Bank’s chief executive officer (CEO), Richard Makungwa revealed this yesterday when speaking at the third bank’s shareholders meeting and Annual General Meeting (AGM) held here.
A total of 400 shareholders met to receive and discuss the 2018 bank’s performance report. Shareholders are also expected to come up with a number of recommendations for the bank’s future growth.
He also said that the bank will soon join into VISA payment network to allow customers do transactions everywhere without any problem.
“As bank we’re working hard to ensure that our shareholders and customers get better services, taking into account that teachers are our main customers, who are everywhere in the country. That’s why we’re coming up with innovative ideas to ensure we easily reach our clients,” he said.
Makungwa also assured the shareholders that the bank was in the right track and its capital is stable and meets the requirements set by Bank of Tanzania (BoT), which play a regulatory role and supervision of financial institutions in the country.
Opening the meeting, bank’s Board of Directors chairman, Herman Kessy said that MCB got insurance agency license, hence calling major shareholders--- Tanzania Teachers' Union (TTU), Public Service Pension Funds (PSPF) and National Health Insurance Fund (NHIF) to use the service for the benefit of the bank and all shareholders.
Kessy also cited the establishment of branches at Mlimani City in Dar es Salaam, Morogoro, Mwanza and Mbeya regions as among the achievements recorded by the bank last year.
Earlier, shareholders were trained on digital banking services, which was being facilitated by the digital banking service manager, John Mhina. The seminar was meant to inform the shareholders on the importance of financial disciplines and saving culture.
Participants were also trained on stock exchange, capital markets and treasury bonds.
The bank is wholly-owned and promoted by an umbrella trade union of teachers in Tanzania. Tanzania Teacher’s Union (TTU) is a trade union established under the Employment and Labour Relations Act 2004. There are over 200 000 members across all regions in the country.
MCB meets an important need to provide affordable and accessible banking products and services to teachers in Tanzania. MCB offers a diverse range of products and services geared to empower teachers and other civil servants to improve their living conditions and transform their lives.