Akiba Commercial Bank

Akiba Commercial Bank

Type	Private
Industry	Financial Services
Founded	1997
Headquarters	Dar es Salaam, Tanzania
Key people	Elizabeth Minde Chairperson John Lwande Managing Director
Products	Loans, Checking, Savings, Investments, Debit Cards
Total assets	US$79.35 million (2013)
Number of employees	487 (2013)
Website	Homepage

Akiba Commercial Bank (ACB) is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the central bank and national banking regulator.^[1]

Overview

The bank is a small commercial bank that focuses on serving the poorest of poor Tanzanians and their enterprises. It operates as a microfinance bank. As of December 2013, its total asset base was estimated at US$79.35 million. At that time the bank maintained over 240,850 deposit accounts with an average of US$335 per account. Loan accounts stood at over 28,950, with an average loan balance of US$1,576 per account.^[2] In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" based on convenience, customer care and pricing.^[3]

History

Akiba Commercial Bank was established in 1997 by Tanzanian businesspeople with the objective of serving the banking needs of the poorest of Tanzanians, who were hitherto unbanked and not served by the large commercial banks.

Ownership

The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following

Akiba Commercial Bank Stock Ownership

Rank Name of Owner Percentage Ownership 1 ACCION Investments 20.00[4] 2 ACCION International 3 Incofin 4 Netherlands Development Finance Company (FMO) 5 Stitching Hivos-Triodos Fonds 6 Stitching Triodos-Doen 7 InterConsult Limited of Tanzania 8 Parastatal Pension Fund of Tanzania 9 Nearly 70 Tanzanians Total 100.00

Branch Network

As of November 2014, Akiba Commercial Bank operates a network of 17 branches, in Dar es Salaam, Arusha, Dodoma, Mwanza^[5] and other urban centers in the country.

Governance

The Board of Directors of the bank comprises eight individuals. The Chairman is one of the seven non-Executive Directors. The Managing Director and Chief Executive Officer (CEO), is answerable to the Board. The current CEO is Israel Chasosa, appointed in 2008.^[6]

See also

• List of banks in Tanzania
• List of banks in Africa
• Bank of Tanzania
• Economy of Tanzania

References

1. BOT, . "Directory of Banks Operating In Tanzania". Bank of Tanzania (BOT). Retrieved 7 November 2014.
2. "Akiba Commercial Bank Limited: Financial & Performance Data, December 2013". MixMarket.Org. Retrieved 7 November 2014.
3. Daily News Reporter, . (29 November 2013). "Tanzania: Akiba Commercial Bank Ranked Best in Customer Focused". Tanzania Daily News (Dar es Salaam). Retrieved 7 November 2014.
4. "Akiba Commercial Bank: Background". Accion.Org. July 2014. Retrieved 7 November 2014.
5. Masare, Alawi (23 May 2014). "ACB To Open New Branch In Mwanza". The Citizen (Tanzania). Retrieved 8 November 2014.
6. Pesatimes, Correspondent (18 February 2013). "AKIBA Targets 47 Percent Profit Increase for 2013". PesaTimes.Com. Retrieved 8 November 2014.

External links

• Website of Akiba Commercial Bank
• Website of Bank of Tanzania