The Cooperative Bank of Tanzania (CBT) was registered on 26th May 2024 after the amalgamation of Kilimanjaro Co-operative Bank Limited (KCBL) and Tandahimba Co-operative Bank Limited (TCBL), alongside new share investments from Cooperative Societies, Private institutions, and Individuals. The Bank has been licensed by the Bank of Tanzania (BOT) and will commence its operations in October 2024.
Applications are being accepted from properly qualified individuals to fill the four (4) open positions that represent Independent Board Directors and Minority Shareholders on the CBT Board of Directors. On Thursday, October 17, 2024, at the First General Meeting for Election, the names of the shortlisted candidates will be announced.
Qualifications required:
As per the Banking and Financial Institutions Act (Corporate Governance) Regulations 2021, Section 5(2), candidates seeking Board of Directors posts must possess proficiency and understanding in the following areas:
- Academia: Banking, Finance, Accounting, Auditing, Law, or Economics.
Skills and Expertise:
The following abilities are necessary in light of the continuous advancements in technology and the expansion of digital banking:
- Data Science
- Credit Law
- Accounting
- Information Technology
- Insurance
- Microfinance Banking
- Cooperative Management
- Strategic Communication
- Investment and Capital Ventures
Role of the Board of Directors:
- To guarantee the Bank’s continued existence and legal status, ascertain its vision, goal, and core principles.
- Maintain a close eye on and ongoing assessment of the Bank’s strategy to fulfill its vision and goal and secure its continued existence and expansion.
- Oversee the Bank by establishing broad policies and goals in consultation with the Managing Director, making sure to:
- Safeguarding the resources and standing of the bank.
- Adherence to all applicable laws, rules, and best practice norms.
- Sufficient technology and systems to manage the Bank effectively and compete successfully.
- Keep an eye on risk identification and management to increase shareholder value over the long run.
- Name the Senior Management and Managing Director, assign them the task of overseeing the Bank, and conduct frequent performance reviews.
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Mode of Application:
- The candidate needs to be a Cooperative Bank of Tanzania (CBT) member.
- An application letter, curriculum vitae, certified copies of the applicant’s professional and academic credentials, two passport-size photos, certified copies of their passports’ last page, letters of recommendation from three (3) references, and a statement of bank debt are all required.
- The email address for applications is [email protected].
- Upon reception, each candidate will receive an email with more information and a notification of application receipt. The terms of office for successful candidates are three (3) renewable terms.