Tanzania Banking Survey 2011 FINAL April 2011
Tanzania Banking Survey 2011 FINAL April 2011
Tanzania Banking Survey 2011 FINAL April 2011
newspapers between January and December 2010. The size of the word represents how often that word
appeared in the headlines in 2010.
ISBN 978-9987-9409-1-2
Corporate Finance
Serengeti Advisers identifies, structures and executes diverse and innovative transactions for
corporations and other organizations, often working alongside financial institutions. These
transactions include expansions, acquisitions, divestitures, restructurings, and the issuance of
equity or debt capital. Our global relationships, coupled with our unique understanding of local
economies, industries and cultures, serve to help us deliver consistently high quality advice
and service.
iv Serengeti Advisers
Tanzania Banking Survey 2011 v
Acknowledgments
Serengeti Advisers Limited (SAL) wishes to acknowledge the contribution of all the various
individuals and organizations who made this publication possible.
We are especially grateful to the bank executives and staff who responded to our requests
for clarification. The excellent research and editorial support from the following colleagues
is gratefully acknowledged: John Bakilana, Salim Ally, Godfrey Lwakatare, Aloyce Msuri,
Paulsen Mrina, Victoria Massawe and Naima Sykes.
We also appreciate the technical brilliance of our website team: Arnold Minde for the motion
chart, Omar Mohammed for content oversight, Eneza Mnzava for strategic advice and Michael
Zaun for overall design and execution.
Finally, we thank the select group of banks who displayed their confidence in this publication
by supporting it through advertising.
While we have made every effort to ensure the accuracy of the facts contained in this report,
we regret any and all errors and omissions.
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3 Part One
5 Overview of Tanzania’s banking sector trends (2006-2010)
7 Part Two
9 Market share overview and ranking
10 Total Assets
11 Deposits
12 Loans
13 Investment in Government Securities
14 Total Revenue for the quarter ending December 31, 2010
15 Net profits for the quarter ending December 31, 2010
16 Provisions for bad and doubtful debts for the quarter ending Dec 31, 2010
17 Shareholders’ Funds (capital)
18 Number of Employees
19 Number of branches
21 Part Three
Individual Bank Profiles
Since 2006, Serengeti Advisers has been collecting the quarterly financial
statements that are published by all regulated banks and non-bank financial
institutions as required by the Bank of Tanzania. At the heart of this report is the
presentation and analysis of these financial statements over the five-year period
between January 2006 and December 2010.
Objectives PART TWO: The second part ranks the banks across the following ten
indicators of size and performance as at December 31, 2010:
This report is motivated by Serengeti Advisers’ desire to provide: i total assets
• Information by compiling, packaging and presenting the facts and ii customer deposits
figures on Tanzania’s banking industry in one easily accessible iii total loans
reference document. iv investment in government securities
• Insight by identifying, highlighting and describing the trends v total revenue
that emerge from an analysis of the data, and suggest new and vi net profits
interesting interpretations of what these might mean for the banking vii provision for bad and doubtful debts
sector. viii shareholders’ funds (capital)
• Imagination by catalysing critical and creative thinking about how ix number of employees
these trends could shape the future of the Tanzania’s banking x number of bank branches
industry.
PART THREE: The third part presents the profiles and selected financial
This report will be of interest and value to, among trends for each of the 41 banks that had reported financial statements
others: by December 31, 2010. The profiles include information on shareholders,
directors, senior management. This information was gathered from the
i Shareholders, directors and senior banking industry executives who bank’s websites and published reports and were verified for accuracy by
want to compare their performance with that of their competitors. contacting individual banks for confirmation and clarification. The selected
ii Bank and other financial services regulators as a complement to financial trends analysis looks at,
their own analysis,
iii Legal, financial and investment professionals as well as students i Income and profit trends as a basic measure of performance,
and researchers who need to understand the structure and ii Customer deposits, loans and the ratio of non-performing
dynamics of Tanzania’s banking industry. loans to show how the heart of the bank’s business – financial
iv Domestic and foreign investors in Tanzania who want to know how intermediation between savers and borrowers – is performing, and
their bankers are performing relative to others. the
v General public who want to understand the industry and decide iii Structure of shareholders’ funds to highlight the depth and quality
where to keep their savings. of the banks’ capital.
vi Embassies, diplomatic and trade representatives who advise
investors about Tanzania’s banking sector. The report online
Structure of the report Finally, this report has an active and dynamic life online at
www.serengetiadvisers.com One of its key features is an interactive motion
The report is structured into three main parts. chart that brings the data to life by inviting visitors to explore and compare
the performance of any individual bank or group of banks across time. The
PART ONE: The first part presents a consolidated picture of Tanzania’s website is updated on a monthly basis with reports and analysis of the most
banking sector, and illuminates the trends in its size and performance. recent banking sector developments, and on a quarterly basis after all banks
have published their financial statements.
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www.cba.co.tz
PART ONE
Overview of Tanzania’s
banking sector trends (2006-2010)
Tanzania’s banking sector has grown significantly between The banking sector’s pool of shareholders funds (capital)
January 2006 and December 2010, starting with the number tripled from TZS 476 billion to TZS 1.7 trillion. Seven new
of reporting banks increasing from 33 to 41. entrants injected TZS 43 billion of capital during the period.
Two existing banks, which had not been publishing financial
The banking sector’s total assets have expanded 2.8 times statements in 2006, accounted for an additional TZS 40 billion
from TZS 5.5 trillion to TZS 15.3 trillion. Deposits also grew of capital. However collectively, these nine ‘new’ banks
2.8 times from TZS 4.4 trillion to TZS 12.4 trillion. Loans accounted for just 4.8% of the total pool of shareholders funds
expanded almost 3½ times to 5.9 trillion from TZS 1.7 trillion by December 2010.
while investments in government securities doubled from TZS
1.2 trillion in 2006 to 2.37 trillion in 2010.
The selected industry ratios reveal an interesting picture. First, The industry’s capital adequacy - measured as the ratio of
more deposits are being used to lend to the private sector in capital to total assets - strengthened from 8.6% in March
2010 (48%) compared to 2006 (40%). Associated with this is the 2006 to 11.1% in December 2010 and bad debt provision has
decline in the share of deposits used to invest in government remained low at less than 1%.
securities from 28% to 19%.
6 Serengeti Advisers
PART TWO
Market share overview and ranking
8 Serengeti Advisers
Market
share overview
and ranking
As the chart shows, Tanzania’s three largest banks by assets– seven largest banks only challenge the top three on industry
FBME Bank, CRDB Bank Plc and National Microfinance Bank capital with a 41% share. The remaining 31 banks share less
Plc - account for 40% of industry capital, 45% of its loans, 48% of than 20% of the market across all but one of these indicators,
its assets, half of its employees, 52% of deposits and 54% of its namely employee numbers where they account for 24% of the
branches and investments in government securities. The next 11,208 bank staff.
10 Serengeti Advisers
Deposits
12 Serengeti Advisers
Investment in
Government Securities
Rank Bank TZS (million) USD Market share
1. National Microfinance Bank Plc 631,290 429,492,805 26.5%
2. CRDB Bank Plc 426,829 290,389,496 17.9%
3. Standard Chartered Bank 234,307 159,408,783 9.8%
4. National Bank of Commerce 212,694 144,704,562 8.9%
5. Exim Bank 134,452 91,473,280 5.7%
6. Citibank Tanzania 120,083 81,697,452 5.0%
7. Tanzania Investment Bank 75,731 51,522,945 3.2%
8. Commercial Bank of Africa 69,591 47,345,648 2.9%
9. Stanbic Bank Tanzania 62,499 42,520,665 2.6%
10. Barclays Bank Tanzania 60,965 41,477,021 2.6%
11. Bank of Africa Tanzania 45,812 31,167,806 1.9%
12. Tanzania Postal Bank 42,912 29,194,816 1.8%
13. The Peoples’ Bank of Zanzibar 32,238 21,932,850 1.4%
14. BancABC Tanzania 29,574 20,120,420 1.2%
15. Diamond Trust Bank Tanzania 28,584 19,446,882 1.2%
16. United Bank of Africa Tanzania 23,340 15,879,171 1.0%
17. Habib African Bank 21,141 14,383,100 0.9%
18. Bank of Baroda Tanzania 18,868 12,836,684 0.8%
19. FBME Bank 17,621 11,988,298 0.7%
20. I&M Bank Tanzania 16,925 11,514,821 0.7%
21. International Commercial Bank 15,256 10,379,290 0.6%
22. Akiba Commercial Bank 11,457 7,794,673 0.5%
23. Dar es Salaam Community Bank 10,960 7,456,740 0.5%
24. KCB Bank Tanzania 8,872 6,035,990 0.4%
25. Azania Bank 7,572 5,151,546 0.3%
26. Bank of India Tanzania 6,550 4,456,237 0.3%
27. Ecobank Tanzania 5,316 3,616,696 0.2%
28. NIC Bank Tanzania 4,200 2,857,434 0.2%
29. Bank M 2,466 1,677,722 0.1%
30. Efatha Bank 561 381,672 0.0%
31. Twiga Bancorp 297 202,061 0.0%
32. AccessBank Tanzania - - 0.0%
33. Kagera Farmers Co-operative Bank - - 0.0%
34. Kilimanjaro Co-operative Bank - - 0.0%
35. Mbinga Community Bank - - 0.0%
36. Mkombozi Commercial Bank - - 0.0%
37. Mufindi Community Bank - - 0.0%
38. Mwanga Rural Community Bank - - 0.0%
39. Tandahimba Community Bank - - 0.0%
40. Tanzania Women Bank - - 0.0%
41. Uchumi Commercial Bank - - 0.0%
Total 2,378,963 1,618,507,569 100.0%
*on December 31, 2010
14 Serengeti Advisers
Net profits
16 Serengeti Advisers
Shareholders’ Funds (capital)
18 Serengeti Advisers
Number of branches
30
as of December 31st 2010
Access Bank
Azania
Tanzania
Bancorp
I
ncorporated in August 2007 by a nancial Services from Manchester Busi- ABT is a commercial
group of private and public inves- ness School, UK bank with a special focus
tors, AccessBank Tanzania Ltd • Mohamed Dahir Alin on microfinance. ABT
(ABT) is a commercial bank with a • Christoph Diehl provides financial services
special focus on microfinance. ABT • Karl-Heinz Fleischhacker to the many Tanzanians
provides financial services to the many • Stéphane Ryelandt who have not had access
Tanzanians who have not had access to to them
them. ABT has designed a set of core prod- Senior Management
ucts, notably Micro and SME loans, cur- • Patrick Schoeneborn, Chief Executive
rent and savings accounts, term deposits, Officer. Mr. Schoeneborn has been work-
money transfers and foreign exchange. In ing in the microfinance industry for the
three years of operation more than 45,000 past 7 years. Having joined AccessBank
accounts have been opened and 15,000 mi- Tanzania as Head of Credit and Deputy
cro and small business loans worth TZS 50 Chairperson of the Management Team,
Billion (USD 33.5 Million) have been dis- he took over the CEO post from Mr. Dav-
bursed. id James in April 2010. Before joining the
Bank October in 2008, he was the princi-
Shareholders
The largest shareholder, Access Microfi-
nance Holding AG, is the holding company
of a network of commercially oriented mi-
crofinance banks. ABT belongs to the fam-
ily of AccessBanks, which in addition to
Tanzania comprises microfinance banks
in Azerbaijan, Madagascar, Nigeria, Li-
beria and Zambia. Other shareholders in-
clude the International Finance Corpora-
tion (IFC), KfW (the German Development
Bank), the African Development Bank and
the Belgian Investment Company for De-
veloping Countries.
Board of Directors
• Dan Balke, Chairperson. Mr. Balke is one
of the Managing Directors of LFS Finan-
cial Systems GmbH. He holds a Masters
in Economics from Freie Universität Ber-
lin and an MBA with specialisation in Fi-
24 Serengeti Advisers
Asset Ranking
25
as of December 31st 2010 Akiba
Commercial
Bank
A
CB began operations in August 1997 as an ini- Board of Directors
tiative of over 300 Tanzanian entrepreneurs. • Professor Joseph Semboja, Acting Chairperson; Chief Ex-
The group’s vision and mission was to sup- ecutive Officer, Uongozi Institute
port the emergence of Tanzanian businesses • Mr. David M. Mosha, Chairperson, Inter Consult Ltd.
through the provision of financial services at • Mr. Patrice Mwaigomole, Associate Accountant/Consult-
all levels, by a Tanzanian-owned commercial bank that under- ant, Business Care Limited
stood Tanzanians and was committed to Tanzania. ACB’s vi- • Mrs. Carina Wangwe, Director of Information Technol-
sion is to be the Tanzanian bank of choice in the provision of ogy, Parastatal Pension Fund
financial services to micro-, small- and medium-sized enter- • Ms. Rita Van den Abbeel, Chief Financial Officer, Incofin c.v.s.o
prises. To realize this vision, the bank’s mission is to provide • Mr. Frank Streppel, Deputy Managing Director, Triodos
appropriate microfinance services in the most efficient and Investment Management B.V.
sustainable manner possible while simultaneously embracing • John Fischer, Vice President, ACCION Investments
the social and environmental interests of all its stakeholders. • Elizabeth Maro Minde, Managing Director, Kilimanjaro
ACB’s key target market is the low-income entrepre- Women Information Exchange Consultancy
neurs and salaried workers of Tanzania. It offers both indi- • Mr. Enrique Ferraro, Managing Director, ACCION Investments
vidual and solidarity group loan products catering to a broad
range of client income levels. The bank also provides other Senior Management
product offerings, including overdraft facilities, corporate • John Lwande, Managing Director. Mr. Lwande has more
loans and savings products. than 19 years of leadership, management skills and prod-
uct expertise to the post, having directed operations for
Shareholders microfinance institutions and commercial banks in Tanza-
ACCION Investments has complimented
the technical assistance with an invest-
ment of up to $2.5 million as part of a new
capitalization program. The investment
represents a 20% stake in the bank. Incofin,
FMO, Stichting Hivos-Triodos Fonds and
Stichting Triodos-Doen, and Tanzanian in-
vestors such as InterConsult Ltd., Parastatal
Pensions Fund and almost 70 private Tan-
zanian individuals, have invested a total of
$2.7 million in the capitalization.
