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Akiba Commercial Bank

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

Overview

The bank is a retail commercial bank with a specific focus on serving the poorest Tanzanians and their enterprises. It operates as a microfinance bank. As of 2019, its total assets were valued at TSh 169.4 billion (approximately US$72.64 million), with shareholders' equity of TSh 21.4 billion (approximately US$9.18 million).[2] In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" due to its convenience, customer care and pricing.[3]

The headquarters of Akiba Commercial Bank are located at Amani Place, along Ohio Street, in the central business district of the city of Dar es Salaam, the financial capital and largest city in Tanzania.[4] 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).[5]

As of 2016, Akiba Commercial Bank operated a network of branches in Dar es Salaam, Arusha, Dodoma, Mwanza[6] and other urban centers in the country.

The board of directors of the bank comprises eight individuals. The chairman is one of the seven non-executive directors. The Managing director and chief executive officer (CEO) is answerable to the board.

History

Akiba Commercial Bank was established in 1997 by Tanzanian 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 Bank of Tanzania. 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.[7]

See also

• List of banks in Tanzania

• List of banks in Africa

• Bank of Tanzania

• Economy of Tanzania

External links

References

  1. Bank of Tanzania. Directory of Banks and Financial Institutions Operating in Tanzania As of 30 June 2017 Bank of Tanzania, 30 June 2017, retrieved 7 May 2018^
  2. Akiba Download Forms Akiba Commercial Bank, retrieved 11 August 2022^
  3. Daily News Reporter. Tanzania: Akiba Commercial Bank Ranked Best in Customer Focused Tanzania Daily News, 29 November 2013, retrieved 7 November 2014^
  4. Akiba Commercial Bank. Location of the Head Office of Akiba Commercial Bank Akiba Commercial Bank Plc, 7 May 2018, retrieved 7 May 2018^
  5. {{google maps|access-date=7 May 2018 |title=Location of the Headquarters of Akiba Commercial Bank Plc, Amani Place, Ohio Street, Dar es Salaam, Tanzania | url=https://www.google.com/maps/place/6%C2%B048'42.0%22S+39%C2%B017'16.0%22E/@-6.8117309,39.2871483,117m/data=!3m1!1e3!4m5!3m4!1s0x0:0x0!8m2!3d-6.8116667!4d39.2877778}}^
  6. Alawi Masare. ACB To Open New Branch In Mwanza The Citizen (Tanzania), 23 May 2014, retrieved 8 November 2014^
  7. Akiba Commercial Bank. Annual Report for the Year Ending 31 December 2016 Akiba Commercial Bank Plc, 24 March 2017, retrieved 7 May 2018^
  8. Accion.org. Akiba Commercial Bank: Background Accion.org, 7 May 2018, retrieved 7 May 2018^