TICL 350     JHL 5,550     VODA 770     CRDB 220     EABL 3,500     YETU 550     MUCOBA 400     NMB 2,340     JATU 1,860     DSE 1,040     TPCC 2,500     TBL 10,900     TTP 120     MKCB 780     MBP 490     NICO 190     PAL 400     KA 80     TCCL 450     SWIS 1,120     TCC 17,000     NMG 335     KCB 810     TOL 550     DCB 265     USL 5     MCB 500     SWALA 490     


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Sector : Banks, Finance & Investments

The historical background of MuCoBa starts in 1984 when some residents of Mufindi district established a local NGO called Mufindi Education Trust (MET) with the aim of promoting secondary education in the district in order to fight against illiteracy.

In 1996 MET established a revolving fund that was known as Incomet Fund Ltd under the support of a Belgian NGO called by then ACT (now TRIAS) with the primary objective of providing credit facilities to its workers. The Fund proved to be very useful especially to the medium and low income earners and therefore its services were extended to others. The Fund was very useful to such people because at that time there was only one bank in the district (The National Bank of Commerce Ltd) and besides its presence, the conditions to acquire both deposit and credit facilities were not suited to the low and medium income earners.

Due to good experience of this Fund, it was observed that having an institution that would provide microfinance services to all residents in the district would be of paramount importance and hence, the idea of forming MuCoBa.

Mufindi Community Bank Ltd (MuCoBa) was established in December 1998 under Companies Ordinance (Cap 212) with Registration No. 35471. MuCoBa was given a licence by the Bank of Tanzania (BOT) to conduct banking operations as a first Community Bank in Tanzania in May 1999 with licence No. MFI A 00001. MuCoBa started operations to the public in June 1999.