ACCION supports the management
of ACB through the provision of key person-
nel in the management team, training and
short-term consultancies in other key areas
to build institutional capacity and expand
the bank’s portfolio. These areas include
technology, risk management, marketing
and human resources management systems.
26 Serengeti Advisers
Asset Ranking
17
as of December 31st 2010
Azania Bancorp
18.90
No. of Branches 7
No. of ATMs Member of Umoja ATM Network
Web Address www.azaniabank.co.tz TZS bn
A
zania Bank Ltd (formally • Mr. Nathan Mnyawami – Representing PPF Azania Bank has embarked
1st Adili Bancorp Ltd) was • Mr. Andulile J. Mwakalyelye, Represent- on branch expansion to
established in 1995 when ing EADB widen its footprint in the
individual Tanzanians to- • Mr. Eliud Sanga, representing LAPF country and reach to its
gether with two social • Mr. J.D. Minja, Representing Minority target market of SMEs,
security funds – National Social Security Shareholders individuals and NGOs
Fund (NSSF) and Parastatal Pension Fund • Mr. C.G. Singili, Managing Director
(PPF) – created the Bank. EADB joined the
shareholders in 2000 when the Bank was Senior Management
restructured and reorganized; and on Sep- • Charles G. Singili, Managing Director
tember 18, 2000 with a new board and man- • Mr. Singili is a Certified Public Account-
agement, Azania Bancorp came into being. ant (CPA-T)
In October 2004 Azania Bank was li- • Mr. R. Senkoro, Director of Finance
censed by the Bank of Tanzania to operate • Mr. B.K. Haule, Director of HR & Admin-
as a fully-fledged commercial bank with istration
the ability to operate current accounts. • Ms. Esther Mang’enya, Director of Credit
Since 2004 Azania Bank has embarked on • Mr. D.M. Rugaimukamu, Director of MIS
branch expansion to widen its footprint in
the country and reach to its target market of
SMEs, individuals and NGOs.
Shareholders
• National Social Security Fund (NSSF) – 35%
• Parastatal Pension Fund (PPF) – 30%
• Local Authorities Pension Fund (LAPF) – 14%
• Public Service Pension Fund (PSPF) – 12%
• East African Development Bank – 6%
• Individual Tanzanians – 3%
Board of Directors
• William E. Erio, Chairperson. Mr. Erio
is a lawyer and an Advocate of the High
Court of Tanzania. He is the Director
General of the PPF
• Ms. Kate D. Bandawe, Vice Chairperson,
Representing NSSF
• Mr. Yacuob M. Kidula, Representing NSSF
• Mr. Gabriel J. Silayo, Representing PSPF
1
Financial data for Q1 2006 was not available.
28 Serengeti Advisers
Asset Ranking
14
as of December 31st 2010
BancABC
Azania
Tanzania
Bancorp
21.76
No. of Branches 3
No. of ATMs 0
Web Address www.africanbankingcorp.com TZS bn
T
he African Banking Corpo- velopment Finance Company Ltd (TDFL) BancABC offers tailored
ration of Tanzania Limited from the existing international shareholders banking services to a
(ABC Tanzania), which was (IFC, CDC, DEG, FMO and EIB). The Gov- wide range of customers,
renamed BancABC as of April ernment of Tanzania has remained a key from multi-national
2010, commenced operations shareholder (32%) in TDFL. organizations, to small
in Tanzania in 1996 as an asset financing in- and medium-sized
stitution under the joint ownership of CDC Board of Directors corporates, parastatals,
Capital Partners (CDC), International Fi- • Dr. Jonas Kipokola, Chairperson. Dr. educational institutions,
nance Corporation (IFC), Tanzania Devel- Kipokola is an Economist. He holds a PhD non-governmental
opment Finance Company Ltd (TDFL), and in Economics from Boston University. He organizations,
the Union Dominions Corporation (UDC). It is a retired senior civil servant who held professional bodies and
was granted full commercial banking status various positions in the Government of private individuals seeking
by the Bank of Tanzania in 2002. Tanzania. investment advice, wealth
BancABC offers tailored banking • Wilfred Nyachia, Director creation and management
services to a wide range of customers, from • Mr. Oliver Chidawu services
multi-national organizations, to small and • Mr. Douglas Munatsi
medium-sized corporates, parastatals, edu- • Mr. Israel Chasosa, Managing Director
cational institutions, non-governmental
organizations, professional bodies and pri-
vate individuals seeking investment advice,
wealth creation and management services.
Product offerings include Treasury Servic-
es, Investment Banking, Corporate Banking
and Structured Trade Finance.
Shareholders
ABC Holdings Limited is registered and
listed in Botswana, with a secondary listing
on the Zimbabwe Stock Exchange in 2000.
The Group’s shareholders include among
others Old Mutual Life Assurance of Zimba-
bwe, the International Finance Corporation
(IFC), Botswana Insurance Fund Managers
(BIFM), Botswana Public Officers Pension
Fund and Citi Venture Capital Investments
- the investment arm of Citibank. In 2004,
the Group successfully concluded the ac-
quisition of a 68% interest in Tanzania De-
30 Serengeti Advisers
Asset Ranking
16
as of December 31st 2010
Azania
BankBancorp
M
12.77
No. of Branches 4
No. of ATMs 0
Web Address www.bankm.co.tz
TZS bn
B
ank M Tanzania Limited of the Negus Group of Companies. The bank offers services
(Bank M) is a fully-fledged • Sean Patrick Breslin. Mr. Breslin is the in corporate banking
commercial bank regulated founder director of Gissings Limited with special emphasis
by the Bank of Tanzania. The • Ramesh Patel. Mr. Patel is Chairperson of on debt and foreign
Bank was issued a license to the Automech Group of Companies exchange business. It
undertake banking business in the United has investment banking
Republic of Tanzania by the Bank of Tanza- Management capabilities and offers
nia in February 2007 and opened its doors • Sanjeev Kumar, Chief Executive Of- advisory services in debt
for business in July 2007. Bank M is a fo- ficer. Mr. Kumar is a career banker, with or equity capital-raising,
cused corporate and investment Bank, tar- more than 25 years of work experience in debt syndication and
geting Tanzania’s mid-market companies South Asia, United Kingdom and Africa mergers and acquisitions
engaged in manufacturing and trading. The with State Bank of India (SBI), BNP Pari-
bank offers services in corporate banking bas, Strategic Capital Corporation and
with special emphasis on debt and foreign Diamond Trust Bank
exchange business. It has investment bank- • Ganpath Pillai, Chief Operating Officer
ing capabilities and offers advisory services • Yahaya Mbanka, Financial Controller
in debt or equity capital-raising, debt syndi- • Ravikumar Devareddy, Chief Risk Officer
cation and mergers and acquisitions.
Shareholders
Bank M’s investors are three business groups
based in Tanzania, with wide ranging trad-
ing, manufacturing and real estate business
interests in the East African region. PRIDE,
the largest microfinance institution in East
Africa, is also a shareholder of the bank.
Board of Directors
• Hon. Nimrod Mkono (MP), Chairperson.
Hon. Mkono is the founding partner of
Mkono & Co., a prominent law firm in the
country. He is the Member of Parliament
for Musoma Rural
• Iddi Simba. Mr. Simba is Chairperson of
PRIDE Tanzania
• Fidahussein Rashid. Mr. Rashid is Chair-
person of the Africarriers Group
• Vimal Mehta. Mr. Mehta is Chairperson
32 Serengeti Advisers
Asset Ranking
13
as of December 31st 2010
Bank of Africa
Azania
Tanzania
Bancorp
Founded September 1995 as Eurafrican Bank, acquired in
2007 by Bank of Africa Group
Chairperson Ambassador Fulgence Kazaura
Chief Executive Mr. Kobena Andah, Managing Director
Auditors PricewaterhouseCoopers
No. of Employees 201 Share Capital as of 31st December 2010
15.25
No. of Branches 14
No. of ATMs 16; Member of the Umoja Switch Consortium
Web Address www.boatanzania.com
TZS bn
B
ank of Africa (Tanzania) began operations in • Mr. Emmanuel Ole Naiko, Director
Tanzania in June 2007 after acquiring Euraf- • Mr. Vincent De Brouwer
rican Bank which had been operating in Tan- • Mr. Shakir Merali
zania since September 1995. The customer base • Mr. Peter Lock
ranges from multinational companies, govern- • Mr. Henri Laloux
ment institutions, non-governmental organizations, small
businesses and individuals. It offers a range of corporate and Senior Management
retail banking products and services through a network of • Kobena Andah, Managing Director is a member of Insti-
14 branches in Dar es Salaam, Mwanza, Arusha, Moshi, Mo- tute of Chartered Accountants Ghana. He holds an MBA in
rogoro, Mbeya and Tunduma. Banking from University of Wales and a second one from
Manchester Business School
Shareholders • Eric Tenie Ouattara, Deputy General Manager – Risk
• Bank of Africa Group – 34.15% Management
• Belgian Investment Company for Developing Countries – 22.07% • Wasia Mushi, Deputy General Manager - Commercial Banking
• AUREOS East Africa Fund LLC (AEAF) – 18.59% • Mbajo Pius Mchomvu, Assistant General Manager - Inter-
• Tanzania Development Finance Company Ltd (TDFL) – 11.00% national & Institutional Banking
• AFH-Ocean Indien – 6.42% • Mussa Mwachaga (CPA-T) – Acting Financial Controller
• Netherlands Development Finance Corporation (FMO) – 2.56% • Patrick Malewo, Assistant General Manager (AGM) - Le-
• Others – 5.21% gal, Compliance & Recovery
The bank’s major shareholder - Bank of Africa Group • Willington Munyaga, AGM - ICT
- is a Pan-African private bank founded in Mali in 1982. It • Jeromin Kimario, AGM - Retail Banking
has about 250 operating and support offices
in 13 countries employing more 3,000 peo-
ple. The Bank of Africa Group operates in
twelve other African countries.
Board of Directors
• Ambassador Fulgence Kazaura, Chair-
person. Ambassador Kazaura holds a
Bachelors degree in Economics and a
Masters of Arts from St. Johns College,
Cambridge University in the United
Kingdom. He is currently the Chancellor
of the University of Dar es Salaam.
• Paul Derreumaux, Chairperson, Bank of
Africa Group. Mr. Derreumaux, a French
national, holds a Masters degree in Eco-
nomics. Mr. Derreumaux is the found-
ing member of the Bank of Africa Group,
which started as BOA – Mali in 1982.
