Mwalimu Bank opens its doors to the public
What you need to know:
The bank, owned by the teachers’ association opened its doors to the public last week with one branch along Samora Avenue in the city centre.
Dar es Salaam. Mwalimu Commercial Bank (MCB) has started operations following its successful initial public offering and subsequent listing on the Dar es Salaam Stock Exchange last year.
The bank, owned by the teachers’ association opened its doors to the public last week with one branch along Samora Avenue in the city centre.
“The dream has come true,” said the president of Tanzania Teachers Association, Mr Gratian Mukoba.
According to Mr Mukoba, the bank will help teachers economically with minimal requirements experienced at other financial institutions.
The bank targeted Sh25 billion during the IPO but successfully raised Sh31 billion.
MCB board chairperson Herman Kessy said the bank is committed to bring efficiency and quality services to Tanzania.
The bank’s chief executive officer Mr Ronald Manongi said they are set to serve both teachers and all Tanzanians.
