October 8, 2021 marked the beginning of a new ownership for UBX Tanzania Limited (formerly Business Connexion Tanzania Limited – BCX) when UmojaSwitch Company Limited, which owns a shared network…
By Maliki Muunguja
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October 8, 2021 marked the beginning of a new ownership for UBX Tanzania Limited (formerly Business Connexion Tanzania Limited – BCX) when UmojaSwitch Company Limited, which owns a shared network of 20 banks and financial institutions, acquired 65 per cent stake of UBX Tanzania from Business Connexion (Pty) of South Africa.
At the time of the acquisition, BCX (T) LTD and UmojaSwitch Co. LTD were working together to provide services to the UmojaSwitch member banks.
The two companies bring together almost 15 years of staid partnership, by signing the shareholders agreement.
The memorable event brought together UBX Tanzania Limited Managing Director Seronga Wangwe, UmojaSwitch Acting Chief Executive Officer Miriamu Malima, and a member of the Board of UBX Tanzania Limited, Godfrey Ndalahwa, who doubles as the DCB Managing Director.
Mr Ndalahwa was accompanied by some fellow members of the board.
In the event there were also several representatives of DCB Commercial Bank, The People’s Bank of Zanzibar, Bank of Africa Tanzania, Uchumi Commercial Bank, Yetu Microfinance Bank, Mwalimu Commercial Bank, Letshego Bank, Access Microfinance Bank, MwangaHakika
Microfinance Bank, TIB Development Bank, Akiba Commercial Bank, UBX Tanzania Limited, UmojaSwitch staff, other esteemed invitees and some members of the press.
UBX Tanzania Limited is the only technology company in Tanzania that is now owned by ten (10) banks as majority shareholders through UmojaSwitch Company Limited.
Despite the UmojaSwitch majority ownership of UBX Tanzania Limited, both entities will still operate as separate companies while a-fledged merger plan is being contemplated, if approved by shareholders, this will be another great milestone for the two companies, making them a technology company to be reckoned with in Tanzania and in several South African countries, where UBX Tanzania Limited already operates. Opening up the event with a thank you note to that audience and to all who made this acquisition successful from regulatory bodies including the Bank of Tanzania, Tanzania Communications Regulatory Authority and the Fair Competition Commission, BCX PTY Ltd of South Africa and the hard working staff of UBX (T) Limited, UmojaSwitch Acting Chief Executive Officer Miriamu Malima said the idea of acquiring majority shareholding in […]
