Akiba Commercial Bank (ACB) is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

Tanzania Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands and ...

. It is licensed by the

Bank of Tanzania The Bank of Tanzania ( sw, Benki Kuu ya Tanzania) is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling. The bank was established under the Bank of Tanzania Act 196 ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator.

Overview

The bank is a retail commercial bank that focuses on serving the poorest of poor Tanzanians and their enterprises. It operates as a

microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

bank. , its total asset base was valued at TSh 169.4 billion (approximately US$72.64 million), with shareholders' equity of TSh 21.4 billion (approximately US$9.18 million). In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" based on convenience, customer care and pricing. The headquarters of Akiba Commercial Bank are located at Amani Place, along Ohio Street, in the

central business district A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city ...

of the city of

Dar es Salaam Dar es Salaam (; from ar, دَار السَّلَام, Dâr es-Selâm, lit=Abode of Peace) or commonly known as Dar, is the largest city and financial hub of Tanzania. It is also the capital of Dar es Salaam Region. With a population of over s ...

, the

financial capital Financial capital (also simply known as capital or equity in finance, accounting and economics) is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide ...

and largest city in Tanzania. The geographical coordinates of the bank's headquarters are: 06°48'42.0"S, 39°17'16.0"E (Latitude:-6.811667; Longitude:39.287778). , Akiba Commercial Bank operated a network of branches, in

Arusha Arusha City is a Tanzanian city and the regional capital of the Arusha Region, with a population of 416,442 plus 323,198 in the surrounding Arusha District Council (2012 census). Located below Mount Meru on the eastern edge of the eastern bran ...

Dodoma Dodoma ( in Gogo), officially Dodoma City, is the national capital of Tanzania and the capital of the Dodoma Region, with a population of 410,956. In 1974, the Tanzanian government announced that the capital would be moved to Dodoma for social a ...

Mwanza Mwanza City, also known as Rock City to the residents, is a port city and capital of Mwanza Region on the southern shore of Lake Victoria in north-western Tanzania. With an urban population of 1,182,000 in 2021, it is Tanzania's second largest c ...

and other urban centers in the country. The

Board of Directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

of the bank comprises eight individuals. The

Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

is one of the seven non-Executive Directors. The

Managing Director A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

and

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

(CEO), is answerable to the Board.

History

Akiba Commercial Bank was established in 1997 by

n business people with the objective of serving the banking needs of the poorest of Tanzanians, who were hitherto unbanked and not served by the large commercial banks. It opened its doors that year, after receiving a commercial banking license from the

. The majority of Akiba's shares are owned by individual Tanzanians. Akiba maintains a management agreement with Accion, primarily covering the areas of product design, marketing and training.

Ownership

The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following, as of 31 December 2016. {, style="font-size:95%;" , - , width="80%" align="center" , Akiba Commercial Bank Stock Ownership , - valign="top" , {, class="wikitable sortable" style="margin-left:auto;margin-right:auto" ! style="width:2em;" , Rank !!Name of Owner!!Percentage Ownership , - , 1, , ACCION Investments, , 20.00 , - , 2, , ''Parastatal Pension Fund'' of Tanzania, , 11.0 , - , 3, , Stitching Hivos-Triodos Fonds , , 8.0 , - , 4, , Incofin CVSO of

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...

, , 7.0 , - , 5, ,

Netherlands Development Finance Company FMO ( nl, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.) is a Dutch development bank structured as a bilateral private-sector international financial institution based in the Hague, the Netherlands. FMO manages funds for th ...

(FMO), , 7.0 , - , 6, , InterConsult Limited of

, , 6.0 , - , 7, , Fonds Européen de Financement Solidaire pour l’Afrique (FEFISOL) of

Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...

, , 5.0 , - , 8, , Stitching-Triodos Financial Management, , 5.0 , - , 9, , Erncon Holdings Limited of Tanzania, , 5.0 , - , 10, , Tanzania Development Finance, , 3.0 , - , 11, , Other Investors, , 23.0 , - , , , Total, , 100.00 , -

References

External links

Website of Bank of Tanzania

Website of Akiba Commercial Bank
{{Economy of Tanzania Banks of Tanzania Companies of Tanzania Economy of Dar es Salaam Banks established in 1997 1997 establishments in Tanzania

Overview

History

Ownership

See also

References

External links