34 Serengeti Advisers
Asset Ranking
24
as of December 31st 2010
Bank of Baroda
Azania
Tanzania
Bancorp
B
ank of Baroda (BoB) is the Selected Financial Trends Bank of Baroda (BoB) is
third largest public sector In the 20 quarters, Bank of Baroda’s net in- the third largest public
bank in India, after the State terest income and non-interest income have sector bank in India, after
Bank of India and the Pun- shown a fairly unsettled pattern since Q1 the State Bank of India
jab National Bank. BoB has a 2006. Net interest income increased from and the Punjab National
network of over 3000 branches and offices, TZS 377 million in Q1 2006, peaked at over Bank. BoB has a network
and about 1,100 ATMs. In 1956, Bank of Bar- TZS 1.0 billion in Q4 2007, declined to the of over 3000 branches and
oda opened a branch in Dar es Salaam. Over lowest point of TZS 346 million in Q2 2010 offices, and about 1,100
the next several years, the Bank’s presence before rebounding to the best recorded per- ATMs
grew to three branches. However, in 1967, formance of just under TZS 1.2 billion in Q4
the Tanzanian government nationalized 2010. Quarterly non-interest income stayed
the bank’s three branches and transferred in the TZS 200-400 million range while
their operations to the government-owned profits fluctuated quite widely, ranging
National Bank of Commerce. In 2004, Bank from a loss of TZS 256 million in Q3 2007 to
of Baroda returned to Tanzania and it cur- a profit of over TZS 1.0 billion in Q2 2010.
rently operates branches in Dar es Salaam Bank of Baroda’s deposits grew
and Arusha. strongly from TZS 21.5 billion in Q1 2006, to
Shareholders
• Bank of Baroda (India) – 100%
Board of Directors
• Mr. Rajiv K. Bakshi, Chairperson
• Mr. Umaknat K. S. Bijapur
• Mr. Anil K. Gaindhar
• Mr. Krishan N. Manvi
• Mr. Rajenda K. Garg
• Mr. Piyush Nag
• Mr. Matthew L. Luhanga
• Mr. N.R. Badrinarayanan
Senior Management
• Deba Prasad Gayan, Managing Director
• Mr. Anil Gaindhar, Chief Manager
• Mr. Tuntufye L. Mwaiteleke, Finance
Manager
• Ms. Enna V. Mwakipesile, Internal
Auditor
36 Serengeti Advisers
Asset Ranking
28
as of December 31st 2010
Bank of India
Azania
Tanzania
Bancorp
B
ank of India (BoI) opened a TZS 100–200 million range since 2009. In 2008, BoI established
branch in Tanganyika in 1955. After posting positive profits in Q1 2008, a subsidiary in Dar es
In 1967, the Government of losses were experienced by Q3 and Q4 2008, Salaam, marking its return
Tanzania nationalized BoI’s and then again in Q4 2009. 2010 was a con- to Tanzania after 37 years
operations and folded them sistently profitable year.
into the government-owned National Bank Deposits have been steadily grow-
of Commerce. In 2008, BoI established a ing since 2008, surpassing the TZS 20 bil-
subsidiary in Dar es Salaam, marking its re- lion level in Q3, 2010. Loans increased from
turn to Tanzania after 37 years. TZS 2.26 billion in Q3 2008 peaked at al-
The parent company is the Bank of most TZS 15 billion in Q1 2010. Lending
India (BoI), which was established on 7 Sep- scaled back to TZS 12.5 billion by Q3 2010,
tember 1906. It was nationalized in 1969 and before ending up at TZS 14.7 billion in Q4
is one of India’s leading banks, with over 2010. BoI’s non-performing loans ratio has
3,400 branches including 29 branches out- stayed below 0.2% during the entire re-
side India. It is headquartered in Mumbai. porting period.
In 2008, about 96% of BoI’s share-
Shareholders holders fund was made up of paid-up share
• Bank of India Mumbai (India) – 100%
Board of Directors
• Mr. B.A. Prabhakar, Chairperson
• Mr. Hashim M. Kihwelo
• Mr. Suresh Gajjar
• Mr. Kothanandraman Swaminathan
• Mr. M.B. Dhodia
• Mr. Ramesh Kadam
Management
• Ramesh Kadam, Chief Executive Officer
• G.V. Sridharan, Chief Manager
• H.N. Ayoh, Internal Auditor. Mr. Ayoh is a
Certified Public Accountant (CPA-T)
38 Serengeti Advisers
Asset Ranking
09
as of December 31st 2010
Barclays Bank
Azania
Tanzania
Bancorp
Founded 2000
Chairperson Dr. Ramadhani Dau
Chief Executive Mr. Kihara Maina, Managing Director
Auditors PricewaterhouseCoopers
No. of Employees 668 Share Capital as of 31st December 2010
No. of Branches 32
No. of ATMs
Web Address
53
www.barclays.com
TZS 53.27 bn
S
ince the business was estab- Senior Management Barclays Bank Tanzania,
lished more than 300 years • Christopher Kihara Maina, Managing part of the global Barclays
ago, Barclays has grown to of- Director. Mr. Maina has an MBA from Group, offers retail
fer a range of products and the University of Chicago and is a mem- banking and corporate
services through more than ber of the Tanzania Bankers Association banking, merchant
144,000 employees in over 50 countries. and the Financial Markets Association of cards, small and medium
Barclays Bank Tanzania, part of the global Kenya (ACI Kenya) term financing, wealth
Barclays Group, offers retail banking and • Ajay Mathur, Chief Operating Officer management products and
corporate banking, merchant cards, small • Samuel Abwoga, Chief Finance Officer services.
and medium term financing, wealth man- • Aziz Chacha, Country Treasurer
agement products and services. • Zahid Mustafa, Director of Consumer
Barclays first entered the Tanza- Banking
nia market in 1925 and continued to oper- • David Lubira, Commercial Director
ate until 1967 when its operations in the • Paul Russo, Head of Human Resource
country were nationalized and folded into • Kati Kerenge, Head of Corporate Affairs
the National Bank of Commerce. The bank • Kenneth Kamurasi, Country Head of In-
re-entered Tanzania in 2000 after the lib- ternal Audit
eralization of the economy. Barclays Bank
Tanzania serves more than 114,300 custom-
ers and clients across the country through a
network of 53 ATM’s and 32 branches.
Shareholders
• Barclays Bank Plc – 100%
Board of Directors
• Dr. Ramadhani Dau, Chairperson. He is
also the Director General of the National
Social Security Fund (NSSF).
• Christopher Kihara Maina, Managing
Director
• Samuel Abwoga, Executive Director
(Chief Financial Officer)
• Aazar Khwaja, Non- executive Director
• Murtaza Nasser, Non-executive Director
• Simon Mponji, Non-executive Director
• Elizabeth Willilo, Company Secretary
40 Serengeti Advisers
Asset Ranking
08
as of December 31st 2010
Citibank
Azania
Tanzania
Bancorp
9.66
No. of Branches 1
No. of ATMs 0
Web Address www.citibank.com TZS bn
C
itigroup is a leading global Senior Management Citigroup is a leading
financial services company. • Jamal Ali Hussein, Managing Director. global financial services
It has approximately 200 Mr. Hussein is an international banker company. It has
million customer accounts who holds an MBA from Harvard Uni- approximately 200 million
and does business in more versity customer accounts and
than 140 countries. Citibank Tanzania was • Gasper Njuu, Head of Corporate Banking does business in more than
formally opened on May 8, 1995 as a fully • Iddi Msonga, Director of Finance 140 countries
owned subsidiary of Citibank NA. It is a • Agipinus Tax, Chief Internal Auditor
full commercial service bank with a well-
defined emphasis on providing facilities and Selected Financial Trends
services to the public and private sector cor- Citibank’s profitability has remained high
porations, airlines, embassies pension funds but fairly volatile, ranging between TZS
and non-governmental organisations. Since 2.3 billion and TZS 8.4 billion per quar-
its establishment, Citibank Tanzania has ter since 2006. In Q2 2008, something in-
been an important participant in the devel- teresting happened. In a complete switch
opment of Tanzania’s financial market.
It acted as the Lead Advisor for the
Initial Public Offering for the first company
to be listed on the Dar es Salaam Stock Ex-
change and was the first bank to issue com-
mercial paper, forward sale and purchase of
foreign exchange in the market.
Shareholders
• Citibank NA – 100%
Board of Directors
• Ade Ayeyemi. Mr. Ayeyemi is Citibank’s
Regional Head for East Africa
• Kellen Kariuki. Ms. Kariuki is Citibank’s
Senior Vice President for Middle East and
Africa
• Wilson Chola
• Victor Onyango
• Kennedy Mubita
42 Serengeti Advisers
Asset Ranking
12
as of December 31st 2010
Commercial
Bank of Africa
11.98
No. of Branches 5
No. of ATMs Member of the Umoja Switch
Web Address www.cba.co.tz TZS bn
C
ommercial Bank of Africa Limited (CBA) is politician in Tanzania, a former Cabinet Minister and has
the largest privately owned Kenyan bank. served many boards, including that of Tanzania Harbours
CBA was founded in 1962 in Dar-es-Salaam, Authority in the 1970s and 1980s
Tanzania and quickly established branches in • Isaac O. Awuondo
Nairobi and Mombasa in Kenya, and also in • Muhoho Kenyatta
Kampala, Uganda. With the nationalization of banks in Tan- • Stuart Armitage
zania, CBA reincorporated itself in Kenya in 1967. In light of
developments in Uganda in 1971 it sold the Kampala branch. Management
CBA originally commenced business as a subsidiary • Yohane Kaduma, Chief Executive Officer. Mr. Kaduma
of Societe Financiere pour les pays D`Outre Mer (SFOM), a joined CBA from NBC Bank, where he was the Head of
Swiss-based consortium bank with interests in financial in- Corporate Banking. He has worked in different capacities
stitutions throughout Africa. Original consortium members for Stanbic Bank Tanzania, Citibank Tanzania and Stand-
included Bank of America, Commerz Bank (later on sold to ard Chartered Bank Tanzania
Dresdner Bank), Bank Bruxelles Lambert, and Banque Nation- • Julius Mcharo, Head of Treasury
al de Paris. In 1980, Bank of America acquired all the shares • Ernest Mtokoma, Head of Finance
of the other SFOM partners, and CBA became a subsidiary of • Frank Nyabundege, Head of Corporate & Institutional
Bank of America, with 16% of shares held by Kenyan investors. Banking
Between 1980 and 1984, Bank of America reorganized • Gilbert Bonaventure, Head of Risk Management
CBA, developing and installing its global
systems and processes. Bank of America
eventually sold the remainder of its shares
- and CBA is now wholly Kenyan-owned.
CBA (Tanzania), formerly United Bank of
Africa, was incorporated in Tanzania in
2002.
Shareholders
CBA (T) is a subsidiary of CBA (Kenya),
which owns 100% of the bank.
Board of Directors
• Ndewirwa N. Kitomari, Chairperson.
Mr. Kitomari was the Deputy Governor
of the Bank of Tanzania in the 1990s, af-
ter which he served as a senior official
for several years in the African Develop-
ment Bank
• Peter Kisumo. Mr. Kisumo is a veteran
44 Serengeti Advisers
Asset Ranking
02
as of December 31st 2010
Azania
CRDB Bank
Bancorp
Plc
Founded 1996
Chairperson Mr. Martin J. Mmari
Chief Executive Dr. Charles Kimei, Managing Director
Auditors Deloitte & Touche
No. of Employees 1437 Share Capital as of 31st December 2010
54.40
No. of Branches 61
No. of ATMs 131
Web Address www.crdbbank.com TZS bn
C
RDB Bank Plc is a private commercial bank • Bede Lyimo
in Tanzania. It was established in 1996. It has • Boniface Muhegi
been profitable every year since its founda- • Ally Laay
tion. CRDB offers a range of corporate, retail, • Joyce Nyanza
business, treasury, premier, wholesale and mi- • Juma Abdulrahman
crofinance services through a network of 60 branches, over
100 ATMs, 17 depository ATMs, five mobile branches, almost Senior Management
700 post terminals, 400 microfinance partners, as well inter- • Charles Kimei, Managing Director. Dr. Kimei is an econ-
net and mobile phone banking. It was listed on the Dar es Sa- omist. He obtained his doctorate in Money and Finance
laam Stock Exchange on June 17, 2009. from Uppsala University in Sweden
• Jens Ole Pedersen, Deputy Managing Director
Shareholders • Tully Mwambapa, Director of Marketing and Research
• DANIDA Investment Fund –21.5% • Anderson Mlabwa, Director of Credit
• Parastatal Pension Fund –10.0% • J. Rugambo, Director of Secretariat (Company Secretary)
• IPP Limited –5.4% • Izengo Soka, Director of Internal Audit
• Public Services Pension Fund (PSPF) – 3.3% • Mr. Soka is a Certified Public Accountant (CPA-T)
• LAPF – 1.7%
• Western Tobacco Coop. Union – 1.7%
• Hans Macha – 1.3%
• CMG Investment Limited – 1.2%
• SHIRECU – 1.2%
• EPACK Investment Fund – 1.1%
• Lindi Development Fund – 1.0%
• Kagera Cooperative Union (1990) Ltd. – 1.0%
• Others (less than 1%) – 49.7%
Board of Directors
• Martin Mmari, Chairperson. Mr. Mmari
is a Director of Finance at the Parastatal
Pension Fund, one of the bank’s major
shareholders. He is a Certified Public Ac-
countant (CPA-T) and holds an MBA in
International Banking and Finance
• Dr. Sylvia Temu
• Joyce Luhanga
• Lydia Joachim
• Joseph Machange
• Kai Kristoffersen
46 Serengeti Advisers
Asset Ranking
8.09
No. of Branches 4
No. of ATMs Member of Umoja ATM Network
Web Address www.dcb.co.tz TZS bn
T
he Dar es Salaam Community Bank Limited gree in Public Administration from New York University.
