Despite high business competition, ACB maintains its customers

AKIBA Commercial Bank (ACB) has reinterated its needs to continue maintaining its customers despite of various challenges facing the banking sector in the country. The Bank's Head of Marketing and Communications Ms. Mary Mbelle said in an interview early this week that, “the bank has provided its customers with excellent service in order to retain them”. She said due to recent increased number of banks in the country, the trade competition has become more stiffer, therefore in view of this, ACB undertakes to expand the bank’s range of products and delivery channels with use of technology to reduce transaction costs for both the customer and the bank. Despite of current stiff competition, the bank competes with the rest of the banks and it still covers a larger market share for talent and skills in the country. When asked about the last quarter performance for the year ending 2011, she said ACB has made a profit of Tsh. 956 million. Loans and deposits exceeded expectations and reached Tsh. 86 million. She further noted that, loan volume reached to Tsh. 64 billion within the trading period, the bulk of which was provided to very Small and Medium Enterprises (SMEs). Apart from usual facilities, others were to individual and corporate customers.

Tegeta Branch Signage, One of the Akiba branch office in Tegeta on the outskirts of Dar es Salaam city. The bank's General Manager Finance, Lefani Yakobe commented that, the success story was achieved even though there was high and increasing inflation, increase in cost of funds influenced by rates of the government paper, intermittent power supply and exchange rate fluctuation of local currency against major trading currencies. According to him, the success of this story was achieved even though there was high and increasing inflation, the increase in cost of funds was influenced by the rates of the government paper. However, he said and added that, the bank's profits which generated during 2011 trading period shall be re-invested in business in order to fund the bank's expansion activities as per the bank's business plans which is in line with the on-going product development initiatives. The year 2012 is a brighter future with promising potentials for the bank's growth. The bank expects to see Mwanza branch is in operation and most of the already newly established branch offices for the bank begins to profitably contribute to the business. In terms of the engagement on social and corporate responsibilities, the bank has put in place a policy that focus the needy people such as charity groups and special schools for physically challenged children, community development initiatives and people affected by natural tragedies. In line with corporate responsibilities, ACB ensures that it takes concrete steps to protect their clients from potentially harmful financial products and ensure that they are treated fairly through appropriate policies and practices.