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Monday, 2 June 2025

MWANGA HAKIKA BANK SHAREHOLDERS CELEBRATE ROBUST 2024 FINANCIAL PERFORMANCE

Mwanga, Tanzania — May 31, 2025

Mwanga Hakika Bank (MHB) held its Annual General Meeting (AGM) in Mwanga on May 31, 2025, where shareholders unanimously approved the Bank’s financial results for 2024 as well as its forward-looking strategic plan. The AGM brought together a broad group of stakeholders, including shareholders, board members, regulators, and bank staff, to celebrate a strong year and discuss the Bank’s future direction.

Profit Surge Underscores Strong Performance

A key highlight of the meeting was the announcement of a 53% increase in net profit, rising from TZS 6.5 billion in 2023 to TZS 9.9 billion in 2024. This impressive growth is a clear indication of the Bank’s financial health and its ability to deliver value to investors.

Board Chairman Mr. Ridhuan Mringo presented the Bank’s 2024 performance and strategic outlook. In a moment of reflection, he paid tribute to the late Hon. Cleopa David Msuya, one of MHB’s founding members. Mringo noted that Hon. Msuya was not only a founder but also a pillar of the Mwanga community.

He was instrumental in uniting over 5,000 local investors to launch what has become Mwanga Hakika Bank,” Mringo said. “His contributions to education, small business empowerment, and digital banking were foundational in building this institution.”

Financial Highlights for 2024

The Bank’s Head of Finance, Mr. Chomete Abdallah Hussein, shared detailed financial highlights that reinforced the Bank’s robust performance:

  • Operating profit after tax rose by 46% to TZS 14.6 billion
  • Customer deposits surged by 51% to TZS 214.8 billion
  • Total assets grew by 56% to TZS 324.9 billion
  • Non-performing loans remained under 1%, far below the national limit of 5%
  • Paid-up capital increased from TZS 17 billion to TZS 26 billion
  • Shareholders’ equity rose to TZS 48.3 billion

These metrics reflect a strong balance sheet, effective risk management, and a prudent lending strategy.

Continued Growth in 2025

Looking at first-quarter results for 2025, MHB reported TZS 4.1 billion in pre-tax profits, representing a 10.9% year-on-year increase. The Bank’s customer deposits, loan book, and total assets have all continued on an upward trajectory.

Mr. Projest Massawe, Head of Corporate Banking, emphasized the Bank’s expanding role in economic empowerment:

We are committed to supporting individuals, employees, businesses, and farmers through customized lending products and innovative digital solutions. Our mission is clear—we are here to help Tanzanians grow and thrive.”

Shareholder Confidence on the Rise

The AGM also gave shareholders a chance to share their perspectives. One shareholder commented:

I feel proud to be part of MHB. Seeing my shares grow in value and the Bank embrace digital innovation gives me real confidence in the future.”

As the meeting concluded, Chairman Mringo reaffirmed the Bank’s core mission:

This Bank was built by the people, and we remain committed to serving our communities with integrity and purpose.”

Looking Ahead

Mwanga Hakika Bank is now focused on expanding its financial services footprint and leveraging technology to improve accessibility and customer experience across Tanzania.


About Mwanga Hakika Bank

Mwanga Hakika Bank was established in 2020 following the merger of Mwanga Community Bank Limited, Hakika Microfinance Bank Limited, and EFC Tanzania Microfinance Bank. The Bank offers a comprehensive suite of financial services to individuals, MSMEs, and corporate clients. MHB currently operates six branches in Dar es Salaam, Arusha, Kilimanjaro, and Dodoma.


Media Contact
Debora Mwakyoma
Marketing and Communication Manager, Mwanga Hakika Bank
📞 +255 762 048 124
📧 dmwakyoma@mhbank.co.tz
🌐 www.mhbank.co.tz

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