MWANGA HAKIKA BANK REITERATES COMMITMENT TO DIGITILIZE SERVICES

Mwanga Hakika Bank Board Chairman - Eng. Ridhuan Mringo (right), Vice Chairman - Eng. Raymond Tarimo (middle) and Eng. John Msemo - Board member attend the fourth annual general meeting in Mwanga which brought together shareholders to discuss bank’s developments as well as future outlook.

Mwanga - Mwanga Hakika Bank has reiterated its commitment to digitalization amidst recording a strong performance for the year 2023.

The Bank has surpassed its targets, making it one of the fastest growing banks in the country since its inception in 2020. The bank’s shareholding fund grew to Sh25.36 in 2024 from Sh17.11 billion in 2023 equalling to Sh8.3 billion increase.

Speaking during the fourth annual general meeting, Mwanga Hakika’s Bank Managing Director, Jagjit Singh said the bank is implementing the 2021/25 strategy which focuses on improving service delivery and extension of its footprint to be able to compete both locally and outside the country.

“In implementing this new strategy, our bank has committed to improving banking systems and digitalization in order to reach more customers within the country and beyond,” he said.

He added that in the year 2023, the bank has heavily invested in its core banking system and other savers, integration of the government payment system (GEPG), National Identification (NIDA) and digital loans.

He stated that, in the year 2024 the bank has improved its capital through gained profit thus making it more efficient and compliant to the central bank. As of June 2024, bank’s capital reached Sh37.40 billion above Sh15 billion, which is the minimum operating capital as per the regulation.

“In the year 2024, our loan book grew to Sh167.44 billion from Sh131.44 billion in 2023. As of June this year, loans reached Sh171.86 billion,” he said. Profit before tax (PBT) increased to Sh14.99 billion in 2023 whereas as of June 2024 PBT stood at Sh7.54 billion, signifying a promising performance in half year.

On his side the Board Chairman, Eng. Ridhuan Mringo said the bank has continued to grow year on year looking at different financial aspect which provides a bullish outlook in the coming years.

“Every year we have surpassed our targets, and we are confident that in the remaining period we are going to surpass,” he said.

The Vice Chairman, Raymond Tarimo added that the bank has laid strategies to align with future technological needs by introducing Mwanga Hakika training Academy dedicated to upskilling youth on banking, financial and technology.

“We have taken into consideration the advice given by the Former Prime Minister Cleopa Msuya, as a bank we have taken a step further to ensure that we prepare sufficient workforce to serve our customers. Last year we had recruited youth for the first time, and they were distributed to all our branches and Head Office,” he said.