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Friday, 20 July 2018

UCHUMI BANK JOINS AGENCY BANKING BANDWAGON

Uchumi Commercial Bank Limited (UCBL) yesterday introduced agency banking service dubbed UCB-Rafiki.

The UCB-Rafiki meant to provide the rural population in Kilimanjaro with easy accessibility of banking services hence propelling financial inclusion agenda in the country.

The Kilimanjaro Regional Commissioner, Mrs. Anna Mghwira, commended the bank for providing banking services through mobile banking and agents.

“Please keep this expansion spirit up until you become a commercial bank across the country" Ms. Mghwira, who was chief guest, said during the service launching.

The RC urged UCBL customers to honour their loan repayment to enable more to receive the service but also the growth and survival of any bank.

She gave an example of Kilimanjaro Cooperative Bank with unpaid loans amounting to 4.8bn/-, which is enough capital to start a bank.

UCBL Chairman Mr. Wilson Ndesanjo said the banks registered the first profit two years after it was established. The bank was started in 2005.

UCBL continue to make profits year in year out in the last decade to realize a net profit surge of over 10 percent to 474m/- against 427m/- in 2016.

The bank assets had grown by almost 12 percent to 31.09bn/- from 27.8bn/- in 2016. Also, customer deposits jumped up 9.5 percent to 22.74bn/- last year.

The bank loan portfolio increased by over 14 percent to 19.33bn/- last year from 16.92bn/- issued in 2016.

Daily News

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