(DCB) is a private microfinance bank dedicat- • Professor Lucian Ambrose Msambichaka
ed to uplifting the living standards of low-in- • Samuel John Ezekiel
come residents in Dar es Salaam. The bank was • Bakari Kingobi
initially granted a banking license on October • Zedekia Ntulu
16, 2001, to carry out the banking business as a regional fi- • Makinya Migetto
nancial institution. This license was upgraded to a full bank- • Sophia Mjasiri Emesu
ing license on June 12, 2003. It opened its doors to the public • Mr. Richard T. Mfugale
on April 15, 2002. DCB started with one branch at the head • Leonard Kitoka Chacha
office at Mnazi Mmoja in Ilala, but has since expanded with
three more branches at Tabata within Ilala District, at Mago- Senior Management
meni in Kinondoni, and at Temeke District. • Edmund P. Mkwawa, Managing Director. Mr. Mkwawa
In June 2008, DCB completed an Initial Public Offer- has been DCB’s Managing Director since its establish-
ing. TZS 5.2 billion was raised, representing an oversubscrip- ment in 2000. He holds a Masters Degree in Community
tion of 247% over the targeted subscription of TZS 1.5 billion. Economic Development from Southern New Hampshire
As a result and in consideration of the bank’s capital needs, University (USA), a Certificate in Banking from the Insti-
the Board of Directors, after consultation with major share- tute of Bankers, London (UK) and a Certificate in Micro-
holders, accepted the full amount collected in the Initial Pub- finance from the Economic Institute of Colorado in the
lic Offer. DCB Limited was listed on the Dar
es Salaam Stock Exchange on September 16,
2008.
Shareholders
• Dar es Salaam City Council – 8.9%
• Kinondoni Municipal Council – 8.1%
• Ilala Municipal Council – 8.3%
• Temeke Municipal Council – 7.4%
• Unit Trust of Tanzania – 9.0%
• Private individuals and companies –
58.3%
Board of Directors
• Ambassador Paul Milyango Rupia, Chair-
person. Ambassador Rupia is a retired
Civil Servant. He has held different posi-
tions in the Government of Tanzania, in-
cluding the Chief Secretary in the Office
of the President. He holds a Masters De-
48 Serengeti Advisers
Asset Ranking
10
as of December 31st 2010
Diamond Trust
Azania
Bank Tanzania
Bancorp
1.55
No. of Branches 12
No. of ATMs 12
Web Address www.dtbafrica.com TZS bn
T
he bank was incorporated in 1946 as the Dia- rector of the Kenya Tourist Board
mond Jubilee Investment Trust (DJIT) to com- • Nasim Devji
memorate the Diamond Jubilee of the ascen- • Hassan Dhalla
sion to the Imamat by the late Aga Khan III. Its • Mehboob Champsi
head office was in Dar es Salaam (Tanzania) • Fayaz Bhojani
with branches in Mombasa, Kampala, Nairobi and Kisumu.
DJIT’s shares were subscribed by the Ismaili Community Senior Management
as well as the Aga Khan. It operated as a community-based • Viju Cherian, Chief Executive Office & Country Manager.
finance house, canvassing savings and extending credit to Mr. Cherian joined DTB Tanzania in September 2008. Pri-
members of the Ismaili community. In 1965, DJIT was split or to joining DTBT, he was Managing Director of a bank in
into three companies, DJIT Tanzania, DJIT Uganda and Kenya and treasurer of a commercial organization in New
DJIT Kenya, with offices in Dar es Salaam, Kampala and York. He held management positions with one of the larger
Nairobi respectively. banks in India for almost three decades. Mr. Cherian holds
In 1990, DJIT changed its name to Diamond Trust a Bachelor of Laws Degree (LL.B) and a Bachelor of Arts
Bank of Tanzania (DTT), transforming from a communi- (Economics) degree from the University of Bangalore. He
ty based finance house to a non-bank financial institution was also trained in commercial banking at Bank of New
(NBFI), serving the wider Tanzanian public. In 1997, it was York and is a Certified Associate of the Indian Institute of
licensed as a full commercial bank and changed its name to Bankers (CAIIB)
Diamond Trust Bank Tanzania Limited. • Rita Akena, Head of Legal
Shareholders
• Diamond Trust Bank Kenya Limited – 55%
• Agakhan Fund for Economic Develop-
ment (AKFED) – 22.3%
• Others – 23.3%
Board of Directors
• Mr. Abdul Samji, Chairperson. Mr. Samji
is a Rotarian and a Certified Public Ac-
countant and Management Consultant
by profession, and a former Managing
Partner of PKF Kenya, a firm of Certified
Public Accountants. He was appointed to
the DTB Kenya Board in 1997 and DTB
Tanzania in 2010. He is a B.Com (Hons.)
graduate, Fellow of the Association of
Chartered Certified Accountants, and a
member of the Institute of Certified Pub-
lic Accountants of Kenya. He is also a di-
50 Serengeti Advisers
Asset Ranking
31
as of December 31st 2010
Azania Bancorp
Ecobank Tanzania
E
cobank Tanzania Limited • Isaack Chahe, Financial Controller Ecobank is targeting
opened its doors in Janu- • Baraka Thomas, Head of Internal Audit business clients with
ary 2010. It is a subsidiary • Ms. Doxa Mbapila, Head of Legal its expertise in regional
of Ecobank Transnational trade, cards and payment
Incorporated (ETI), a pub- Selected Financial Trends products in Tanzania and
lic limited liability bank holding company. As a new entrant in Tanzania’s banking in- in the region
Headquartered in Lome, Togo ETI has op- dustry, Ecobank (T)’s net income for the
erations in 29 African countries including first four quarters of 2010 were negative as
all five countries of the East African Com- operating expenses exceeded income. While
munity. quarterly non-interest income grew robust-
In Tanzania, the bank is targeting ly from TZS 90 million to TZS 930 million
business clients with its expertise in re- during the first three quarters, it dropped
gional trade, cards and payment products in to TZS 166 million in the last quarter of the
Tanzania and in the region. It offers a wide year. A 73% increase in the bank’s non-inter-
range of retail and commercial banking est expenses in Q4 2010 contributed to its
products, including foreign exchange and recording a quarterly loss of TZS 4.1 billion.
capital markets. Ecobank (T) more than tripled its de-
posit base from TZS 5.2 billion in Q1 2010 to
Shareholders
• Ecobank Transnational Incorporated
(ETI) – 19,999,999 shares
• Robert Kwami – 1 Share
Board of Directors
• Mrs. Rukia D. Shamte, Chairperson
• Mrs. Mary T. Munisi
• Mr. Albert K. Essien
• Mr. Robert T. Kwami, Executive Director
• Mr. Peter Machunde
Senior Management
• James Cantamantu-Koomson, Chief Ex-
ecutive Officer
52 Serengeti Advisers
Asset Ranking
37
as of December 31st 2010
Efatha Bank
Azania
Limited
Bancorp
1.45
No. of Branches 1
No. of ATMs Member of Umoja ATM Network
Web Address www.efathabnk.co.tz TZS bn
E
fatha Bank Limited was of- Home Economics from the University of Efatha Bank aims to
ficially opened on August 17, Nairobi empower Tanzanians
2009. It has been licensed to • Julian Machange – Vice Chairperson. Mr. by offering customized
operate as a community bank Machange is a zoologist and currently financial solutions to small
in Dar es Salaam, but plans to lectures at the College of African Wildlife and medium enterprises
expand across Tanzania within five years. Management, Mweka. that have demonstrated
Efatha Bank aims to empower Tanzanians • Finnie Amen Urasa strong growth potential
by offering customized financial solutions • Martha Mulumba
to small and medium enterprises that have • Beatha Obed Swai
demonstrated strong growth potential. • Devangwa Kivaria Mmari
• Nicholaus Obednego
Shareholders
• Efatha Ministry – 16.4% Senior Management
• Efatha Foundation Ltd – 6.7% • Gothalm C.K. Mbele, Managing Director.
• Individual shareholders (29) – 76.9% Mr. Mbele is a former Director of Finance
with Azania Bank Limited for nine years.
Efatha Ministry is an independent He also worked with the Bank of Tanza-
spiritual, interdenominational NGO found- nia as a bank examiner for six years. He
ed by Apostle and Prophet Josephat Mwin-
gira in 1995. The Ministry has centers in all
the regions of Tanzania. Efatha Foundation
Limited is the economic wing of the Efatha
Ministry. It is a limited liability company
incorporated under the Companies Act. Its
shareholders are Efatha Ministry and more
than 1,800 individual church members.
Board of Directors
• Thabitha Ijumba Siwale, Chairperson.
Mrs. Siwale is a former Cabinet Minister
and Member of Parliament. She is CEO of
Women Advancement Trust (WAT), an
NGO which promotes effective participa-
tion of low-income women in economic
development. She is also a board mem-
ber of the National Investment Company
(NICO) and Chairperson of the Ardhi
University Council. She is a graduate of
54 Serengeti Advisers
Asset Ranking
06
as of December 31st 2010
Azania
EximBancorp
Bank
12.90
No. of Branches 21
No. of ATMs 45
Web Address www.eximbank-tz.com TZS bn
E
xim Bank (Tanzania) Lim- Senior Management Exim Bank also offers
ited is a locally established, • Dinesh Arora, General Manager. Mr. Arora international credit
privately owned, commercial joined Exim in December 2007 after work- card services through
bank. The bank started opera- ing with India’s leading public sector banks MasterCard and is an
tions in August 1997 and has for 26 years. He holds a B Com. degree from agent of the international
enjoyed steady growth in profits, assets and Delhi University, a Post-Graduate Diploma money transfer service,
deposits. in Financial Advising and has been award- Moneygram. It owns a
It offers a range of deposit, credit and ed with CISA & CIA certifications. subsidiary in Comoros and
financial services to clients including busi- • Ganesh Kumar Iyer Sankara, Assistant plans to establish more in
nesses, parastatals, financial institutions, General Manager Zambia and Djibouti
public sector companies, NGOs, govern- • Sreekumar Vamadevan, Assistant Gener-
ment departments, SACCOS and others. al Manager, North Region (Mt Meru)
Exim Bank also offers international credit • Neralla Rao, Assistant General Manager,
card services through MasterCard and is an Dar es Salaam Region (Exim Tower)
agent of the international money transfer • Eugen Massawe, Senior Operations Manager
service, Moneygram. It owns a subsidiary • Jacquline Kweka, Senior Branch Manag-
in Comoros and plans to establish more in er, Clock Tower
Zambia and Djibouti. • Rose Kanijo, Sr. Branch Manager, Hill Park
• Bimal Gondalia, Sr. Branch Manager, Arusha
Shareholders
The bank is owned by private individuals
and corporate entities. Key shareholders
are Yogesh Manek, Hanif Jaffer and Shaf-
fin Jamal, who own 20% each. Other share-
holders have a 40% stake in the Exim Bank.
Board of Directors
• Yogesh Manek. Mr. Manek is the founder
Chairperson of Mac Group Limited and
Alliance Insurance. He is also the Chair-
person of Kinondoni Community Fund
and Trauma Centre Limited.
• Hanif Jaffer
• Shaffin Jamal
• Pascal L. Kamuzora.
• Ambassador Juma Mwapachu
• Thom Wescott
Selected Financial Trends 329 billion. The rate of non-performing loans has remained
Exim Bank’s quarterly net interest income has grown from TZS relatively, averaging around 4.3% between Q1 2008 and Q4
3.1 billion to over TZS 10 billion since Q1 2006. Non-interest in- 2010, after an increase from the 3.5% ratio that was recorded
come increased from TZS 1.2 billion to just under TZS 6 billion in Q4 2007.
during the same period. There was a major spike in non-interest A large volume of retained earnings and strong quar-
income in Q4 2009 of TZS 7.6 billion, which exceeded that quar- terly profits are making up a growing share of Exim Bank’s
ters interest income of TZS 5.7 billion. Exim Bank’s quarterly shareholders funds. A total of TZS 7.55 billion in retained
profit performance has also been strong, trending around the earnings and quarterly profits in Q1 2006 represented about
TZS 2.3 billion level between Q1 2006 and Q4 2008. In 2009 and 55% of shareholders funds. By Q4 2010, they had increased
2010, net profits have averaged TZS 3.4 billion per quarter (ex- to TZS 52.4 billion, representing almost 70% of shareholders
cluding the major income spike in Q4 2009) funds. The paid-up share capital has remained at TZS 12.9
Exim Bank’s deposits have grown 2.7 times from TZS billion but its contibution to the bank’s capital declined from
195 billion to TZS 530 billion. Lending volumes more than 60% in Q2 2006 to less than 20% by Q4 2010. A total of TZS
tripled during the same period from TZS 96 billion to TZS 7.6 billion has been paid out in cash dividends since 2006.
56 Serengeti Advisers
Asset Ranking
01
as of December 31st 2010
Azania
FBMEBancorp
Bank
46.00
No. of Branches 4 in Tanzania
No. of ATMs 5
Web Address www.fbme.com TZS bn
F
ederal Bank of Lebanon SAL, Senior Management The bank offers a wide
former parent company of • John N. B. Lister, General Manager range of deposit and credit
FBME Bank Limited was es- • Nassor Rajab Dachi, Head of Operations services to its personal
tablished in Lebanon in 1953. • Abron R.N Mahenge, Head of Finance and corporate clients,
As a result of political insta- • Albert Ngusaru, Head of Treasury FBME debit and prepaid
bility in Lebanon, FBME was established • Lucie Qorro, Head of Human Resources card services, money
in Cyprus in 1982 as a subsidiary of Federal • Marwa Moherai, Head of Credit transfer and an online
Bank of Lebanon SAL. In 1986, the bank banking service called
changed its country of incorporation to the Selected Financial Trends FBME Direct
Cayman Islands. The Cyprus operations FBME’s quarterly net interest income has
(offshore) became a branch of the Cayman grown from TZS 4.6 billion to TZS 19 bil-
Islands entity. In 2008, the bank ended its lion, while non-interest income expanded
banking presence in the Cayman Islands from TZS 4.3 billion to TZS 18 billion by Q4
and established itself as a legal entity in 2010. The bank’s net profits have tracked
Tanzania. As a result of this move, the Cy- this trend, except in the last quarters of
prus operations became a branch of FBME 2007 and 2009 when losses were reported.
