Mwanga Hakika Bank

Mwanga Hakika Bank
Company typePrivate
IndustryFinancial services
Founded2020 (2020)
HeadquartersDar es Salaam, Tanzania
Key people
Ridhiwani Mringo
(Chairman)
Jagjit Singh
(Managing Director)[1]
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
RevenueIncrease Aftertax: TZS:
Total assetsTZS:111 billion (US$44.6 million) (2022)
Number of employees
106 (2022)
Websitemhbbank.co.tz

Mwanga Hakika Bank (MHB), whose official name is Mwanga Hakika Bank Limited, is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[2]

Location

The bank's headquarters are located on the 16th Floor, Mwanga Tower, New Bagamoyo Road in Kijitonyama in the city of Dar es Salaam, Tanzania. The geographical coordinates of this location are:6°46'34.0"S, 39°14'39.0"E (Latitude:-6.776111; Longitude:39.244167).[3]

Overview

As of August 2022, the total asset base of MHB was valued at TZS:111 billion (approx. $44.6 million). At that time, customer deposits amounted to STZS:71 billion (approx. $28.5 million) and the bank's loan book totaled TZS:72 billion (approx. $28.9 million). The bank's maximum authorized loan amount to a single borrower was TZS:4.5 billion (approx. US$1,808,507). The bank employed 106 staff members in seven brick-and-mortar branches.[4]

History

Mwanga Hakika Bank was incorporated in 2019 following the merger of three Tanzanian financial institutions, namely: EFC Tanzania Microfinance Bank (EFC), Mwanga Community Bank (MCB) and Hakika Microfinance Bank (Hakika). The new commercial bank received its commercial banking license in July 2020. It serves corporate clients, small and medium enterprises and individual clients.[5]

Ownership

The shares of the bank's stock are privately owned. The table below attempts to list the owners in the three original financial institutions that merged to form the present bank. The list is not exhaustive.[5]

Mwanga Hakika Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Residents of Mwanga District in Tanzania
2 Mwanga District Diasporas in Tanzania cities
3 Institutions and NGOs in Mwanga District
4 Local and International shareholders
5 Other investors
Total 100.00

Branch Network

As of August 2022, MHB maintained seven branches at the following locations:[4]

Governance

The bank's activities are directed by an eight-person board of directors. Ridhiwani Mringo, one of the non-executive directors is the chairman. Jagjit Singh, serves as the managing director and chief executive officer.[4][6]

See also

References

  1. ^ Alex Nelson Malanga (22 August 2022). "Mwanga Hakika Microfinance graduates to commercial bank". The Citizen (Tanzania). Dar es Salaam. Retrieved 27 August 2023.
  2. ^ BoT (27 August 2023). "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania (BoT). Dar es Salaam, Tanzania. Retrieved 27 August 2023.
  3. ^ "Location of Mwanga Hakika Bank Headquarters" (Map). Google Maps. Retrieved 27 August 2023.
  4. ^ a b c Alex Nelson Malanga (22 August 2022). "Mwanga Hakika Microfinance graduates to commercial bank". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 27 August 2023.
  5. ^ a b Tanzaniainvst.com (26 August 2020). "Tanzania See Merger of 3 Banks: Mwanga, Hakika, and EFC". Tanzaniainvest.com. Dar es Salaam, Tanzania. Retrieved 27 August 2023.
  6. ^ MHB (27 August 2023). "Board of Directors of Mwanga Hakika Bank". Mwanga Hakika Bank (MHB). Dar es Salaam, Tanzania. Retrieved 27 August 2023.

06°46′34″S 39°14′39″E / 6.77611°S 39.24417°E / -6.77611; 39.24417


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