{"id":13888,"date":"2020-08-19T17:56:41","date_gmt":"2020-08-19T17:56:41","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=13888"},"modified":"2020-08-19T17:56:41","modified_gmt":"2020-08-19T17:56:41","slug":"bot-approves-formation-of-mwanga-hakika-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank","title":{"rendered":"BOT APPROVES FORMATION OF MWANGA HAKIKA BANK"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> BANK of Tanzania (BoT) has approved the formation of one of the largest microfinance lender following the merging of three banks.<\/p>\n<p>The newly bank, Mwanga Hakika Microfinance Bank Limited, came after the merging of Mwanga Community, Hakika Microfinance and EFC Tanzania Microfinance.<\/p>\n<p>The move, according to central bank, is expected to create a more consolidated bank in-terms of scale, efficiency and innovation.<\/p>\n<p>The merging of the three banks followed the approval of BoT and the Fair Competition Commission (FCC) allowing them to form a better strong entity with total of 40.53bn\/ &#8211; assets value.<\/p>\n<p>\u201cThe bank is expected to experience comparatively better competitive advantage in the market,\u201d a press statement issued to the media.<\/p>\n<p>The merger was unveiled during the official ceremony that was graced by the BoT Deputy Governor, Financial Stability and Deepening, Dr Bernard Kibesse, witnessed by different stakeholders from banking sector with the theme \u2018Merging for Better\u2019.<\/p>\n<p>Dr Kibesse commended the move taken by the three counterparts arguing that it will improve the financial sector by ensuring the under-banked communities have access to affordable banking services as well as access to loans for SMEs thus offering a more inclusive economy in Tanzania.<\/p>\n<p>\u201cBanking sector is the key player in fostering national development as it contributes in job creation through employment as well as business development through affordable loans.\u00a0\u201cWe believe that this new entity will effectively consolidate this important sector for a more inclusive economy,\u201d said Dr Kibesse.<\/p>\n<p>Speaking during the ceremony, the first Mwanga Hakika Bank Board Chairman, Eng Ridhuan Mringo argued that the merger aims at offering cost effective and technology driven solutions to its customers.<\/p>\n<p>\u201cWe believe that it is the time for consolidation in the banking sector and this has been witnessed by some of the past events that smaller banks have opted to merge with other banks and formed stronger and larger banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: BANK of Tanzania (BoT) has approved the formation of one of the largest microfinance lender following the merging of three banks. The newly bank, Mwanga Hakika Microfinance Bank Limited, came after the merging of Mwanga Community, Hakika Microfinance and EFC Tanzania Microfinance. The move, according to central bank, is expected to create a more [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":4983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,1578,5388],"class_list":["post-13888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-fcc","tag-mwanga-hakika-microfinance-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BOT APPROVES FORMATION OF MWANGA HAKIKA BANK - Tanzania<\/title>\n<meta name=\"description\" content=\"BANK of Tanzania (BoT) has approved the formation of one of the largest microfinance lender following the merging of three banks.The newly bank,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOT APPROVES FORMATION OF MWANGA HAKIKA BANK\" \/>\n<meta property=\"og:description\" content=\"BANK of Tanzania (BoT) has approved the formation of one of the largest microfinance lender following the merging of three banks.The newly bank,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T17:56:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/03\/804219e666c81a15048029c227b109db.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BOT APPROVES FORMATION OF MWANGA HAKIKA BANK\",\"datePublished\":\"2020-08-19T17:56:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\"},\"wordCount\":319,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/03\/804219e666c81a15048029c227b109db.jpg\",\"keywords\":[\"BoT\",\"FCC\",\"Mwanga Hakika Microfinance Bank\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-approves-formation-of-mwanga-hakika-bank\",\"name\":\"BOT APPROVES FORMATION OF MWANGA HAKIKA BANK - 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