Selcom Microfinance Bank Tanzania

Not to be confused with Access Bank Tanzania.
Selcom Microfinance Bank Tanzania Limited
Company typePrivate company
IndustryFinancial services
FoundedNovember 21, 2007; 17 years ago (2007-11-21)
HeadquartersDar es Salaam, Tanzania
Key people
Thomas Engelhardt
Chairman
Julius Ruwaichi
Chief Executive Officer[1]
ProductsLoans, checking, savings, investments, debit cards
RevenueIncreaseAftrtax:TSh 687 million (US$302,000) (June 2017)[2]
Total assetsTSh 207.2 billion (US$91 million) (June 2017)[2]
OwnerSelcom Tanzania (66.11%); IFC (13.06%); MicroVest (9.04%); KfW (6.73%); AfDB (5.06%);
Number of employees
634 (2018)[3] 776 (2017)[4]
Websitewww.smfb.co.tz

Selcom Microfinance Bank Tanzania (SMBT), previously known as Access Microfinance Bank Tanzania (AMBT), is a microfinance bank located in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[5][6]

Overview

SMFB is a Microfinance Bank that focuses on the micro-finance sector, serving micro, small and medium-sized enterprises. Access Microfinance Bank Tanzania was a member of the AccessBank Group, which is composed of microfinance institutions in Sub-Saharan Africa, Central Asia, and South America, who are majority owned by the AccessHolding conglomerate.[7].Currently the bank is owned by Selcom Paytech Tanzania Limited and other minority shareholders who are very strong in the market.

In 2016, the bank served 225,928 savings clients, had 31,798 loan clients, 29 percent of whom were women, and 2 percent of all clients were rural based. As of 2017, the bank's total assets were valued at TSh 207.2 billion (US$91 million), with shareholders' equity of TSh 31.73 billion (US$14 million).[8][2]

Shareholding

As of 2016 the shareholding in the stock of the bank is illustrated in the table below:[9]

AccessBank Tanzania Stock Ownership
Rank Name of Owner Percentage Ownership
1 AccessHolding
66.11
2 International Finance Corporation
13.06
3 MicroVest
9.04
4 KfW
6.73
5 African Development Bank
5.06
Total
100.00

1 - "MicroVest is a private, for-profit investment group dedicated to reducing global poverty by applying a commercial framework to investing".

In June 2024, Selcom Tanzania became the majority shareholder and the bank rebranded to reflect the new ownership.[10][11]

Selcom Microfinance Bank Tanzania Stock Ownership
Rank Name of Owner Percentage Ownership
1 Selcom Tanzania Limited
90.00
2 African Development Bank[12]
5.06
3 Minority shareholders
4.94
Total
100.00

1 - "Selcom Tanzania is a private, fintech company".

Branches

As of July 2018, ABT maintained branches at the following locations:[13][14]

  1. Kijitonyama Branch - Derm House, New Bagamoyo Road, Kijitonyama, Dar es Salaam Main Branch
  2. Lumumba Branch - Summit Tower, Lumumba Road, Dar es Salaam
  3. Temeke Branch - Temeke Street, Dar es Salaam
  4. Mwanza (Pamba anza B)rh II - Kishimba Building, Pamba Road, Mwanza
  5. Kahama Branch - Isaka Road, Kahama
  6. Tabora Branch - NSSF Building, Jamhuri Road, Tabora
  7. Mbeya Branch - Mbeya
  8. Iringa Branch - Iringa

Governance

Thomas Engelhardt serves as the chairman of the five-person board of directors. The managing director and CEO of the bank is Julius Ruwaichi.[1]

See also

References

  1. ^ a b Elinaza, Abduel (12 April 2014). "Tanzania: Accessbank Upbeat About Future Despite Challenges". Tanzania Daily News via AllAfrica.com. Dar es Salaam. Retrieved 18 July 2018.
  2. ^ a b c AccessBank Tanzania (25 July 2017). "Financial Statements for the Quarter Ended 30 June 2017" (PDF). AccessBank Tanzania. Dar es Salaam. Archived from the original (PDF) on 7 May 2018. Retrieved 6 May 2017.
  3. ^ Halili Letea, and Gladys Mbwiga (1 August 2018). "Tanzania banks cut jobs in face of new realities". The Citizen (Tanzania). Dar es Salaam. Retrieved 5 August 2018.
  4. ^ Salum Mteleke (6 January 2014). "Accessbank Tanzania Records US$100 Million Assets". Tanzania Business Times. Dar es Salaam. Retrieved 18 July 2018.
  5. ^ Bank of Tanzania (13 April 2016). "Directory of Banks Operating in Tanzania". Bank of Tanzania. Archived from the original on 1 June 2016. Retrieved 6 May 2018.
  6. ^ TBUK (13 April 2016). "About Triodos: Access Microfinance Bank Tanzania". Triodos Bank United Kingdom (TBUK). Retrieved 13 April 2016.
  7. ^ MCO (13 April 2016). "Access Microfinance Holding AG (AccessHolding)". Microcapital.org (MCO). Retrieved 13 April 2016.
  8. ^ Triodos Bank (7 May 2018). "Access Microfinance Bank Tanzania: Microfinance Bank". Triodos Bank. Archived from the original on 2014-04-17. Retrieved 7 May 2018.
  9. ^ ABT (13 April 2016). "AccessBank Tanzania: Shareholders". Dar es Salaam: AccessBank Tanzania (ABT). Archived from the original on 22 March 2016. Retrieved 13 April 2016.
  10. ^ Gadiosa Lamtey (5 June 2024). "Selcom Microfinance Bank Tanzania eyes growth of capital after rebranding". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 7 June 2024.
  11. ^ Steve Mbego (6 June 2024). "Selcom Tanzania Acquires Access Microfinance". CIO Africa. Nairobi, Kenya. Retrieved 7 June 2024.
  12. ^ "Local Fintech Selcom Buys Access Microfinance Bank Tanzania: IFC, KFW, Others Divest After 15 Years". Launch Base Africa. Lagos, Nigeria. 4 June 2024. Retrieved 7 June 2024.
  13. ^ Mihambi, Jovin (22 March 2013). "AccessBank Tanzania advance loans to clients value at TSh 200 Billion". Tanzania Business Times. Retrieved 13 April 2016.
  14. ^ ABT (13 April 2016). "AccessBank Tanzania: Branches". Dar es Salaam: AccessBank Tanzania (ABT). Archived from the original on 22 March 2016. Retrieved 13 April 2016.

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