Mwanga Rural Community Bank Profile

PROFILE OF MWANGA RURAL COMMUNITY BANK (PLC)

Introduction

Mwanga Rural Community Bank Limited popularly known as “Benki ya Wananchi Mwanga” opened doors to the public eight years ago after obtained its license from Bank of Tanzania as a Regional Unit Financial Institution in year 2000. In 2009 the bank obtained its Regional Commercial Bank License. The bank is a public limited company whose shareholders are individuals from every village of Mwanga District, and other places like Dar es Salaam, Arusha, Dodoma, Tanga and Moshi, Institutions and Non Government Organizations like TGT, Mwanga Pare Community Development Trust Fund, and Mwanga District Council etc. There is no majority shareholder.

For the last 6 years, the bank has registered tremendous success in terms of growth both in business volume and profitability. The bank started making profit in year 2003, since then Retained Profit has been growing at an average growth rate of 76% to reach 321M in 2008 after paying dividends of TZS 162M in 2005, 2006, 2007 and 2008. Deposits on the other hand were growing at an average rate of 108% to reach TZS 5.0 BN in 2008 while Loan Portfolio has been growing at an average growth rate of 270% to reach 3.7 4 BN in 2008.

Mission Statement of MRCB

‘To mobilize resources and empower economically the community as stakeholders, through financial intermediation by providing valuable and efficient banking and related services to support and strengthen their own development’.


Vision statement

‘To be a leading and preferred Community bank in the country, providing microfinance and commercial banking services with products highly competitive in the market to achieve sustainable growth’.



Services and products

We have been providing services and products to our customers at reasonable costs with great achievement. Through those services and products, the bank has been a catalyst for community development in Mwanga. The services are as follows:


(i) Receiving deposits from the community through customers opening and operating current Accounts, Savings Accounts and fixed deposits.

· In savings accounts we are paying interest at the rate of 3% and charging only TZS 200 every month as maintenance fee.

· Faidika Savings Account with interest rate ranging from 6%-8% and Junior accounts with interest rate of 6%.

· Foreign Exchange Savings accounts in USD and Euro.

· Current accounts deposits (demand deposits) and we charge TZS 200 monthly as maintenance fee for employees’ accounts. For private individuals we charge 2,000 and Companies we charge TZS 3,500 monthly as maintenance fee.

· 24 hours ATM services which accepts Visa Electron and Master cards from all Banks in Tanzania issuing such plastic cards.

· Fixed deposit accounts earn interest between 5% and 12% depending on amount deposited and duration. However the interest rate is negotiable.

(ii) We are providing loans to individuals, SACCOS, groups, Institutions like secondary schools and companies for various community needs geared to their economic development. Our terms are favorable as compared to other banks and our decisions are fast.

(iii) MRCB also offers Money transfer services within and outside the country using conventional banking money transfer system and Western Union money transfer as a sub-agent.

(iv) We are providing “Performance and Bid Guarantees” to contractors.

(v) MRCB is also an agent of Real Insurance (T) for various Insurance covers especially those linked to our lending business.

Contacts:

Address: Mwanga Rural Community Bank, P.O Box 333 Mwanga, Kilimanjaro
Telephone and Fax: General line: 027 2757830, Direct: 027 2756770 Fax 027 2754235
E-Mail: mwangabank@satconet.net
Contact person: Managing Director, Mr. Abby Ghuhia