OVER 400 shareholders of Mwalimu Commercial Bank met in Mtwara yesterday to deliberate on the annual report of the bank in an Annual General Meeting.
The Bank CEO, Richard Makungwa said the objective of the meeting was to provide a platform for shareholders to discuss the annual report of the bank and come up with resolutions for future implementation.
“As a financial institution, every year we hold meetings with our shareholders to present to them a report of the running of the bank, activities conducted, success, challenges and future plans,” said Mr Makungwa.
Noting that they would also receive shareholders’ views on the operation of the bank. He said teachers formed majority of shareholders of the bank who consist also of public and private companies and other institutions.
MCB conducts banking activities including providing loans to its customers, he said.
“Our bank provides personal loans and business loans and we have had huge success because our customers are trustworthy. They honour their debts obligations through regular scheduled payments. So despite some small challenges we are doing well in the area,” he said.
He said the bank plans to leverage of digital technology to enhance banking transactions and they were set to be connected to VISA network. The bank continues to improve services.
"Our shareholders and customers should expect that their bank continues to grow and improve services. We will make sure our services reach all teachers who are our main shareholders and customers,” he said.
MCB was running well and it meets capital requirement by the regulator, he said.
Earlier, members of the AGM attended a seminar conducted by Digital Service Manager, John Mhina which focused on enhancing financial discipline and importance of savings.
There were also presentations on stock markets and risk-free government securities as lucrative investment options for teachers.