The core capital of the Moshi-based Kilimanjaro Co-operative Bank Limited (KCBL) has increased by almost 45 per cent in less than a year.
The capital grew from 1.8bn/- last year to 2.6bn/- to date.
The KCBL General Manager, Mr Godfrey Ng’urah, said when addressing the members of the business community in the Kilimanjaro together with the bank officials that the lender capital raised alongside the increase the number of customers and deposits.
"In parallel, the number of customers of the bank has increased to more than 12,000, whereby deposits’ worth has increased to more than 5.0bn/-.
"These achievements are important steps as far as our institution’s operations are concerned especially considering the fact that we need 15bn/-to get a license which will raise our status to that of the national co-operative bank and allowed to operate countrywide," Mr Ng’urah said.
The General Manager also invited investors to buy the bank’s shares to further raise its capital.
"KCBL is in the process of becoming a national co-operative bank owned by co-operatives. The aim is to reach various groups by providing integrated financial services to the youth, women, all co-operatives, and others," he said.
The Kilimanjaro New Co-operative Initiative Joint Venture Enterprise, Manager, Mr Gabriel Ollomi, said the bank’s growth would create a new hope for its clients, especially those who are engaged in the coffee crop cultivation and trade.
KCBL is the only co-operative bank in the country and owned by co-operatives and private business entities.
The lender is ambitiously reorganizing its business model and implementing growth strategy to widen nationwide outreach and network expansion to support co-operative movement agenda and mass market financial inclusion.
