SWALA 490     PAL 400     TTP 120     MCB 500     JHL 5,800     YETU 550     EABL 3,320     TCCL 500     MBP 490     KA 80     TICL 350     DCB 265     KCB 770     MUCOBA 400     TBL 10,900     NICO 165     NMG 340     TCC 17,000     SWIS 1,180     TOL 550     CRDB 165     DSE 880     NMB 2,340     TPCC 2,500     VODA 770     MKCB 780     USL 5     


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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.