Mwalimu Commercial Bank Plc. (hereinafter referred to as “MCB”) is a commercial bank incorporated in 2012 and is headquartered in Dar es Salaam Tanzania. The genesis of MCB came about as a result of the conditions prevailing in the market at the time of it constitution.
Since a number of banks and financial institutions are not easily accessible by teachers or offer costly products, teachers sought an alternative means to overcome the challenges faced. The teachers, through Tanzania Teachers Union (TTU), and the economic wing of TTU, the Teachers Development Company Limited (TDCL) made a decision to establish a bank to serve them and the general public through adoption of various strategies that ensure the minimisation of costs of operations while providing affordable and diverse financial solutions. In this regard, the general meeting of the TTU National Council held at AICC in Arusha, passed a resolution to establish a bank. A feasibility study report was presented and approved by the Board Committee and it was agreed that the preparations for establishing the bank for teachers be initiated. The envisaged bank’s objective is to empower teachers and other civil servants economically so as to improve their living conditions and transform their lives.
The mandate of teachers to establish a bank emanates from the TTU constitution, TTU Policy and the TTU Five Year Strategic Plan. Among some of the objectives from the TTU strategic plan that guide the constitution and future operations of MCB are: more
• Customer Focus
• Team Work
To be a preferred financial solution provider in Tanzania
To alleviate economic problems through providing cost effective, friendly and innovative financial solutions for teachers, Government employees and general public, so as to create economic emancipation