Mwanza Community Bank (MCB) Mexperts have expressed their optimism that the Bank that is in place to start will meet its target of 2.7 bn/ owing to the increased awareness to capture a big number of customers to buy shares.
The stock broker in the Dar es Salaam stock exchange (DSE) Mr George Sawe told the ‘Sunday News’ yesterday in Mwanza City that the Bank’s awareness has recorded a high level of success.
“People in Mwanza Region and others nearby have shown interest to join the bank, a response witnessed by the turn up of people who regularly come to know how to buy shares,” said Sawe.
He urged the Mwanza community to turn up to take up the opportunity to buy shares from the Mwanza community bank for their development.
Mr Sawe said that the bank had an objective to bring financial services closer to people. The director of Strategic investment and corporate recovery, of Arch Financial and investment Advisory Ltd based in Dar es Salaam, Mr Mazengo Kasilati, said that the bank aimed at source mobilization.
He added that working at an individual level would not bring efficiency, but collective work people in Mwanza will be able to reach 2.7bn/ target.
Mwanza community Bank (MCB) is expected to be listed at Dar es Salaam stock Exchange (DSE) alternative market mid-December, an exercise viewed as a Christmas gift to assortment of investors.
The bank put on offers five million shares worth about 2.75bn/- , which is 88 per cent of the total shares of initial public offer (IPO) since the first day and end the last day of this month.
The Mwanza Regional Commissioner (RC), Eng. Evarist Ndikilo last week said that the share issuances would facilitate to collect 2bn/- as a capital to establish Community bank as per bank of Tanzania (BOT) requirement.
The RC said the bank has been approved by the regulatory Capital Market and Securities Authority (CMSA) where a share goes for 550 per share at a lot of 100 shares.
By MOSES MATTHEW, Tanzania Daily News
