Mwanga Hakika Bank Serves Tanzania with Reliable Banking Solutions

Mwanga Hakika Bank has been a trusted banking partner for many Tanzanians, offering reliable banking solutions that cater to their diverse needs. They have a strong presence in the country, with a significant number of branches and ATMs.

Their commitment to financial inclusion is evident in their efforts to reach rural areas, where many Tanzanians live. By doing so, they aim to bridge the gap in access to banking services.

Mwanga Hakika Bank's product offerings are designed to meet the unique needs of Tanzanians, from savings accounts to loans and credit facilities. Their range of products is tailored to suit different customer segments.

Their customer-centric approach has earned them a loyal customer base, who appreciate their personalized service and convenient banking options.

Mwanga Hakika Bank (MHB) has a significant asset base valued at TZS:111 billion as of August 2022.

This substantial asset base is comprised of customer deposits totaling STZS:71 billion and a loan book of TZS:72 billion.

The bank's loan book is substantial, with a maximum authorized loan amount to a single borrower of TZS:4.5 billion.

MHB's customer deposits are a crucial component of its asset base, amounting to STZS:71 billion as of August 2022.

The bank's staff is relatively small, with 106 employees working in its seven brick-and-mortar branches.

Mwanga Hakika Bank Limited has become a shareholder in the Tanzania Mortgage Refinance Company Limited (TMRC), injecting a total investment of Sh500 million.

The bank currently operates within a network of seven branches in Dar es Salaam, Moshi, and Dodoma.

MHB has assets worth Sh129 billion, a significant amount that reflects the bank's financial stability.

At Mwanga Hakika Bank, you can expect a range of services that cater to your financial needs.

Their core services include mobile banking, where you can access your account information and conduct transactions using your mobile phone. This is convenient and time-saving, allowing you to manage your finances on the go.

They also offer a mobile wallet service, which allows you to store your money digitally and make payments using your mobile phone. This service is secure and reliable, giving you peace of mind.

A different take: Banks and Banking Services

The bank's headquarters are located in a convenient spot, making it easy to find. The address is on the 16th Floor, Mwanga Tower, New Bagamoyo Road in Kijitonyama in the city of Dar es Salaam, Tanzania.

You can easily locate the bank using the geographical coordinates of 6°46'34.0"S, 39°14'39.0"E (Latitude:-6.776111; Longitude:39.244167).

Mwanga Hakika Bank has introduced a loan programme specifically designed for Micro, Small and Medium Enterprises (MSMEs). This programme aims to support the growth of small businesses through tailor-made solutions.

In Tanzania, MSMEs account for more than three million enterprises and contribute over 27 percent of the country's GDP. This highlights the importance of MSMEs in the country's economy.

The Fursa Loan programme allows customers to acquire loans with friendly requirements and affordable charges. This is a significant opportunity for small-scale entrepreneurs like boda-boda drivers, food vendors, and others to boost their working capital.

MSMEs are vital in achieving the Sustainable Development Goals (SDGs). With this loan programme, entrepreneurs can access working capital to grow their businesses.

To apply for the Fursa Loan, customers can simply visit a nearest branch and submit their application. The application process is designed to be completed within a shorter period.

The Tanzania 3 Bank Merger was a significant event in the country's banking sector. Mwanga Hakika Microfinance Bank (MHB) was formed through the merger of Mwanga Community Bank (MCBL), Hakika Microfinance Bank (HK MFB), and EFC Microfinance Bank.

The merger was completed on September 12, 2019, and the Bank of Tanzania (BoT) approved the formation of MHB on January 7, 2020. The new bank was licensed on July 30, 2020.

The merger aimed to enhance compliance, efficiency, and performance of the merged banks. This is a common goal in banking industry consolidations, where smaller banks often struggle to compete with larger ones.

MCBL started operations in 2000 and obtained a Regional Bank license in 2009, allowing it to operate in the entire Kilimanjaro Region of Tanzania. The bank's shareholders are individuals and institutions from various regions.

EFC Microfinance Bank was established in 2011 as a deposit-taking microfinance company and obtained a license to operate as a microfinance bank in 2016. The bank has both local and international shareholders.