BACKGROUND
AKIBA Commercial Bank commenced operations in August 1997 as an initiative
of over 300 Tanzanian entrepreneurs who were mostly inspired to move
into microfinance by the moral and political concern for the plight of
Tanzanians, as opposed to the overall commercial attraction.
They shared a strong conviction that in AKIBA they would have the
vehicle with which they could reach and touch the lives of the previously
un-banked and underserved men and women of Tanzania. The group’s
vision and mission was to support the emergence of Tanzanian businesses
through the provision of financial services at all levels, by a Tanzanian-owned
commercial bank that understood Tanzanians and was committed to Tanzania.
This origin therefore gives AKIBA very firm and deep roots in Tanzania.
In order to strengthen the resource base of the bank, the founders
invited like-minded local institutional investors namely, Inter-consult
Ltd, PPF, TDFL and NIC, together with foreign institutions such as,
Triodos Bank, FMO, Rabo Bank, (all of Holland), SIDI of France, and
INCOFIN of Belgium.
All these institutions shared in the same vision of a commitment to
uplift the economic status of Tanzanians irrespective of their socio-economic
positions in life so long as they had entrepreneurial skills that could
be nurtured. It is gratifying to note that the international investors
were so willing to do this without being driven by profits as their
main objective.
MISSION
“To strive to offer financial services to the micro and SME’s in
the most efficient and sustainable manner always embracing environmental and
social interests of all our stakeholders”.
VISION
“To become a leader in the provision of financial services to the underserved
of Tanzania and thereby to contribute to the country’s economic development”.
OWNERSHIP
Since inception, ownership of AKIBA has largely been in the hands of
Tanzanians and it is the intention of the founders that this proportion
be maintained into the future.
REGULATORY COMPLIANCE
Incorporated in 1993 as a fully-fledged commercial bank, AKIBA complies
with all regulations which are stipulated by the Banks Supervision
Department of the Bank of Tanzania (BOT), including proper and sound
management team under the Managing Director, who reports to the Board
of Directors (BODs).
The BODs comprises both local and foreign members who represent their
respective groups of shareholders namely Local Individuals, Local Institutions
and Foreign Institutions. The Board is made up of 8 directors all of
whom are non-executive except the Managing Director. The Board also
has an audit and risk committee that is chaired by a non-executive
director, and whose members are also non-executive including the Board
Chairman. |
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