UCB opens fourth branch in Kilimanjaro

Kilimanjaro, MOSHI: KILIMANJARO-BASED Uchumi Commercial Bank (UCB) has opened a fourth branch at Himo, Moshi District in Kilimanjaro Region.

The first three branches were UCB headquarters in Moshi town, Sanya Juu in Siha district and Karatu in Arusha region.

The branch was officially opened on Monday by the Head of the Evangelical Lutheran Church in Tanzania (ELCT) Bishop Dr Fredrick Shoo who doubles as the head of ELCT-Northern Diocese.

UCB Vice-Chairperson Ms Agnata Rutazaa who acted on behalf of the Chairperson she said that the bank started almost two decades ago with initial capital of

372m/- slightly above 250m/- allowed then by the central bank to start a community bank. Its capital is currently 10.3bn/- at end of June.

“The bank has recorded a very good success measured by various parameters” she said.

The deposits over the years went up from 3.0m/- to 37bn/- in June while its customer base increased from 36 customers in 2005 to current 35,434.

The lender’s assets grew from 3.8 billion in 2005 to 50bn/- this June.

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