TANZANIA: TEC –Mkombozi Bank launches a new Branch in Mwanza

Mkombozi Bank which is under Tanzania Episcopal Conference (TEC) on 5th February launched a branch in Mwanza  City in efforts to expand its network in the country. The branch becomes the bank’s second since it was established in 2009.

The managing director of the Catholic Church-owned bank, Ms Edwina Lupembe, said when officiating at the launch of the branch that the bank’s assets have increased from Sh7 Billion to Sh 33.9 Billion in two years. The bank also has Sh 21.92 Billion in deposits and has so far issued Sh 11.42 Billion in loans. She said the bank’s target for this year is to increase its capital to Sh 13 Billion from Sh 10.1 Billion.

“We also aim at increasing fixed deposits to Sh41.08 billion as well as issuing loans to the tune of Sh25.88 billion by December 2012,” she said.

For his part, the guest of honour, ArchBishop Thaddaeus Ruwa’ichi said the Catholic Church has continued with its mission to fight the country’s archenemies of illiteracy, disease and poverty. “It is obvious that the Church has made a remarkable contribution in the fight against illiteracy and disease by building schools and hospitals, it is now time to fight poverty,” he said.

He said poverty will be fought by using the bank which aims at serving all people regardless of their religious, political or social affiliations.

For his part, the bank’s board chairman Masha Mshomba said the bank was founded by the Tanzania Episcopal Conference in collaboration with the Catholic Church and other stakeholders in the country.

He said the objective of the bank is to liberate Tanzanians from poverty by issuing micro loans to individuals and larger ones to companies.