Tanzania. The bank has a wholly owned In 2007, the loss was due to a TZS 8.59 bil-
subsidiary FBME Card Services based in lion provision for bad debts and a TZS 1.8
Cyprus.
The bank offers a wide range of de-
posit and credit services to its personal and
corporate clients, FBME debit and prepaid
card services, money transfer and an online
banking service called FBME Direct.
Shareholders
The bank is privately owned. Details of its
shareholders were not immediately available.
Board of Directors
• Ayoub Farid Michel Saab, Chairman. Mr.
Saab is also the Chairman of the FBME
Group
• Gunnar Ljungdahl
• Dominic G.S. Dreyfus
• Alemu T. Abbera
• Michael N. Rowihab
58 Serengeti Advisers
Asset Ranking
22
as of December 31st 2010
Habib African
Azania Bancorp
Bank
2.60
No. of Branches 2
No. of ATMs 0
Web Address www.habibsons.co.uk TZS bn
H
abib Bank Limited is a where he is Chairperson. He is also the Habib Bank opened its
family-owned bank which Chairperson of Habib Overseas Bank in doors in Tanzania in
started as a merchant bank South Africa and Habib African Bank in 1998. Its main clients are
in Pakistan in 1941. It grew Tanzania corporate and private
to 875 branches in Pakistan • Zain Habib, Vice Chairperson. The sec- businesses. Based in
and 44 globally (including 20 in the United ond son of H.M.D. Habib, Mr. Zain Ha- Dar es Salaam, the bank
Kingdom) by the time bank nationaliza- bib holds a business degree from Bentley offers various banking and
tion took place in Pakistan in 1974. It rees- College, USA. He started his banking financial services focusing
tablished itself in Switzerland, the UK and career with Union Bank of Switzerland, on businesses involved in
Pakistan in the 1980s. Habib Bank opened Zurich in 1990 and joined Habibsons international banking
its doors in Tanzania in 1998. Its main cli- Bank in 1993
ents are corporate and private businesses. • Asghar D. Habib
Based in Dar es Salaam, the bank offers • Asger N. Bharwani, Director
various banking and financial services fo-
cusing on businesses involved in interna- Senior Management
tional banking. • S.S Hasan Rizvi, Managing Director. Mr.
Rizvi, a Kenyan, joined Habib African
Shareholders Bank in June 2008 and has over 40 years
• Mr. Habib Mohamed D. Habib – 20%
• Mr. Wolfgang E. Seegar – 20%
• Mr. Bruno Fellinger – 20%
• Mr. V.A. Bukhari – 20%
• Mr. S.M. Hayder – 20%
Board of Directors
• Habib Mohamed D. Habib, Chairperson.
Mr. Habib (H.M.D.) is the grandson of
Habib Esmail, founder of the Habib fam-
ily. In 1954, Mr. Habib joined Habib Bank
Limited in Karachi, Pakistan, and later
held a position there as Joint President.
After nationalisation, he moved to Swit-
zerland in 1975 where he acquired the po-
sition of General Manager and Joint Pres-
ident at Habib Bank AG Zurich. In 1984,
Mr. Habib moved to London and founded
Habibsons Trust and Finance Limited,
now known as Habibsons Bank Limited,
60 Serengeti Advisers
Asset Ranking
26
as of December 31st 2010
International
Commercial
Azania Bancorp
Bank
11.79
No. of Branches 6
No. of ATMs 6
Web Address www.icbank-tz.com TZS bn
I
nternational Bank of Malaysia (T) • Charles Rwechungura The bank’s largest
Limited changed its name to Inter- • B.S. Sreekumar shareholder (57.68%) is
national Commercial Bank Limited • Sashi Nair, Director the ICB Financial Group
in 2004. By December 31, 2010 ICB • Hashimah Ismail, Director Holdings AG, a holding
had 6 branches, all located in Dar es company for several banks
Salaam. The bank offers deposit, credit and Senior Management operating in Africa, Europe
international banking services, targeting in- • L.K. Ganapathiraman, Chief Executive and Asia
ternational business people and housing fi- Officer
nancing for urban residents. • Mr. K. Srinivasan, General Manager
• Mr. Ajith G., Senior Manager (Risk)
Key Shareholder • Christine Mboya, Internal Audit Man-
The bank’s largest shareholder (57.68%) is ager. Ms. Mboya is a Certified Public Ac-
the ICB Financial Group Holdings AG, a countant (CPA-T)
holding company for several banks operat- • Mr. William Makundi, Head of Credit
ing in Africa, Europe and Asia. While the • Mr. Goodchance Ngowi, Acting Finance
group is incorporated in Switzerland, its Manager
management arm, ICB Global Management • Mr. Pritesh Bakhrenia, Head of IT.
that is located in Kuala Lumpur, Malaysia
provides support services to the ICB Bank-
ing Group. Currently, the group operates
banks in 14 countries. ICB Financial Group
Holdings AG was listed on the AIM market
of the London Stock Exchange in May 2007.
The balance of the shares are held by four
individuals, each with a 10.58% stake.
Board of Directors
• Josephine Premla Sivaretnam, Chair. Ms.
Sivaretnam is a substantial shareholder of
ICB Financial Group Holdings through
Panhelligan Investments Limited. A law-
yer by profession, she was responsible for
the early establishment of the ICB Banks
in Europe and Africa, and for acquisitions
made by the Group. She graduated with
a LLB (Hons) from University of Malaya
and an LLM from the London School of
Economics and Political Science
62 Serengeti Advisers
Asset Ranking
19
as of December 31st 2010
I&M Bank
Azania
Tanzania
Bancorp
2.39
No. of Branches 3
No. of ATMs 0
Web Address www.imbank.com/TZ TZS bn
I
nvestment & Mortgage Bank Lim- Board of Directors The bank offers different
ited (T) – I&M Bank was formed • Sarit Shah. Mr. Shah was appointed Chair- depository, credit and
in January 2010 after I&M Bank person of CF Union Bank Ltd on January other financial services. It
(Group/Kenya) acquired a majority 14, 2010. He holds a Masters Degree from targets various clientele
stake in CF Union Bank Ltd. Also City University London. He is currently but most of its clients are
participating in this equity buy-out were an Executive Director of I&M Bank Lim- businesspeople in the two
PROPARCO-a French Development Insti- ited and also serves on the board of several urban centers where it has
tution, Kibo Fund (a private equity fund other companies, including GA Insurance branches
operating out of Mauritius) and Michael Limited & Coastal Bottlers Ltd. He is also
Shirima, a Tanzanian businessman. CF Un- currently serving as Chairperson of Bank
ion Bank had been operating in Tanzania One Ltd in Mauritius
since 2001. It has two branches, one each in • Michael Shirima
Dar es Salaam and Arusha. The bank offers • Thierry Hugnin
different depository, credit and other finan- • Arun Mathur
cial services. It targets various clientele but • Mrisho Sarakikya
most of its clients are businesspeople in the • Pratul Shah
two urban centers where it has branches.
Key Shareholder
I&M Bank is a privately owned bank. Start-
ed in 1974, it evolved from a community fi-
nancial institution to a commercial bank
offering a full range of corporate and retail
banking services. Proparco and DEG, two
leading European development financial
institutions own 22% of the Bank. The bal-
ance is owned by a consortium of Kenyan
investment companies.
I&M Bank is the flagship company of
the I&M Group of Companies an East Afri-
can corporate with a presence in banking,
insurance, manufacturing and real estate.
I&M Bank also owns 50% of Bank One Lim-
ited in Mauritius together with the CIEL
Group, one of the largest business groups in
Mauritius.
64 Serengeti Advisers
Asset Ranking
40
as of December 31st 2010 Kagera Farmers
Co-operative
Azania Bancorp
Bank
Founded 2002
Chairperson Rweyongeza Bagyemu
Chief Executive Sylvester Katemana, General Manager
Auditors W.M. Kilele & Company
No. of Employees 23 Share Capital as of 31st December 2010
0.35
No. of Branches 1
No. of ATMs -
Web Address - TZS bn
K
agera Farmers Cooperative • Agripina Kalabamu, Ag. IT Manager KFCB’s primary goal is to
Bank Limited (KFCB )was provide financial services
incorporated in 2002 by a Selected Financial Trends to the residents of Kagera
group of cooperative socie- KFCB’s quarterly net interest income dis- region, most of who are
ties, cooperative Unions and plays a volatile but generally upward trend. engaged in agriculture,
SACCOS. It is a limited liability company It has grown from TZS 28 million in Q1 livestock keeping and
incorporated in Tanzania under the Coop- 2006 to TZS 142 million by Q4 2010. Quar- fishing
erative Societies Act No. 15 of 1991 and regu- terly non-interest income has also been
lated by the Bank of Tanzania as a regional very volatile and has ranged between TZS
unit bank. 40 million and TZS 50 million until it in-
KFCB’s primary goal is to provide fi- creased sharply to TZS 207 million in Q4
nancial services to the residents of Kagera 2010 due to foreign exchange profits and
region, most of who are engaged in agricul- ‘other’ sources. Quarterly profits have mir-
ture, livestock keeping and fishing. Most of rored revenue volatility. The losses in Q3
the loans are offered to groups and socie- 2007 and Q2 2008 were due to bad loan
ties. However, individuals also constitute provisions and write-offs, while that in Q4
a significant portion of the recipients. The 2009 was due to an increase in expenses.
bank also offers deposit and saving services. KFCB’s deposits have grown 2¼
Shareholders
Shareholders of the bank are primary coop-
erative societies, the Kagera Farmers’ Coop-
erative Union, SACCOS and other institu-
tional investors.
Board of Directors
• Rweyongeza Bagyemu, Chairperson of
the Board
• Andrea Bagayana, Vice Chairperson
• Pancras Mutahyabarwa, Member
• Oswald Mutaitina, Member
Senior Management
• Sylvester Katemana, General Manager
• Emmanuel Mashurano, Chief Accountant
• Elia Maruma, Credit Manager
• Reverian Mukulasi, Loans Follow Up
Manager
66 Serengeti Advisers
Asset Ranking
15
as of December 31st 2010
KCB Bank
Azania Bancorp
Tanzania
24.35
No. of Branches 11
No. of ATMs 11
Web Address www.kcbbankgroup.com/tz/ TZS bn
I
ncorporated in April 1997, KCB he has served as a non-executive Direc- KCB Bank Tanzania
Bank Tanzania Limited offers a tor of NBC Bank and the Chairperson of Limited currently has
wide range of banking products and the Board of Directors of Tanzania Postal 11 branches, namely
tailor-made services for individual Bank Zanzibar, Mwanza, Arusha,
and corporate clients. KCB Bank • Peter Muthoka, KCB Group Chairperson Mlimani City, Samora
Tanzania Limited currently has 11 branches, • Dr. Martin Oduor-Otieno, KCB Group CEO Avenue, Uhuru, Msimbazi,
namely Zanzibar, Mwanza, Arusha, Mlima- • Joshua S. Muiru Buguruni, Moshi,
ni City, Samora Avenue, Uhuru, Msimbazi, • Catherine Kimura Morogoro and Oysterbay
Buguruni, Moshi, Morogoro and Oysterbay. • Philemon Nikubuka Shimwela
Board of Directors
• Edmund B. Mndolwa, Chairperson of
the Board. Dr. Mndolwa joined KCB’s
board in April 2010. He holds an MBA
(Banking and Finance) from Mzumbe
University and a PhD in Finance. He is
a professional accountant and a gradu-
ate of the Commonwealth Association of
Corporate Governance. After working for
East African Community and Deloitte, he
joined Coopers and Lybrand (later Price-
waterhouse Coopers) as a partner in 1981,
where he served as senior partner until
his retirement in 2009. Over the years
68 Serengeti Advisers
Asset Ranking
38
as of December 31st 2010
Kilimanjaro
Azania Bancorp
Co-operative Bank
1.08
No. of Branches 1
No. of ATMs 0
Web Address - TZS bn
K
ilimanjaro Cooperative Bank • Verdiana A. Njau KCBL’s main objective
Limited (KCBL) is a regional • Absolom A. Nyange is to provide financial
bank operating from Moshi, • Elizabeth S. Bwire services to clients through
Kilimanjaro region. Origi- • Fanuel M. Monata their savings and credit
nally registered as a coopera- cooperative societies
tive society in 1994, it was authorized by the Senior Management
Bank of Tanzania in the same year to oper- • Elizabeth Makwabe, General Manager.
ate as a regional bank. It started operations Mrs. Makwabe holds a Bachelor of Com-
in July 1996. KCBL’s main objective is to merce Degree from the University of Dar
provide financial services to clients through es Salaam and has over 12 years of experi-
their savings and credit cooperative socie- ence in the banking sector
ties (SACCOS). The bank offers services to • Ekwabi S. Mganga, Chief Accountant
individuals, companies and other types of • Janeth Minja, Chief Internal Auditor
organizations. It also provides domestic • Ombeni Masaidi, Credit Manager
and international money transfer services • Peter Olomi, Information and Communi-
through Western Union. cation Technology Manager
Shareholders
KCBL is owned by registered cooperative
societies in Kilimanjaro region. These in-
clude primary cooperative societies (Rural
Cooperative Societies – RCS), Savings and
Credit Cooperative Societies (SACCOS)
and large cooperative unions, namely the
Kilimanjaro Native Cooperative Society
(KNCU) and Vuasu (Pare) Cooperative Un-
ion. The amount owned by the different
shareholders was not immediately available.
