Mwanga Hakika Microfinance graduates to commercial bank

MWANGA Hakika Microfinance Bank has officially become a commercial bank after meeting Central Bank requirements, the Managing Director, Jagjit Singh has said.

He said in Dar es Salaam at the weekend that the bank met minimum core capital requirement, high asset quality, management quality, earnings capability and liquidity.

The Bank of Tanzania (BoT)’s minimum core capital requirement for commercial bank is 15bn/-.

“By meeting the central bank’s requirements and become fully fledged commercial bank, the lender is now able to provide wide range banking services to customers as well as support various government strategic projects,” he said.

He said to be a fully-fledged commercial bank, this will go in line with creativity, transparency and accessibility of services in both urban and remote areas.

He said two years ago, a historic event was witnessed when three banks ( EFC Tanzania Microfinance Bank, Hakika Microfinance Bank and Mwanga Community Bank) merged together to form a new bank known as Mwanga Hakika Microfinance Bank Limited (MHB).

On his part, the Board Chairman of Mwanga Hakika Bank, Eng Ridhiwani Mringo said it is a huge achievement in the banking history of Tanzania. Added that the bank’s current total asset of Mwanga Hakika Bank is 111bn/-and it’s continue growing every day.

He said currently Mwanga Hakika Bank has an outstanding loan portfolio of 72bn/-, customer deposits worth 71bn/- through which it has non-performing loans ratio (NPL Ratio) of 5.49 per cent.

Eng Mringo said the bank has a total number of 106 of employees, and also, it has a network of seven branches. Two branches are located in Dar es Salaam (i.e. Kijitonyama and Tegeta), three branches in Kilimanjaro region namely Moshi, Mwanga & Same), one branch in Arusha, and one branch in Dodoma.

MHB has over 100,000 customers and employs over 200 staff. MHB strives to serve and satisfy businesses by having a customised approach for the customers.

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