Coop Bank disburses Sh101bn in first year, targets inclusive growth
Coop Bank managing director and chief executive officer, Mr Godfrey Ng’urah, speaks to journalists in Dar es Salaam yesterday on the bank’s first year of inclusive growth and expansion. On the left is head of Risk Ms Jackline Muro and head of Credit Ms Immaculatha Maro. PHOTO | MICHAEL MATEMANGA
Dar es Salaam. The Cooperative Bank (Coop Bank) has disbursed more than Sh101 billion in loans within its first year of operations, positioning itself as a key player in advancing an inclusive economy.
The bank said the milestone forms part of its 2026–2030 strategy aimed at expanding access to financial services, particularly among underserved groups.
Data released yesterday shows that the bank’s loan portfolio has grown to Sh101.02 billion, up from Sh16 billion at its launch in April last year, an increase of 506 per cent. The lender was officially launched by President Samia Suluhu Hassan in Dodoma.
Speaking to journalists in Dar es Salaam, managing director and chief executive officer Mr Godfrey Ng’urah said the growth reflects deliberate efforts to extend financial services to critical segments of the economy.
“Our focus is to ensure that financial services reach those who have historically been excluded, including youth, small and medium enterprises and rural communities,” he said.
The bank’s total assets rose to Sh178.7 billion in the first quarter of 2026, compared to Sh46.8 billion in the corresponding period last year, marking a 281 percent increase.
Customer deposits also surged to Sh101.5 billion from Sh12.5 billion, representing a 709 percent rise, while shareholders’ equity grew to Sh42.1 billion from Sh27.4 billion, an increase of 54 percent.
Mr Ng’urah said the lender aims to reach 10 million users by 2030, nearly doubling the current number of Tanzanians accessing formal banking services.
“About eight million Tanzanians are currently using banking services. Our goal is to expand this to 10 million by targeting key groups such as youth entrepreneurs and small businesses,” he said, citing findings from the FinScope survey.
He emphasised the central role of agriculture in driving inclusive economic growth, noting that the sector remains largely underfinanced despite employing the majority of the population.
“Agriculture is not just about food production—it is a business and a key source of raw materials for industry. Any discussion on financial inclusion that excludes agriculture is incomplete,” he said.
He added that with only about 35 percent of Tanzanians living in urban areas, extending credit to rural farmers is essential for broad-based economic transformation.
The bank has also invested in digital platforms, including Coopesa, Coop Net and Coop Wakala, to simplify access to financial services across the country.
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