Akiba Commercial Bank Plc (ACB) commenced banking operations in August 1997 as an initiative of over 300 Tanzanian entrepreneurs who were inspired to move into micro-finance, by the moral and economical concern for the plight of millions of Tanzanians. These founding members were bound together by a strong conviction that in Akiba Commercial Bank they will have the vehicle through which they would reach and help transform the lives of previously unbanked and commercially ill-equipped people around the country.
The bank’s essence was to support the emergence of start-up Tanzanian businesses through the provision of financial services at all levels by a Tanzanian-owned commercial bank which understood the people it aimed to serve and was committed to. This was the original, very firm and deep rooted mission of its founding members.
In order to strengthen the resource base of the bank, the founding members over time invited like-minded local and international investors to coalesce their resources, strengths, and expertise for the common vision of growing ACB’s services and reach. These institutions were also invited because they were willing to participate actively without being driven by profits as their main objective, but rather they were committed to uplifting the economic status of Tanzanians irrespective of their socio-economic positions in life provided they had entrepreneurial skills that can be nurtured. ACB’s target market is small and medium sized entrepreneurs, companies and community banks.
Today ACB has expanded its services beyond Dar es Salaam successfully establishing itself as a strong presence in the Tanzanian banking sector which has one of the highest numbers of banks in Africa. ACB has also broadened its reach enabling it to provide financial services to customers of all levels including college and university students, entire families, home owners, business owners, as well as private operations.