Mwalimu Bank to Open Doors Next May

Mwalimu Commercial Bank (MCB), expects to open doors to the public in May, 2016, with a capital of 31bn/-. The bank’s Project Manager, Mr Ronald Manongi, told journalists just after the listing of the bank at the Dar es Salaam Stock Exchange (DSE),recently that all arrangements were going on well.

The first branch will be opened in May along Samora Avenue in Dar es Salaam while the second will be opened at Mlimani City.

“Our aim is to help improve teachers welfare and the general public,” Mr Manongi said, adding that the objective will be achieved by agency banking by using TTU buildings, mobile banking and through branches that will be opened throughout the country.

He called upon Tanzanians to buy the bank’s shares at the DSE. The bank is owned by Tanzania Teachers Union (TTU). The bank’s Principal Adviser, Mr George Fumbuka said the 31 billion/-capital was obtained by selling shares to the public in May, this year.

One share was sold at 500/-within a period of six weeks. “This capital is huge, few banks start with such amount,” he said. The value of one share has risen to 700/- after the DSE listing.

He explained that now that the bank has been listed, all who want to buy and sell their shares should go to the Stock Exchange. A Chairperson of TTU, Dar es Salaam Region, Ms Amina Kessenge said the bank will obviously improve teachers’ lives.

“We now own our bank; it will help us,” she said. The BoT has already issued a certificate ready for commencing operations next year. The bank’s listing was officiated by Prime Minister, Mr Majaliwa Kassim Majaliwa.

Originally published on DailyNews Tanzania

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