DCB has opened more two Branches in Dar es Salaam.

The DCB Commercial Bank PLC has opened two more branches in the city as it strengthens its network here.The new branches in Ukonga and Chanika launched at the weekend gives DCB Plc  six branches in the city, including those of Arnautoglo, Tabata, Magomeni and Temeke.

 

DCB was upgraded from community bank to a full-fledged commercial bank this year, a strategy that enables the bank to work not only in Dar es Salaam but also in other regions of the country.

 

DCB Commercial Bank managing director Edmund Mkwawa said that with the new licence, the bank will continue extending its outreach to other parts of the country. He said the bank’s achievements include deposits worth Sh77.9 billion, disbursement of loans valued at Sh246.1 billion to more than 251,315 entrepreneurs and offering Sh41 billion solidarity group-lending to more than 127,518 groups, 78 per cent of who are women.

 

 He said next year the bank will set aside Sh15 billion as housing loans.

In a ceremony held in Ukonga and Chanika, Minister for Finance Dr William Mgimwa who launched the branches said that the bank had succeeded in reducing poverty in Dar es Salaam region by identifying groups, institutions and individuals of medium and low income who have borrowed from DCB.

 

“The government recognises DCB as an important tool to reduce poverty in the country through the service it provides to sustain the social life of Dar es Salaam people and contribute to the economy of the country”, said Dr Mgimwa.

 

Dr Mgimwa urged the DCB board and workers to be more innovative so as to create different services which are applicable in the bank’s marketing competence.  He told the DCB officials to open more branches in the city as well as in the whole country.

Because the license they have now allows them to do so.

He assured them that the Ministry will resolve the problem of three Municipals of Dar es Salaam, who are avoiding using the DCB.

Dr Mgimwa said the problem is in the whole country, where the Municipals are not using the banks they established.
In another initiative the Chairman of Directors, Ambassador Paul Rupia, said the DCB will open the window to corporate customers, a process they expect will enhance the increasing of deposits.

 

He said in the last 10 years, DCB had faced a challenge of lack of deposits to lend to entrepreneurs. Ambassador Rupia said to overcome the challenge they borrowed from social funds at a high cost, which reduces the profit of the bank.