Board of Directors
• Emrode E. Kimambo, Chairperson. Mr.
Kimambo is a Lecturer at the Moshi Uni-
versity College of Cooperative and Busi-
ness Studies (MUCCoBS). He holds a BA
in Economics from the University of Dar
es Salaam and a Master of Science degree
in Agricultural Economics from the Wage-
ningen University in the Netherlands
70 Serengeti Advisers
Asset Ranking
39
as of December 31st 2010
Mbinga
Community
Azania Bancorp
Bank
M
binga Community Bank Selected Financial Trends MCB is a microfinance
(MCB) opened on July MCB’s quarterly net interest and non-in- bank, with typical clients
30, 2003 to fill the void terest income have been modest but vola- being smallholder farmers,
left by the collapse of tile, perhaps reflecting the seasonality of artisans and micro retail
Mbinga Cooperative Un- the agricultural economy on which many businesses
ion (MBICU) in the 1990s. Headquartered of its clients rely. Profit volatility is am-
in Mbinga Township, the bank is licensed plified by the periodic provisions for non-
by the Bank of Tanzania as a regional unit performing loans, and some subsequent
bank. MCB is a microfinance bank, with write-backs.
typical clients being smallholder farmers, MCB increased its deposits by 167%
artisans and micro retail businesses. between 2006 and 2010 from about TZS
1.2 billion to over TZS 3.1 billion. Lending
Shareholders expanded by 125% from TZS 977 million to
The Bank has a wide range of shareholders. TZS 2.2 billion. MCB has reduced the rate
These include area Cooperative Societies, of non-performing loans from a peak of al-
Mbinga area SACCOS, NGOs, companies most 33% in Q1 2007 to 3.6% in Q3 2009, but
and individuals. The amount owned by the it had increased to 11.2% in Q4 2010.
different shareholders was not immediately MCB’s paid-up share capital account-
available.
Board of Directors
• Mr. Altemius Millinga, Chairperson
• Fr. Andrew Ndimbo, Director
• Mr. Donald Kissongo, Director
• Ms. Isabela Komba, Director
• Mr. Shaibu Mnunduma, Director
• Mr. Optat Shedehwa, General Manager
Senior Management
• Mr. Optat Shedehwa, General Manager
• Mr. Edwin Namnauka, Head of Finance
• Mr. Shaibu Mwambungu, Ag. Chief Inter-
nal Auditor
72 Serengeti Advisers
Asset Ranking
32
as of December 31st 2010 Mkombozi
Commercial
Azania Bancorp
Bank
7.89
No. of Branches 1
No. of ATMs Member of Umoja ATM Network
Web Address www.mkombozibank.com TZS bn
M
kombozi Commercial ant (CPA-T). He is Director of Finance at Bank targets micro and
Bank was licensed by the Public Sector Pension Fund (PSPF) small entrepreneurs,
the Bank of Tanzania in • Method Anatoli Kashonda medium business
July 2009 and started • Rt. Rev. Beatus Kinyaiya entrepreneurs, employed
its operations in August • Rev. Fr. Anthony Makunde individuals, businesses,
2009. Regulated by the Bank of Tanzania • Eve Hawa Sinare institutions, SACCOS and
as a commercial bank, it currently has one • Placidius Luoga other groups for credit
branch, located in Dar es Salaam. Mkom- • Marcellino Kayombo facilities.
bozi Commercial Bank provides credit fa-
cilities, depository services, guarantees, Senior Management
foreign exchange operations, Automated • Edwina Lupembe, Chief Executive Of-
Teller Machines (ATMs) and money trans- ficer. Mrs. Lupembe is a career banker
fers. It targets individuals, companies, part- who worked for the former National Bank
nerships, sole-proprietorships, SACCOS, of Commerce. Prior to joining Mkombozi
trusts, firms, joint arrangements, parishes, Commercial Bank, she was the Chief Ex-
schools, hospitals, small communities, pri- ecutive Officer of Consolidated Holdings
vate and public communities for depository Corporation (CHC)
services. It also targets micro and small en-
trepreneurs, medium business entrepre-
neurs, employed individuals, businesses,
institutions, SACCOS and other groups for
credit facilities.
Shareholders
Mkombozi Commercial Bank was started
with a USD 5.0 million capital base, raised
from investors purchasing shares priced at
TZS 1,000 shillings each. Investors include
Catholic Church dioceses in the country,
parishes, other religious organizations and
individuals. The Tanzania Episcopal Con-
ference and Catholic Dioceses are the ma-
jority shareholders, holding 51% of the ex-
isting shares.
Board of Directors
• Masha John Mshomba, Chairperson. Mr.
Mshomba is a Certified Public Account-
74 Serengeti Advisers
Asset Ranking
35
as of December 31st 2010
Mufindi
Community
Azania Bancorp
Bank
Founded 1998
Chairperson Mr. Atililo Mohele
Chief Executive Mr. Danny Mpogole, General Manager
Auditors Ashvin Solanki & Company, Iringa
No. of Employees 29 Share Capital as of 31st December 2010
0.37
No. of Branches 1
No. of ATMs 0
Web Address www.mucobatz.com TZS bn
M
ufindi Community Bank • Marcellina Mkini, Director. Mrs. Mkini The bank was started in
(MUCOBA) is a regional is an Agricultural Officer and holds a Di- 1998 and was the first
bank providing micro- ploma in Agricultural Nutrition community bank to be
finance services to low • Golden Sanga, Director. Mr. Sanga is licensed by the Bank of
and medium income a teacher and holds a Certificate in Tanzania
earners in the Mufindi District in Iringa Education
Region and neighbouring rural areas. It was • Israel Ndanshau, Director. Mr. Ndanshau
started in 1998 and was the first community holds an MBA and a B.Sc. in Forestry.
bank in Tanzania licensed by the Bank of • Basil Mkwata, Director. Mr. Mkwata
Tanzania. is a lawyer and an Advocate of the High
The bank offers loans, savings and Court of Tanzania. He holds a Bachelor of
other financial services to entrepreneurs, Laws (LL.B) Degree
farmers and employees in Mufindi. The main • Ernest Usangira, Director. Mr. Usangira
target group is the small and medium enter- is a retired teacher and holds a Bachelor
prise. The bank also targets SACCOS, which of Science Degree in Education
play a major role in delivering credit to the
groups and individuals. MUCOBA aims to
increase the size of its deposits by 200% and
the loan portfolio by 172% by 2013.
Shareholders
MUCOBA started with a share capital of
TZS 50 million, the minimum required to
start a community bank. Founding mem-
bers were the Mufindi Education Trust, In-
cofin Tanzania, MET and Incofin Workers’
SACCOS, Mufindi Teachers’ SACCOS and
Joseph Mungai, a former Member of Parlia-
ment. The share capital has expanded and
additional shareholders include NGOs, pri-
vate firms, Mufindi District Council, SAC-
COS and individuals.
Board of Directors
• Atililo Mohele, Chairperson. Mr. Mohele
holds a Masters in Economics and a BA in
Economics and Statistics from the Uni-
versity of Dar es Salaam
76 Serengeti Advisers
Asset Ranking
36
as of December 31st 2010
Mwanga Rural
Community
Azania Bancorp
Bank
Founded 2000
Chairperson I. H. Seushi
Chief Executive Mr. A.Y. Ghuhia, Managing Director
Auditors Tanzania Audit Company
No. of Employees 29 Share Capital as of 31st December 2010
0.48
No. of Branches 1
No. of ATMs 1; Tanpay VISA cards
Web Address www.mwangabank.co.tz TZS bn
O
perating from Mwanga Dis- • A.T. Nguluma The bank’s primary aim
trict in Kilimanjaro region, • Z. Ally is to provide access to
Mwanga Rural Community • J.K. Msemo quality financial services
Bank started operations • T. Mndeme to individuals and groups
as a regional unit finan- • E. Toroka in its area of operation
cial institution in 2000. In 2009, the bank through products such
was granted a regional bank license by the Management as loans targeting
Bank of Tanzania. The bank’s primary aim • A.Y. Ghuhia, Managing Director. Mr. SMEs, salaried workers,
is to provide access to quality financial serv- Ghuhia holds a Master of Science degree employees, Savings
ices to individuals and groups in its area of in Community Development and an Ad- and Credit Cooperative
operation through products such as includ- vanced Diploma in Banking. He has 30 Societies (SACCOS) and
ing loans targeting SMEs, salaried workers, years of experience in banking and previ- farmers
employees, Savings and Credit Cooperative ously worked as Operations Manager for
Societies (SACCOS) and Farmers. The bank KCB Bank in Arusha
attracts deposits through saving, fixed and • S.A. Muhuji, Credit Manager
current accounts and offers Western Union • Hilda F. Hungu, Finance and Administra-
money transfer services. tion Manager
Shareholders
The bank’s shareholders include the Mwan-
ga Pare Community Development Trust
Fund, Mwanga District Council, Institu-
tions and Non-Governmental organiza-
tions like TGT, individuals from villages of
Mwanga District and living in Dar es Sa-
laam, Arusha, Dodoma, Tanga and Moshi.
The amount owned by the different share-
holders was not immediately available.
Board of Directors
• I. H. Seushi, Chairperson. Mr. Seushi
holds a Master of Science in Agricultural
Economics and a Bachelor of Arts in Eco-
nomics degrees. He is a Partner in charge
of Management Consulting at Pricewa-
terhouseCoopers (Tanzania), where he
has been partner for the past 24 years
• R. Mringo, Director
78 Serengeti Advisers
Asset Ranking
04
as of December 31st 2010
National
Bank
Azania
of Commerce
Bancorp
Founded 1997
Chairperson Dr. Mussa Assad
Chief Executive Mr. Lawrence Mafuru, Managing Director
Auditors PricewaterhouseCoopers
No. of Employees 1,496 Share Capital as of 31st December 2010
No. of Branches 53
No. of ATMs
Web Address
221
www.nbctz.com
TZS 12.00 bn
N
ational Bank of Commerce Limited was • Mr. Eduardo Laurentino
formed on 1st April 2000 when NBC (1997) • Mr. Frans du Toit
Limited was privatised and sold to ABSA • Mr. John Gochora
Group Ltd. of South Africa. NBC (1997) Ltd. • Mr. Lawrence Mafuru
was born out of the National Bank of Com- • Mr. Daniel J. Brits
merce (NBC) - the largest commercial bank at the time, • Mr. Shogholo Msangi
which was formed after the nationalization of banks and fi- • Mr. Riaan van Jaarsveld
nancial institutions in Tanzania in 1967. During the reform of • Dr. Hussein Kassium
Tanzania’s banking sector in 1991, NBC was split into three
entities, namely NBC Holding Corporation, National Micro- Senior Management
finance Bank (NMB) and NBC (1997) Limited. This was the • Lawrence Mafuru, Managing Director. Mr. Mafuru is a
first step towards the privatization of NBC. NBC Limited tar- Certified Chartered Banker from the Chartered Institute
gets both retail and corporate clients. It offers various depos- of Banking (UK) and a Certified Treasury Practitioner
itory, credit and treasury products and it has one of the larg- (ACI Financial Markets)
est branch networks in the country. • Mr. Maharage Chande, Chief Operations Officer
• Mr. Felix Kibodya, Senior Legal Counsel
Shareholders • Mrs. Clara Rubambe, Company Secretary
The bank’s majority shareholder is ABSA Group of South Af- • Mr. Godfrey Sigalla, Head of Internal Audit
rica, which is one of the largest banks in Af-
rica in terms of asset and capital size. Other
shareholders are the Government of the
United Republic of Tanzania and the Inter-
national Finance Corporation (IFC), the pri-
vate sector arm of the World Bank Group.
