Mkombozi Commercial Bank
Encyclopedia
Mkombozi Commercial Bank (MKCB) is a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

 in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...

. It is one of the twenty-nine (29) licensed commercial banks in the country. Mkombozi is a Swahili
Swahili language
Swahili or Kiswahili is a Bantu language spoken by various ethnic groups that inhabit several large stretches of the Mozambique Channel coastline from northern Kenya to northern Mozambique, including the Comoro Islands. It is also spoken by ethnic minority groups in Somalia...

 word meaning Savior
Savior
Savior or Saviour may refer to:*a person who helps people achieve salvation, or saves them from something- Religion :* Mahdi* Mashiach* Messiah* Redeemer * Saoshyant* Soter- Music :* Saviours , a stoner metal band...

.

Overview

The bank is a small commercial bank that focuses on serving the lower social economic classes in Tanzania, along with their small-to-medium enterprises (SMEs).

History

The bank obtained a commercial banking licence from the Bank of Tanzania
Bank of Tanzania
The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....

, the national banking regulator, in July 2009. MKCB then opened for business in August 2009.

Ownership

Mkombozi Commercial Bank is owned by Tanzanian Catholic
Catholic
The word catholic comes from the Greek phrase , meaning "on the whole," "according to the whole" or "in general", and is a combination of the Greek words meaning "about" and meaning "whole"...

 diocese
Diocese
A diocese is the district or see under the supervision of a bishop. It is divided into parishes.An archdiocese is more significant than a diocese. An archdiocese is presided over by an archbishop whose see may have or had importance due to size or historical significance...

s, parishes, and individuals of all religious persuasions. In order to raise the US$5 million (TZS 68 billion) initial share capital, shares were sold to individuals and businesses, in batches of 100 shares at US$0.75 per share.

Branch Network

, MKCB maintains one branch at St. Joseph's Catholic Church, in Dar es Salaam, Tanzania.
  1. Main Branch - St Joseph's Catholic Church, Dar es Salaam
    Dar es Salaam
    Dar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...


Governance

The Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 of the bank comprises eight (8) individuals. The Chairman is one of the seven (7) non-Executive Directors. The current Chairman is Masha John Mshomba. The current Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...

 (CEO), is Edwina Agnellus Lupembe.

External links


See also

  • List of banks in Tanzania
  • List of banks in Africa
  • Bank of Tanzania
    Bank of Tanzania
    The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....

  • Economy of Tanzania
    Economy of Tanzania
    - History :Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle socialist economic controls and encourage...

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