Dodoma. Coop Bank Tanzania has described 2025 as a foundation year for its strategic growth and long-term sustainability, as the lender begins implementing its 2026–2030 strategic plan aimed at driving inclusive growth and strengthening its position in Tanzania’s banking sector.
Speaking during the bank’s second annual general meeting (AGM) in Dodoma on Friday, July 31, 2026, Chief Executive Officer Godfrey Ng’urah said the bank had recorded significant growth despite operating for a short period under its new corporate structure.
He said the lender had undertaken major structural, operational and governance reforms as part of efforts to build a sustainable financial institution capable of serving Tanzania’s co-operative movement and the wider market.
Mr Ng’urah said the bank, working closely with the Ministry of Agriculture and the Tanzania Co-operative Development Commission (TCDC), successfully completed its legal and strategic transition from a co-operative society into a limited company.
“The transition was completed and the bank was officially registered as a company by the Business Registrations and Licensing Agency (Brela) on April 24, 2025. This marked a major shift in our governance and operating model, transforming the bank from a legally registered co-operative society into a commercial company,” he said.
He said the new structure would strengthen the bank’s long-term vision of building an inclusive and sustainable financial institution while improving corporate governance and regulatory oversight under the Bank of Tanzania (BoT).
Mr Ng’urah said Coop Bank expanded its branch network from three to seven branches over the past year, while total assets increased from Sh49 billion to Sh177 billion.
The bank’s loan portfolio grew from Sh14 billion to Sh102 billion, customer deposits rose from Sh15 billion to Sh114 billion, while shareholders’ equity increased from Sh27 billion to Sh42 billion.
Gross income reached Sh9.3 billion, up from Sh1.1 billion recorded in 2024, representing growth of 631 per cent.
“This demonstrates that our business foundation continues to strengthen. Our products and services are gaining wider market acceptance, generating higher revenues, while efforts to expand our service reach are beginning to deliver positive results,” he said.
Mr Ng’urah said industry reports ranked Coop Bank as Tanzania’s fastest-growing bank, adding that the lender would continue building on the momentum while strengthening shareholder confidence.
He attributed the growth to the expansion of branches in Dodoma, Tandahimba and Tabora, as well as the completion of the bank’s new headquarters in Dodoma.
Governance key to growth
Speaking during the AGM, Coop Bank Board Chairman Dr Joseph Witts attributed the bank’s rapid growth to transparent leadership, accountability, discipline, integrity, regulatory compliance and effective risk management.
He said these principles had enabled the relatively young lender to establish a strong foundation for sustainable growth and competitiveness.
Dr Witts said the bank’s performance in 2025 demonstrated that sound corporate governance remained central to building a resilient financial institution capable of supporting the co-operative sector and competing in the wider financial market.
He noted that Coop Bank was established through the merger of Kilimanjaro Co-operative Bank Limited and Tandahimba Co-operative Bank Limited to create a national co-operative bank with greater capacity to support co-operatives and expand access to financial services.
Officially launched on April 28, 2025, the bank spent its first year strengthening its institutional transition and operating under a commercial banking model while maintaining its commitment to serving the co-operative sector.
Dr Witts said the bank would continue focusing on financial inclusion, delivering value to shareholders and strengthening its position as a competitive player in Tanzania’s banking industry.
Calls for shareholder support
Addressing the AGM, TCDC Director General Dr Benson Ndiege encouraged members of co-operative societies to join and support Coop Bank, describing it as a suitable financial institution for the sector.
He said collective efforts by co-operative members could help transform the bank into one of Tanzania’s largest lenders, noting that members of the co-operative movement own 51 per cent of the institution.
Dr Ndiege also encouraged more people, particularly young Tanzanians, to invest in the bank by purchasing shares to expand access to affordable credit.
Meanwhile, Chairrman for Tanzania Cooperative Development Commission Abdulmajid Nsekela, urged shareholders to support ongoing reforms and back the lender’s leadership as it implements its long-term growth strategy.
He said successful investments require sustained commitment and called on shareholders to approve a modest allocation of funds to support the bank’s operations, particularly the work of its board of directors.
The proposal was unanimously approved by shareholders.
Register to begin your journey to our premium contentSubscribe for full access to premium content
