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| Bank of Tanzania Governor, Emmanuel Tutuba (third left) rings a bell to mark the listing of DCB Bank shares after Rights Issue on the Dar es Salaam Stock Exchange (DSE) over the weekend. From left are; CEO of Itrust Finance - Faiz arab, CEO of Capital Markets & Securities Authority (CMSA) - Nicodemus Mkama, DCB Bank Chairperson - Zawadia Nanyaro, DCB Bank Managing Director - Sabasaba Moshingi as well as Dar es Salaam Stock Exchange CEO - Peter Nalitolela. |
Dar es Salaam: DCB Commercial Bank has successfully boosted its capital by 71.6 per cent through the sale of rights shares, marking a significant milestone in its financial growth.
The bank’s capital increase comes as part of its ongoing efforts to strengthen its financial position and support future growth, enhancing its ability to fund new projects and expand its services.
The lender, mainly owned by three Dar es Salaam Municipalities, managed to increase its capital from 15bn/- to 25.74bn/- after a month-long rights issue process.
DCB launched a month-long rights issue in November 2024, which closed in the first week of December 2024. The initiative aimed to raise 10.74bn/- by selling 97,646,913 ordinary shares at 110/- each.
The bank successfully met its target, with the issue fully subscribed at 100 per cent, thereby strengthening its capital base as part of its five-year strategic plan.
The DCB bank Chairperson, Ms. Zawadia Nanyaro, said over the weekend that the capital increase will enhance the bank’s ability to provide loans, particularly to special groups.
“We will continue to conduct business in compliance with all criteria, regulations and guidelines to foster the growth for the broader benefit of our shareholders, stakeholders and customers,” said Ms Nanyaro during the listing ceremony of DCB’s rights shares on the Dar es Salaam Stock Exchange (DSE).
She added that the aim is to implement the bank’s five-year strategic plan (2024- 2028), which prioritises capital growth with a target of reaching 61bn/- by 2028.
The Governor of Bank of Tanzania (BOT), Mr. Emmanuel Tutuba, stated that DCB’s successful rights issue reflects the vision, resilience and commitment of the bank’s leadership and its shareholders.
“DCB’s success demonstrates the power of these markets in advancing and strengthening our nation’s economy,” said Governor Tutuba, who was the chief guest.
He added that BOT will continue to support efforts that enhance financial inclusion, promote capital markets and strengthen the culture of innovation and resilience within the financial sector.
Additionally, the lender’s Chief Executive Officer Mr. Sabasaba Moshingi said that the capital increase is expected to yield positive results through the provision of loans to small-scale entrepreneurs and special groups of women, motorcycle operators, market traders, teachers and other employees.
“It will also be used to enhance digital banking services to align with modern trends, thereby meeting the needs of the citizen seeking accessible, affordable and high-quality financial services,” he said.
DCB started business as a regional Microfinance institution in 2002 after only three years of its operation, broke even.
In 2008, DCB became the first bank in the country to be listed to Dar es Salaam Stock Exchange (DSE). In February 2012, the Bank changed its name from Dar es Salaam Community Bank Plc to DCB Commercial Bank.
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