[HISTORICAL BACKGROUND]

Mwalimu Commercial Bank PLC. (hereinafter referred to as “MCB”) is a commercial bank incorporated in 2012 and is headquartered in Dar es Salaam Tanzania. The genesis of MCB came about as a result of the conditions prevailing in the market at the time of its constitution.

It was realized that teachers as one major single group of employees would have benefited in having their own bank, easily accessible and which would focus in offering affordable services and suitably convenient products to teachers.

Hence, the teachers, through Tanzania Teachers` Union (TTU), together with the economic wing of TTU registered as Teachers` Development Company Limited (TDCL) decided to establish a bank to serve not only teachers but also the general public as whole aiming at minimization of costs of operations while providing affordable and diverse financial solutions.

The Bank’s objective is to empower teachers and other civil servants economically to improve their living conditions and transform their lives.