Tanzania’s Bank M has joined the country’s top 10 banks after operating for only six years, underlining the growing appetite for corporate banking services in the country.
The corporate and investment bank announced that its total assets have hit Tsh532 billion ($336.2 million), placing it ninth in the country in assets base.
“We have strengthened our position in the top ten and we are all geared towards overtaking the bigger banks,” Nimrod Mkono, Bank M’s chairman told The EastAfrican.
The bank is also 10 when it comes to return on assets, with Tanzania Investment Bank leading with a return on assets of 5.34 per cent, National Microfinance Bank 4.02 per cent, CRDB Bank plc 4 per cent, PBZ Bank 3.53 per cent, Standard Chartered 3.20 per cent, Diamond Trust Bank 3 per cent, Access Bank 2.90 per cent, Habib 2.85 per cent and Bank M 2.70 per cent.
Growth in assets
Mr Mkono said the bank has demonstrated a geometrical growth in assets since opening in 2007, from a mere Tsh31.19 billion ($19.7 billion), ending 2012 with assets of Tsh420.95 billion ($26.6 billion) and now crossing the half a trillion mark.
The bank has moved to ninth position in terms of assets and deposits as per the first quarter of 2013.
In the past six years, Bank M has increased its staff strength from 22 in 2007 to over 200 and its geographical coverage from one to six locations — four in Dar es Salaam and one branch each in Mwanza and Arusha.
Tanzania boasts more than 30 commercial banks, about 10 regional banks and seven financial institutions.
However, the country still has one of the largest proportions in the region of people who are still unbanked or lack access to banking services.