At the sidelines of the Annual General Meeting (AGM) of the Zanzibar National Chamber of Commerce (ZNCC) held at the Golden Tulip Hotel, Mr. Adam Charles Mihayo, CEO of Tanzania Commercial Bank (TCB), reiterated the bank's dedication to providing essential banking services in Zanzibar. This commitment, he emphasized, aligns with the government's strategy to accelerate development through the blue economy.
Mr. Mihayo affirmed that TCB Bank is actively implementing directives issued by Zanzibar President Dr. Hussein Mwinyi during a recent courtesy visit to the Mnazi Mmoja-based State House to introduce himself following his appointment.
Among the key strategies discussed and agreed upon during the meeting, Mr. Mihayo highlighted the financing of tourism-related projects spanning large, medium, and small businesses. He emphasized Zanzibar's significant potential as an area primed for the advancement of the blue economy policy and business ventures.
Regarding the bank's financial performance, Mr. Mihayo shared notable figures from the previous year, indicating a robust standing for the institution. With a capital of 120 billion TZS, TCB issued loans totaling 916 billion TZS, while the bank's total assets soared to 1.4 trillion TZS.
Mr. Mihayo further elaborated on the encouraging trend of loan repayment, which stood at 184 billion TZS. He attributed this positive indicator to the bank's unwavering commitment to providing satisfactory services to its customers.
TCB Bank has invested 20 billion TZS in projects across Unguja and Pemba islands as part of its five-year strategy aimed at driving development initiatives for the people of Zanzibar.
In addition to its core banking services, Mr. Mihayo underscored TCB's role in supporting the construction of various infrastructure projects. These efforts, he noted, include contributions to the establishment of health centers and facilitating access to equipment vital for the successful implementation of development projects.
Through its Corporate Social Responsibility (CSR) initiatives, TCB Bank remains dedicated to uplifting communities and fostering sustainable development across Zanzibar.