Mwalimu Commercial Bank for official launch this week

TTU President, Gratian Mkoba

The Tanzania Teachers Union (TTU) expects to officially launch its bank, the Mwalimu Commercial Bank (MCB), mid-this week after successful completion of registration procedures.

 

A press statement issued in Dar es Salaam yesterday said the TTU was granted a certificate to establish the bank after meeting all requirements set by the Capital Markets and Securities Authority (CMSA) under the Bank of Tanzania (BoT).

 

The statement said the bank’s shares have been trading at the Dar es Salaam Stock Exchange (DSE) since last March and will be listed in June.

 

TTU President Gratian Mkoba recently said the bank would start its operations next November with a capital of at least 25bn/-.

He said the country’s teachers who are TTU members could buy the shares from then to next month. 

 

“We have set an attractive package for teachers. They can get 100 shares for 50,000/,” he said.

 

He projected that the earlier targets was to reach at least 300 Tanzanians of 200 are already TTU members. 

He said later the door would be open to all Tanzanians to buy shares at the DSE and be part of the MCB owners.

 

The statement said Prime Minister Mizengo Pinda is expected to preside over the MCB trading shares official inauguration, with a share selling at 500/-.

SOURCE: THE GUARDIAN