MWANGA HAKIKA BANK INVESTS SH. 500 MIL. IN TMRC

Dar es Salaam, October 24, 2023: Tanzania Mortgage Refinance Company Limited (TMRC) welcomes Mwanga Hakika Bank Limited (MHB) as its new Shareholder. 

MHB has joined TMRC shareholding as the 18th shareholder following an investment of TZS 500 million capital in TMRC. The investment in TMRC was concluded in September 2023. 

MHB joins other financial institutions’ TMRC shareholders including CRDB Bank Plc; NMB Bank Plc; National Bank of Commerce Ltd (NBC); TIB Development Ltd; Azania Bank Plc; Exim Bank (T) Ltd and DCB Commercial Bank Plc. Other financial institutions’ TMRC shareholders include BancAbc Ltd; Bank of Africa (T) Ltd (BOA); First Housing Finance Ltd; Peoples Bank of Zanzibar Ltd (PBZ); I&M Bank (T) Ltd; NCBA Bank Ltd and Mkombozi Commercial Bank Plc. TMRC shareholding includes National Housing Corporation (NHC) and international Development Finance Institutions DFIs) such as Shelter Afrique (an African Development Bank Group housing finance institution) and the International Finance Corporation (IFC) which is part of the World Bank Group.

MHB is a commercial bank licensed by the Bank of Tanzania. By MHB joining TMRC, the bank will be able to access funds for mortgage purposes from TMRC as part of its strategy to grow its business through the issuance of mortgage loans.

About Tanzania Mortgage Refinance Company Limited

Tanzania Mortgage Refinance Company Limited (TMRC) is a Mortgage Liquidity Facility operating in Tanzania. As a specialized financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending. TMRC is a private sector institution owned by Banks and Non-Bank Institutions with the sole purpose of supporting banks to do mortgage lending by refinancing banks’ mortgage portfolios. TMRC seeks to expand home ownership in Tanzania by providing long term financing to banks and financial institutions. For more information, visit www.tmrc.co.tz.