Akiba Commercial Bank

Akiba Commercial Bank

Company type	Private company
Industry	Financial services
Founded	August 1997; 27 years ago (1997-08)
Headquarters	Dar es Salaam , Tanzania
Key people	Ernest Massawe Chairman Juliana Swai Ag. Managing Director
Products	Loans, Transaction accounts, Savings, Investments, Debit Cards
Revenue	Aftertax:TSh 8.36 billion (US$3.68 million) (2016)[1]
Total assets	TSh 169.4 billion (US$72.64 million) (2019)[2]
Website	www.acbtz.com

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.^[3]

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^[update], 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).^[1][2] In 2013, Akiba Commercial Bank was ranked "the best customer-focused bank in Tanzania" due to its convenience, customer care and pricing.^[4]

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.^[5] 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).^[6]

As of 2016^[update], Akiba Commercial Bank operated a network of branches, in Dar es Salaam, Arusha, Dodoma, Mwanza^[7] and other urban centers in the country.^[1]

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.^[1]

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.^[8]

Ownership

The stock of Akiba Commercial Bank is privately owned by individuals and corporate entities including the following, as of 31 December 2016.^[1]

Akiba Commercial Bank Stock Ownership

Rank	Name of Owner	Percentage Ownership
1	ACCION Investments	20.00[8]
2	Parastatal Pension Fund of Tanzania	11.0
3	Stitching Hivos-Triodos Fonds	8.0
4	Incofin CVSO of Belgium	7.0
5	Netherlands Development Finance Company (FMO)	7.0
6	InterConsult Limited of Tanzania	6.0
7	Fonds Européen de Financement Solidaire pour l’Afrique (FEFISOL) of Luxembourg	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

See also

• List of banks in Tanzania
• List of banks in Africa
• Bank of Tanzania
• Economy of Tanzania

References

1. Akiba Commercial Bank (24 March 2017). "Annual Report for the Year Ending 31 December 2016" (PDF). Dar es Salaam: Akiba Commercial Bank Plc. Archived from the original (PDF) on 8 May 2018. Retrieved 7 May 2018.
2. "Akiba Download Forms". Akiba Commercial Bank. Retrieved 11 August 2022.
3. Bank of Tanzania (30 June 2017). "Directory of Banks and Financial Institutions Operating in Tanzania As of 30 June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Archived from the original (PDF) on 27 January 2018. Retrieved 7 May 2018.
4. Daily News Reporter (29 November 2013). "Tanzania: Akiba Commercial Bank Ranked Best in Customer Focused". Tanzania Daily News. Dar es Salaam. Retrieved 7 November 2014.
5. Akiba Commercial Bank (7 May 2018). "Location of the Head Office of Akiba Commercial Bank". Dar es Salaam: Akiba Commercial Bank Plc. Archived from the original on 22 April 2018. Retrieved 7 May 2018.
6. "Location of the Headquarters of Akiba Commercial Bank Plc, Amani Place, Ohio Street, Dar es Salaam, Tanzania" (Map). Google Maps. Retrieved 7 May 2018.
7. Masare, Alawi (23 May 2014). "ACB To Open New Branch In Mwanza". The Citizen (Tanzania). Dar es Salaam. Retrieved 8 November 2014.
8. Accion.org (7 May 2018). "Akiba Commercial Bank: Background". Cambridge, Massachusetts, USA: Accion.org. Archived from the original on 29 November 2017. Retrieved 7 May 2018.

External links

• Website of Bank of Tanzania
• Website of Akiba Commercial Bank