THE Permanent Secretary in the Ministry of Agriculture, Mr Gerard Kusaya, has commended the Board of Directors and the management of the Moshi based Kilimanjaro Cooperative Bank Limited (KCBL) for the success it has achieved since it recently resumed operations.
Mr Kusaya praised the bank over the weekend during his three day official visit to inspect development initiatives in Kilimanjaro Region, saying they fall under his ministry.
“Efforts by the Kilimanjaro regional government to revive KCBL have begun to bear fruits, especially following the increase in the number of your new clients…this is a great achievement, the future prospects are much better and this is due to your great efforts.
“We on the government side are committed to working with you to improve KCBL with the aim of strengthening your partnerships with other cooperative stakeholders countrywide…that is why we are shoulder to shoulder with the KCBL leadership to ensure it becomes a National Co-operative Bank,” he pointed out.
Elaborating, he called upon co-operatives institutions including cooperative unions, Savings and Credit Cooperative Societies (Sacco), Agricultural Marketing Cooperative Societies (Amcos), as well as individual co-operative stakeholders to join KCBL and purchase its shares, adding that it is effective enough in serving cooperative stakeholders in the country.
On his part, KCBL General Manager, Mr Godfrey Ng'ula said the bank registered more than 150 new clients in the past three months.
“During the three months period, 12,800 new shares were bought and the loss rate dropped from 345m/- to 45m/-,” he said.
Commenting on the future prospects of the country's first cooperative bank in the country, Mr Ng'ula said the financial institution's administration hence; plans to improve its services by introducing new products including the KCBL Visa Card and ATM.
“Our ambition is to make this bank a national cooperative financial institution with the aim of serving clients countrywide, and that is why we continue with our programme of mobilising people, especially those in the cooperative and agricultural sectors to join our institution by buying its shares to boost the capital," added the manager.
Equally, the KCBL Board of Directors Chairman, Dr Gervas Machimu, called on the government to continue cooperating with the bank, including ensuring that it remains a co-operative based financial institution, whose objectives are realised.
“We urge the government to join us in encouraging cooperative stakeholders across the country and those in the agricultural sector to join our bank as members, and also buy shares because KCBL is the property of cooperative and agricultural sector stakeholders, since its inception,” he said.
So far only 14 per cent of the bank's shares have already been purchased and 86 percent still remaining untapped, which he said is an opportunity for cooperative stakeholders to buy to strengthen their status.