Akiba Commercial Bank
Encyclopedia
Akiba Commercial Bank is a commercial bank
in Tanzania
. It is one of the twenty-nine (29) licensed commercial banks in the country.
Bank. , its total asset base was estimated at US$55.3 million. At that time the bank maintained over 124,600 deposit accounts with an average of US$360 per account. Loan accounts stood at over 15,600 with an average loan balance of US$1,922 per account.
n 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.
{| style="font-size:95%;"
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| width="80%" align="center" | Akiba Commercial Bank Stock Ownership
|- valign="top"
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{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||ACCION Investments
||20.00
|-
|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
|-
|}
of the bank comprises eight (8) individuals. The Chairman is one of the seven (7) non-Executive Directors. The Managing Director and Chief Executive Officer
(CEO), is answerable to the Board. The current CEO is John Lwande, appointed in 2008.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. It is one of the twenty-nine (29) licensed commercial banks in the country.
Overview
The bank is a small commercial bank that focuses on serving the poorest of poor Tanzanians and their enterprises. It operates as a MicrofinanceMicrofinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
Bank. , its total asset base was estimated at US$55.3 million. At that time the bank maintained over 124,600 deposit accounts with an average of US$360 per account. Loan accounts stood at over 15,600 with an average loan balance of US$1,922 per account.
History
Akiba Commercial Bank was established in 1997 by TanzaniaTanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
n 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:{| style="font-size:95%;"
|-
| width="80%" align="center" | Akiba Commercial Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||ACCION Investments
Accion International
ACCION International is a nonprofit organization that supports microfinance institutions in their work to provide financial services to low-income clients. ACCION provides management services, technical assistance, debt and equity investment and training to microfinance institutions and...
||20.00
|-
|2||ACCION International
Accion International
ACCION International is a nonprofit organization that supports microfinance institutions in their work to provide financial services to low-income clients. ACCION provides management services, technical assistance, debt and equity investment and training to microfinance institutions and...
||
|-
|3||Incofin ||
|-
|4||Netherlands Development Finance Company (FMO)||
|-
|5||Stitching Hivos-Triodos
Triodos
Triodos might refer to:* a settlement in the Greek prefecture of Messinia** Triodos Airport* Triodos Bank which is a pioneer in ethical banking...
Fonds ||
|-
|6||Stitching Triodos
Triodos
Triodos might refer to:* a settlement in the Greek prefecture of Messinia** Triodos Airport* Triodos Bank which is a pioneer in ethical banking...
-Doen||
|-
|7||InterConsult Limited of Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
||
|-
|8||Parastatal Pension Fund of Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
||
|-
|9||Nearly 70 Tanzanians||
|-
| ||Total||100.00
|-
|}
Branch Network
, Akiba Commercial Bank operates a network of eight (8) branches, in the following locations:- Main Branch - TDFL Building, Ali Hassan Mwinyi Road, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- 2nd Dar es Salaam Branch - Dar es Salaam
- 3rd Dar es Salaam Branch - Dar es Salaam
- 4th Dar es Salaam Branch - Dar es Salaam
- 5th Dar es Salaam Branch - Dar es Salaam
- Arusha Branch - ArushaArushaArusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...
- Moshi Branch - MoshiMoshiMoshi is a Tanzanian town with a population of 144,739 in Kilimanjaro Region. The town is situated on the lower slopes of Mt Kilimanjaro, a volcanic mountain that is the highest mountain in Africa....
- Mwanza Branch - MwanzaMwanzaMwanza is a mid-sized port city on the southern shores of Lake Victoria in northwestern Tanzania. With an urban population of 1.2 million and a metropolitan population of 2 million, it is Tanzania's second largest city, following Dar es Salaam and ahead of other major Tanzanian cities of Arusha,...
Governance
The Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of the bank comprises eight (8) individuals. The Chairman is one of the seven (7) non-Executive Directors. The Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
(CEO), is answerable to the Board. The current CEO is John Lwande, appointed in 2008.
External links
See also
- List of banks in Tanzania
- List of banks in Africa
- Bank of TanzaniaBank of TanzaniaThe Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....
- Economy of TanzaniaEconomy of Tanzania- History :Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle socialist economic controls and encourage...