Board of Directors
• Dr. Mussa Assad, Chairperson Dr. Assad
is the Head of Department of Account-
ing at the University of Dar es Salaam
Business School, where he is also a Sen-
ior Lecturer. He is also the Chairperson
of the Governing Board of the National
Board of Accountants and Auditors
(NBAA) and a member of the Govern-
ing Council of the Muslim University of
Morogoro
• Ambassador Ami Mpungwe
• Mr. Anthony De La Rue
80 Serengeti Advisers
Asset Ranking
03
as of December 31st 2010 National
Microfinance
Azania
BankBancorp
Plc
20.00
No. of Branches 139
No. of ATMs 281
Web Address www.nmbtz.com
TZS bn
N
MB is the largest bank in the bank’s operations department for fif- NMB was formed in 1997
Tanzania, in terms of its teen years through the National
customer base and branch • Bruce Dick Microfinance Bank Limited
network. The bank has 138 • Felix Mosha Incorporation Act
branches located in more • Protase Tehingisa
than 80% of Tanzania’s districts. • Jos van Lange
NMB was formed in 1997 through the • Mike Laiser
National Microfinance Bank Limited Incor- • Margaret Ikongo
poration Act. It was then wholly owned by • William Mlaki
the government of Tanzania. In 2005, gov- • Mr. Yona Killagane
ernment sold a 49% stake to a consortium
led by the Rabobank Group of the Nether- Senior Management
lands. Institutional investors from Tanza- • Mark Wiessing, Chief Executive Officer.
nia were the National Investment Company Mr. Wiessing’s appointment as NMB’s
(NICOL), Exim Bank and TCCIA Invest- Chief Executive Officer came into effect
ment Company. In November 2008, govern- on December 1, 2010. Until his appoint-
ment listed 21% of its stake on the Dar es Sa- ment he was the Chief Executive Officer
laam Stock Exchange.
Shareholders
• Rabobank – 34.9%
• Government of Tanzania – 31.78%
• Publicly listed shares – 20.42%
• National Investment Company Ltd
(NICOL) –4.6%
• Exim Bank Tanzania – 5.8%
• TCCIA Investment Co. Ltd – 1.7%
Board of Directors
• Meshack Ngatunga, Chairperson. Mr.
Ngatunga has a strong background in
management, banking and consultan-
cy. From 1995 to 2003 he managed the
East Africa regional office of the Africa
Project Development Facility (APDF).
Prior to that, he worked with the East Af-
rica Development Bank, where he headed
82 Serengeti Advisers
Asset Ranking
23
as of December 31st 2010
NIC Bank
Azania
Tanzania
Bancorp
N
IC Bank Tanzania was es- • James Macharia NIC Bank Tanzania was
tablished in 2009 after the established in 2009 after
acquisition of Savings and Senior Management the acquisition of Savings
Finance Limited by NIC • James Muchiri, Managing Director and and Finance Limited
Bank of Kenya. Savings and Chief Executive Officer. Mr. Muchiri by NIC Bank of Kenya.
Finance Commercial Bank Limited started joined NIC Bank (Tanzania) from NIC Savings and Finance
its operations in 1994 as a non-bank finan- Bank (Kenya), where he was the Direc- Commercial Bank Limited
cial institution. It was converted into a com- tor of Technology and Operations. He started its operations
mercial bank in 2004. Currently the bank joined NIC Bank (Kenya) from a position in 1994 as a non-bank
has branches in Dar es Salaam, Mwanza as Standard Chartered Bank’s Head of financial institution
and Arusha. The Bank offers various deposit Banking Service Delivery, Africa Region.
products to meet clients’ banking needs. He has a Bachelor of Education in Science
The bank also offers various credit facilities degree from Kenyatta University and a
and other banking services. Post Graduate Diploma in Computer Sci-
ence from the University of Nairobi
Shareholders • Adam S. Walwa, Head of Business
NIC Bank of Kenya acquired a 51% control- Development
ling stake of Savings and Finance Commer- • Christopher Kazalla, Manager, Internal
cial Bank in May 2009. NIC Bank was incor- Audit
porated in Kenya in 1959. The bank was one
of the first to provide hire purchase and in-
stallment credit finance facilities in Kenya.
NIC Bank went public in 1971 and is listed
on the Nairobi Stock Exchange. It has ap-
proximately 25,000 shareholders. NIC Bank
Tanzania’s remaining 49% stake is owned
by various individuals.
Board of Directors
• Abdulsultan H. Jamal, Chairperson. Mr.
Jamal is a Tanzanian businessman and
industrialist with business interests in
manufacturing, export and construc-
tion. He is a Director of Jubilee Insurance
Company of Tanzania Limited
• Sharmapal Aggarwal
• Mark Bomani
• Andrew Ndegwa
84 Serengeti Advisers
Asset Ranking
07
as of December 31st 2010
Stanbic Bank
Azania
Tanzania
Bancorp
4.98
No. of Branches 11
No. of ATMs 16
Web Address www.stanbic.com
TZS bn
S
tanbic Bank in Tanzania Limit- Stanbic Bank from Citibank Tanzania, The Standard Bank Group,
ed was established in May 1995 where he served as the Deputy Manag- based in Johannesburg,
when the operations of Meridi- ing Director South Africa, has total
en Biao Bank Tanzania Limited • Juliana Sweke, Head of Finance assets of USD 81 billion
were acquired by the Standard • Sioi Solomon, Head of Legal and employs 35,000
Bank Group. • Mary Mabiti, Head of Internal Audit people worldwide. Its
• Abdallah Singano, Head of Marketing network spans 17 sub-
Shareholder and Corporate Affairs Saharan countries
The Standard Bank Group, based in Johan- • Douglas Kamwendo, Head of Personal (including South
nesburg, South Africa, has total assets of and Business Banking Africa) and extends to
USD 81 billion and employs 35 000 people • Samson Okero, Head of Corporate and 21 countries on other
worldwide. Its network spans 17 sub-Saha- Investment Banking continents, including
ran countries (including South Africa) and • Mariam Bayumi, Head of Human Re- key financial centres in
extends to 21 countries on other continents, sources Europe, the United States
including key financial centres in Europe, • Lulu Shikonyi, Head of Operations and Asia
the United States and Asia. In addition to • Daniel Maginga, Head of Credit
banking, Standard Bank has a strategic in- • Lightness Mauki, Head of Risk
terest in the insurance industry through its • Zainul Chandoo, Head of Global Markets
control of the Liberty Group, one of Africa’s
leading life offices and financial services
groups.
Board of Directors
• Hatibu Senkoro. Mr. Senkoro is a Certi-
fied Public Accountant and an experi-
enced banker. He has worked in senior
management positions of various par-
astatals and private companies, including
the Tanzania Development Finance Com-
pany (TDFL)
• George Alliy
• Abdulrahman Kinana
• Joaquine DeMello
• Hamisi Kibola
Senior Management
• Bashir Awale, Managing Director. An
experienced banker, Mr. Awale joined
86 Serengeti Advisers
Asset Ranking
05
as of December 31st 2010 Standard
Chartered Bank
Azania
Tanzania
Bancorp
22.54
No. of Branches 7
No. of ATMs 8
Web Address http://www.standardchartered.com/tz/en/
TZS bn
S
tandard Chartered Bank start- from the University of Manchester in the Standard Chartered
ed operations in Tanzania in UK and a Masters of Business Adminis- Bank started operations
1917 and, following the period tration from McGill University, Canada in Tanzania in 1917 and,
of nationalization, it reopened • Musa Jallow, Head, Consumer Banking following the period
in 1993 as the first international • Nina P. Eshun, Head, Legal and Company of nationalization, it
bank to operate in the country after the lib- Secretary reopened in 1993 as the
eralization of the financial sector. The bank • Mariam Mendy Njie, Chief Finance Officer first international bank
has a total of seven branches, four in Dar • Juanita Mramba, Head, Corporate Affairs to operate in the country
es Salaam, and one each in Mwanza, Aru- • Vivienne Penessis, Head, Human Resources after the liberalization of
sha and Moshi. The bank’s primary target • Kgotso Bannalotlhe, Head, Financial Markets the financial sector
is corporate customers, including major in- • Theobald Sabi, Head, Origination and
ternational corporations, local businesses, Client Coverage
donor agencies, government and parastatal • Alelio Lowassa, Chief Information Officer
organizations. • Irene Sengati-Giattas, Country Opera-
tional Risk Assurance Manager
Shareholders • Fulgence Shirati, Chief Internal Auditor.
Standard Chartered Bank Tanzania is a
wholly owned subsidiary of Standard Char-
tered Bank Plc (UK).
Board of Directors
• Mike Hart, Chairperson. Mr. Hart is
Standard Chartered’s Chief Executive Of-
ficer for Africa Region
• Godfrey Urasa
• Mr. Jayesh Shah
• Mr. Raphael Mollel
• Mr. Richard Etemesi
• Mr. Jeremy Awori
• Ms. Mariam Mendy Njie
Senior Management
• Jeremy Awori, Chief Executive Officer. A
Kenyan national, Mr. Awori joined Stand-
ard Chartered (Tanzania) from Standard
Chartered UAE, where he was the Head
of Consumer Banking. Mr. Awori holds a
Bachelor of Science degree in Pharmacy
88 Serengeti Advisers
Asset Ranking
41
as of December 31st 2010
Tandahimba
Azania Bancorp
Community Bank
0.27
No. of Branches 1
No. of ATMs 0
Web Address None
TZS bn
T
andahimba Community Bank MSc from the University of Stirling (UK). Tandahimba Community
Limited (TCB) operates from • Mfaume M. Juma, Director. Mr. Juma is Bank Limited (TCB)
Tandahimba District, a ru- a Principal Trade Information Officer at operates from Tandahimba
ral agriculatural community, the Board of External Trade District, a rural community
in Mtwara region. The bank • Abdallah Njovu. Mr. Njovu is the District (omit comma) in Mtwara
started operations in 2008 as a regional Executive Director (DED) of the Tanda- region
banking unit, under the supervision of the himba District Council. He is a Certified
Bank of Tanzania. The bank provides fi- Public Accountant (CPA-T)
nancial services to individuals and groups, • Mr. Suleiman Mombo, Secretary to the
including loans targeting rural enterprises, Board and General Manager
groups, SMEs and individuals.
Senior Management
Shareholders • Suleiman Mombo, Chief Executive Of-
• Tandahimba District Council – 62.90% ficer. Mr. Mombo has over 20 years of
• Individuals – 16.58% experience in the banking sector having
• Tanzania Gatsby Trust Fund – 8.73% worked for NBC, NMB, CF Union Bank
• Masasi District Council – 3.49% and Mbinga Community Bank, before
• Primary Schools (in Tandahimba) – 3.48% joining Tandahimba
• Newala District Council – 2.18%
• SACCOS – 2.03%
• Village Councils – 0.58%
• Non-Governmental Organizations – 0.03%
Board of Directors
• Athumani Beno Mhagama, Chairperson.
Mr. Mhagama is a Certified Public Ac-
countant (CPA-T)
• Manase Charles Ndoroma, Vice Chair-
person of the Board. Mr. Ndoroma is the
Legal Counsel for the Tandahimba Dis-
trict Council
• Dr. Rashid Tamatamah, Director. Dr.
Tamatamah is an Aquatic Ecologist and
a Senior Lecturer at the Department of
Aquatic Sciences and Fisheries of the
University of Dar es Salaam, where he is
also the Head. He holds a PhD from the
University of Waterloo (Canada) and an
90 Serengeti Advisers
Asset Ranking
11
as of December 31st 2010
Tanzania
Investment
Azania Bancorp
Bank
Founded 1970
Chairperson Prof. W. Lyakurwa
Chief Executive Mr. Peter Noni, Managing Director
Auditors Controller and Auditor General (overall) and
Ernst and Young (from 2010)
No. of Employees 154 Share Capital as of 31st December 2010
92.14
No. of Branches 3
No. of ATMs 5 TIB ATMs; Member of Umoja Switch
Web Address www.tib.co.tz
TZS bn
T
anzania Investment Bank (TIB) was estab- Senior Management
lished in 1970 as a development finance institu- • Peter Noni, Managing Director. Mr. Noni is an Economist
tion (DFI). TIB was re-launched as a develop- who previously served as the Director of Economic Policy
ment bank in 2010. It provides credit facilities at the Bank of Tanzania
to businesses in the form of long, medium and • Thomas M.F. Samkyi, Head of Development Financing
short-term working capital and other forms of investment • Bernard P. Mono, Head of Treasury and
funds across different sectors of the economy. Other prod- • Bahati J. Sanga, Head of Information and Communication
ucts include depository services, trade, lease and agriculture Technology
financing. • Leonard O. Mlewa, Head of Portfolio Management
• Stella M. Nghambi, Head of Human Resources and Ad-
Shareholders ministration
• Government of Tanzania – 99.098% • Martha J.J Maeda, Legal Counsel and Secretary to
• Consolidated Holding Corporation – 0.676% the Board
• National Insurance Corporation of Tanzania Ltd – 0.226% • Isaac Kiputa, Chief Internal Auditor
• Bryson E. Mwanga, Officer in charge of Finance and
Board of Directors Operations
• Professor William Lyakurwa, Chairperson. Professor
Lyakurwa is the Executive Director of the African Eco-
nomic Research Consortium. He holds a
PhD in Economics from Cornell Univer-
sity in the USA. Prior to joining AERC, he
worked for the International Trade Cen-
tre in Geneva, Switzerland
• Haruna Masebu, Director. Mr. Masebu is
an Urban Economist. He holds an MBA
from the University of Reading and an MSc
degree from Loughborough University.
• Mr. Mgana I. Msindai, Director. Mr.
Msindai is a former MP
• Mr. Adatus V. Magere, Director. Mr.
Magere is a former Director in the Office
of the President
• Mr. Bedason A. Shallanda, Director. Mr.
