Mwanga Bank mergers with Hakika Microfinance to reinforce foothold in Tanzania’s banking industry

TANZANIA – Mwanga Community Bank Limited (MCBL) and Hakika Microfinance Bank Limited (HK MFB), a private limited liability company are set to merge after they bought out EFC Tanzania Microfinance and formed MwangaHakika Microfinance Bank. Bank of Tanzania’s (BoT), Victor Tarimu, Manager Microfinance Banks and Bureau de Change Supervision, said the regulator has already issued the new microfinance bank license and the capital put is TSh4.618bn (US$2.02m). Mr Tarimu revealed that MwangaHakika Microfinance Bank’s headquarters will be in Dar es Salaam – where EFC was operating. Under the new merging…

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