The Cooperative Bank of Tanzania (Coop Bank Tanzania) was officially launched last month by the country’s president, Samia Suluhu Hassan.
Hassan (pictured) said the move is part of her government’s commitment to addressing the financial needs of farmers and supporting the agricultural sector.
On its website, the bank says its mission is ‘to transform the financial landscape in Tanzania by providing a comprehensive range of services that prioritise social welfare, particularly for the co-operative sector, entrepreneurs and the unbanked population.”
Launched with starting capital of TZS 55bn, it is the first bank in the country to be 51% owned by co-ops and their members, with the remaining 49% held by other stakeholders.
It says it will offer affordable loans, safe savings facilities, and financial literacy programmes.
The bank received its transitional licence from the Bank of Tanzania last July, and officially commenced operations in October before working up to its official launch.
Its website adds: “With a strong co-operative foundation and a commitment to innvoation, Coop Bank Tanzania is poised to make a significant impact on the Tanzanian banking sector.
“The bank’s focus on community engagement and inclusive financial services is aimed at addressing the diverse needs of its clientele, thereby contributing to the socio-economic development of Tanzania.”
The bank starts out with four branches located in the regions of Dodoma, Mtwara, Kilimanjaro, and Tabora. The second phase of expansion will include branches in Kagera, Mbeya, Mwanza, Dar es Salaam, and Katavi.
The country also held a forum on ways to strengthen its co-op movement, with around 3,000 participants, including policymakers, public institutions, private sector representatives, co-op members, development partners, business leaders, and investors.
