 1500 ATMs across the country, alongside its 474 agents.
The Chairman highlighted that
the ownership structure involves
individual teacher shareholders, the
founders of the bank, and their associated institutions, which are the
Teachers’ Union of Tanzania and
TDCL.
Collectively, they hold 51.4
per cent of the total shares. The
National Health Insurance Fund
(NHIF), the Public Service Social
Security Fund (PSSF), and the general public each own 16.2 per cent.
According to the Bank of Tanzania’s report, the banking sector in the country has remained resilient in facing various challenges, including liquidity and inadequate capital for many banks.
The credit sector for customers has continued to grow by 22.5 per cent, and on the other hand, customer deposits have increased, indicating the ongoing
improvement of the economy.
A shareholder, who is a teacher,
Romana Kimambo from Kisarawe
District, Coast Region, praised
MCB and advised teachers who
haven’t joined their bank to abandon crippling loans that demean
and undermine them.
Eliud Ole Mtambala, a teacher
at Chamwino Primary School in the
Chamwino Ward of Dodoma Municipality, stated that although the bank is relatively young, it has assisted many teachers. He urged all teachers to avoid being deceived by street loans that erode their dignity and instead encouraged them to
wake up and shift to MCB, as the
bank fulfills a long-standing cry of
teachers for liberation.
