Mkombozi Commercial Bank Opens New Branch In Moshi

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Mkombozi Commercial Bank (DSE: MKCB) has recently launched its new branch in Moshi Municipality, close to Kilimanjaro National Park in Tanzania’s northeastern region.Moshi branch joins MKCB’s current network of three branches in Dar es Salaam and one in Mwanza, to offer more than ten products between credits and deposits’ alternatives.

During the branch’s opening ceremony on Kibo Road near Moshi Town Centre, MKCB’s Managing Director, Ms. Edwina Lupembe, highlighted the bank’s achievements raising its capital TSZ 20.6 billion as of June, 2015 from TSZ 6.2 billion in 2009, when it started operations.

Ms. Lupembe also indicated that MKCB’s customers deposits rose from TSZ 28.9 billion in 2012, to TSZ 70.7 billion at the end of June, 2015.

Among other financial results highlighted by Ms. Lupembe, were mentioned the bank assets’ increase in 175% to TSZ 96 billion from 2009 to the end of June, 2015 while credits facilities did in 164% to TSZ 43.9 billion from 2012.

In addition, it was also announced during the ceremony MKCB’s new membership to the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which will facilitate process payment instructions abroad.

The bank started as an initiative of the Tanzania Epscicopal Coference in 2009 to establish a commercial bank with the main objective of serving and supporting small and medium sized entrepreneurs, companies, SACCOS, social enterprises such as schools, universities and corporations.

MKCB listed at Dar es Salaam Stock Exchange (DSE) alternative market, the Enterprise Growth Market (EGM) , in December 2014.