Shallanda is an Economist and the Act-
ing Commissioner for Policy Analysis in
the Ministry of Finance and Economic
Affairs
• Mr. Peter Noni, Managing Director
92 Serengeti Advisers
Asset Ranking
20
as of December 31st 2010
Tanzania
Azania
PostalBancorp
Bank
3.46
No. of Branches 27
No. of ATMs 0
Web Address www.postalbank.co.tz
TZS bn
T
anzania Postal Bank (TPB) Senior Management TPB became operational
was established by the Tan- • Alphonce Kihwele, Managing Director as a separate entity from
zania Postal Bank Act No. 11 • Mauro S. Mhule, Head of Finance the Tanzania Posts and
(1991) as amended by Act No. • James Mpayo, Director of Audit Telecommunications
12 of 1992. It was established • Joseph Salala, Head of Compliance Corporation (TP&TC)
as a successor to the Tanganyika Post Of- • Mbaga Mwakyandile, Head of Banking from March 1, 1992. It is
fice Savings Bank (TPOSB), which was es- Operations licensed by the Bank of
tablished by the Post Office Savings Bank • Alexander Malendecha, Head of Credit Tanzania as a non-bank
Ordinance of 1925 and became operational financial institution
in 1927. TPB became operational as a sepa- Selected Financial Trends
rate entity from the Tanzania Posts and TPB’s quarterly net interest income has
Telecommunications Corporation (TP&TC) grown steadily from an average of TZS 1.7
from March 1, 1992. It is licensed by the billion in 2006 to TZS 2.8 billion in 2010.
Bank of Tanzania as a non-bank financial Non-interest income, for the most part, fol-
institution. lowed a similar trend by increasing moder-
ately from a quarterly average of TZS 1.3 bil-
Shareholders lion in 2006 to TZS 1.9 billion in 2010. The
The Government of the United Republic of bank’s net profits were modest in 2006, av-
Tanzania and the Revolutionary Govern-
ment of Zanzibar own 56.3% of TPB. The
Tanzania Postal Corporation owns 33%
and postal workers through their SACCOS
(Tanzania Posts and Telecommunications
Corporation - TPTC SACCOS) have a 10.5%
stake in the bank.
Board of Directors
• Professor Leticia Rutashobya, Chair-
person. Professor Rutashobya is an in-
structor at the University of Dar es Sa-
laam Business School, specializing in
Marketing
• Ms. B.E. Mallogo, Vice Chairperson
• Mr. S.M Hussein
• Ms. J. Lema
• Mr. H.H Mchangila
• Mr Mugisha G. Kamugisha
94 Serengeti Advisers
Asset Ranking
33
as of December 31st 2010
Tanzania
Azania
Women Bancorp
Bank
4.80
No. of Branches 1
No. of ATMs Member of the Umoja network
Web Address www.womensbank.co.tz
TZS bn
T
he Tanzania Women Bank • Filbert N. Ngungo, Finance & Adminis- TWB focuses on providing
Limited (TWB) was inau- tration Manager banking services to
gurated in July 2009 to sup- • Lilian R. Musingi, Corporate Legal those economically
port the business activities Secretary disadvantaged women
undertaken by women. TWB who are excluded from
focuses on providing banking services to Selected Financial Trends mainstream banking
those economically disadvantaged women Given its recent entry into operations, services
who are excluded from mainstream banking TWB’s net interest and non-interest income
services. were modest, but they have begun an up-
ward trajectory in 2010. The bank has been
Shareholders making losses although this is reducing as
The Government of Tanzania is the main revenues grow.
shareholder of the bank. Other shareholders TWB’s deposits have increased from
are the Women Development Fund (WDF), TZS 1.0 billion to TZS 13 billion in six quar-
Tanzania Women Leaders in Agriculture ters. Loans have also grown from TZS 8
and Environment (TAWLAE), Kawe Wom- million to TZS 7.9 billion during the same
en Development Economic Trust Fund and
78 individuals. The amount owned by the
different shareholders was not immediately
available.
Board of Directors
• Daniel Ole Sumayan, Chairperson. Mr.
Ole Sumayan is the Director of Corporate
Services at Gaming Board of Tanzania, a
gaming regulatory body
• Dr. Maria S.H. Mashingo
• Khadija Simba
• Joaquine Demello
• Husna Maghembe
Senior Management
• Margareth M. Chacha, Managing
Director
• Damus C. Lubuva, Chief Internal Auditor.
• Mussa O. Mhando, Head of Credit & Busi-
ness Development
• Ritha L. Ndyamukama, Head of IT
96 Serengeti Advisers
Asset Ranking
18
as of December 31st 2010
The People’s
Azania
Bank of Bancorp
Zanzibar
Founded 1966
Chairperson Mr. Abdulrahman M. Jumbe
Chief Executive Mr. Juma M. Amour, Managing Director
Auditors TAC Associates
No. of Employees 163 Share Capital as of 31st December 2010
11.00
No. of Branches 4
No. of ATMs 5
Web Address www.pbzltd.com
TZS bn
T
he People’s Bank of Zanzi- Selected Financial Trends PBZ is one of the oldest
bar Limited (PBZ) was es- PBZ’s quarterly net interest income has re- banks in Tanzania and the
tablished in 1966 under Cap. mained over TZS 1 billion between Q4 2008 only one headquartered in
153 of the Zanzibar Compa- and Q4 2010. Non-interest income fell be- Zanzibar
nies Decree. It is one of the tween Q1 2009 and Q2 2010, but increased
oldest banks in Tanzania and the only one by 265% between Q1 2010 and Q3 2010 due
headquartered in Zanzibar. PBZ provides in part to foreign exchange trading profits
retail and corporate banking services, offer- and other income. In Q4 2010, non-interest
ing various savings and depository account income fell by 64% due to a 79% drop in for-
services and credit facilities and Islamic eign exchange earnings. Quarterly profits
banking products and services. have closely tracked non-interest income in
2010, by doubling between Q1 and Q3 2010
Shareholders before also tumbling in Q4 2010.
PBZ is wholly owned by the Revolutionary PBZ’s deposit base expanded by 43%
Government of Zanzibar. from TZS 82 billion in the nine quarters
from Q4 2008 to TZS 118 billion in Q4 2010.
Board of Directors Lending grew by 34% from TZS 25 billion
• Abdulrahman M. Jumbe, Chairperson to TZS 33 billion during the same period,
• Ali Abdalla Suleiman, Director
• Juma Amour Mohamed, Director
• Abdi Khamis Faki, Director
• Abdulwakil Haji Hafidh, Director
Senior Management
• Juma A. Amour, Managing Director
• Juma A. Hafidh, Director of Finance and
Administration
• Mohamed B. Chwaya, Internal audit
manager. Mr. Chwaya is a Certified Pub-
lic Accountant (CPA-T)
98 Serengeti Advisers
Asset Ranking
27
as of December 31st 2010
Twiga
Azania
Bancorp
Bancorp
4.50
No. of ATMs Member of the Umoja switch of 58 ATMs
Web Address www.twigabancorp.com
TZS bn
F
ormerly known as National Senior Management In 1998, the National
Bureau de Change Limited, • Hussein H. Mbululo, Chief Executive Officer Bureau De Change was
Twiga Bancorp Limited was • L.G. Kairo, Head of Legal Services transformed into a non-
established in 1992 as a whol- • Gadi H. Mbwilo, Head of Investment bank financial institution,
ly-owned subsidiary of the Banking empowered to handle
former National Bank of Commerce. In • H. Kiule, Operation Risks Manager. all banking transactions
1998, the National Bureau De Change was • Raphael L.M. Mselle, Head of Finance with the exception of
transformed into a non-bank financial in- and Administration taking deposits on current
stitution, empowered to handle all banking • Poster H. Mahaba, Head of Internal Audit accounts. In January
transactions with the exception of taking 2005, it changed its name
deposits on current accounts. In January Selected Financial Trends to Twiga Bancorp Limited
2005, it changed its name to Twiga Ban- Twiga Bankcorp’s legacy as a bureau de
corp Limited and it now operates branches change is reflected in a revenue profile in
in Dar es Salaam, Arusha and Mwanza and which non-interest income is consistently
sub-branches at the Julius Kambarage Ny- larger than net interest income. In 2006, the
erere International Airport. Twiga Bancorp average quarterly non-interest income was
is a member of Umoja Switch ATM and an TZS 692 million, compared to TZS 428 mil-
agent for Moneygram International. lion in net interest income. By 2009, average
Shareholder
• Government of Tanzania – 100%
Board of Directors
• Prof. Amon V.Y. Mbelle, Chairperson.
Professor Mbelle is an Associate Profes-
sor of Economics at the University of Dar
es Salaam
• Hon. Dr. Abdallah O. Kigoda. Dr. Kigoda
is a former Cabinet Minister
• Siraju Juma Kaboyonga. Mr. Kaboyonga
is an economist and a former Member of
Parliament
• Hon. Devota M. Likokola. Hon. Likokola
is a Member of Parliament
• Hulda S. Kibacha. Mrs. Kibacha is a
former Member of Parliament
• Miriam A. Nkumbi
• Godfrey M.K Msella
34
as of December 31st 2010
Uchumi
Commercial
Azania Bancorp
Bank
U
chumi Commercial Bank Senior Management The bank provides
(UCB) operates from Moshi, • Angela G. Moshi, Acting General Manag- affordable and convenient
Kilimanjaro region. UCB er and Head of Credit banking services to
was authorized by the Bank • Charles A. Kihiyo, Head of Finance and small and medium-size
of Tanzania to operate as a Administration enterprises in Kilimanjaro
regional unit bank in September 2005. The • Wilfred S. Mwanri, Head of Banking region and surrounding
bank provides affordable and convenient Operations locations. It focuses
banking services to small and medium-size • Dawson A. Temu, Head of Internal Audit on supporting savings
enterprises in Kilimanjaro region and sur- and credit cooperative
rounding locations. It focuses on support- Selected Financial Trends societies
ing savings and credit cooperative societies UCB’s quarterly net interest income has
(SACCOS) serving communities in the area. grown steadily from TZS 2 million in Q1
Leading sectors in the loan portfolio include 2006 to TZS 291 million by Q4 2010. The
retail trade and agriculture. bank’s quarterly non-interest income has
also grown from an average of TZS 6.0 mil-
Shareholders lion in 2006 to TZS 46 million in 2010. Fol-
UCB’s main shareholder is the registered lowing a loss-making 2006, UCB has gener-
Trustee of Evangelical Lutheran Church of ated quarterly profits since 2007.
Tanzania (ELCT) Northern Diocese, which
represents 152 parishes and various stand-
alone projects and institutions.
Board of Directors
• Dr. Sadikiel N. Kimaro, Chairperson. Dr.
Kimaro holds a PhD in Economics. He is
a former Economist at the International
Monetary Fund and a former Economic
Advisor to the President of Tanzania
• Rt. Rev. Dr. Erasto N. Kweka. Bishop
Kweka is the retired bishop of the Evan-
gelical Lutheran Church of Tanzania
(ELCT) – Northern District. He holds a
Doctorate in Divinity and is a farmer
• Gilliard L. Nkini
• Elizabeth P. Minde
• Clement Z. Kwayu
• Munguatosha J. Makyao
29
as of December 31st 2010 United Bank
For Africa
Azania Bancorp
Tanzania
U
BA Tanzania was incorpo- • Angela Nwabuoku UBA plans to build a
rated in Tanzania on De- • Alex Trotter strong public, private
cember 1, 2008 and is regu- partnership to complement
lated as a commercial bank Senior Management the Government’s
by the Bank of Tanzania. • Ayobola Abiola, Chief Executive Officer. efforts in infrastructure
UBA Tanzania targets corporate and retail Mr. Abiola is an economist. Prior to join- development
customers with a wide range of products ing UBA Tanzania he was Senior Vice
and services. It plans to build a strong pub- President at First City Monument Bank
lic, private partnership to complement the Plc (Nigeria). He holds an MBA from the
Government’s efforts in infrastructure de- University of Leicester, is a Certified Pub-
velopment. The bank will open additional lic Accountant (Nigeria) and an Associate
branches to deepen the penetration of bank- of the Chartered Institute of Taxation of
ing services in the country. Nigeria (ACTI)
• Imo Etuk, Chief Operating Officer
Shareholders • Alexander Ngusaru, Head of Treasury
UBA Tanzania is majority-owned by UBA • Frank Karatta, Chief Credit Officer
Plc of Nigeria. UBA Plc is one of Africa’s larg- • Jeremiah Oseh, Chief Internal Auditor
est financial institutions offering universal • Emmanuel Shayo, Chief Financial Officer
banking to more than 7 million customers (Acting)
across 750 branches in 16 African countries
as well as in New York, London and Paris. It
was formed in 2005 through the merger of
Nigeria’s third largest (the original UBA) and
fifth largest (Standard Trust Bank) banks,
and a subsequent acquisition of Continental
Trust Bank. Institutional investors hold 28%
of UBA Plc shares, ordinary investors hold
59%, and staff and directors hold 13%.
Board of Directors
• Robert P. Mboma. General (Rtd.) Mboma
is the former Chief of Defense Forces in
Tanzania. He also serves as the board
Chairperson of the Tanzania Petroleum
Development Corporation
• Esther Mkwizu
• Rasheed Olaoluwa
• Femi Olaloku