Mwalimu Commercial Bank PLC - History, Products, Services and More

Mwalimu Commercial Bank PLC – History, Products, Services and More


Mwalimu Commercial Bank PLC (hence referred to as “MCB”) is a Tanzanian commercial bank founded in 2012 with headquarters located in Dar es Salaam. The formation of MCB resulted from market conditions at its formation.

It was discovered that teachers, as a giant single-employee group, would have benefited from having a designated bank that was readily available and focused on giving affordable services and products suitable for teachers.

As a result, the teachers, via Tanzania Teachers’ Union (TTU) and the TTU’s economic wing registered under the name Teachers’ Development Company Limited (TDCL), resolved to create the Mwalimu Commercial bank to not only serve teachers but also serve the general public, intending to minimize operational costs while providing diverse and affordable financial solutions.

The Bank’s goal is to economically empower teachers and other government workers in order to enhance their living conditions and alter their lives.

Account Options at Mwalimu Commercial Bank

Personal Current Account


For people who are self-employed or salaried and want checkbooks for bill payment convenience.


  • ATM service is available 24 hours
  • Cheque Book Access
  • Mobile Banking Access
  • No Credit
  • Salary Credit allowed


  • Make payments using cheques.
  • On-demand access to overdraft

Foreign Currency Current Account (£/Euro/$)

For individuals seeking a low-cost foreign currency account for transactions. Mwalimu Commercial bank Cheque books are only issued to accounts in US dollars.


  • ATM cards are not accepted.
  • Cheque Book – USD 0.3 per for each leaf
  • Salary Credits allowed


  • Gains the benefit of incoming transactions of foreign cash and saving straight without incurring exchange rate losses.

Tukutane January Account

This product is particularly made for all clients and is intended to assist clients to save money to help them with January mitigations like paying school fees, rent, and so on.


  • Allowed Credit Interest
  • Daily Credit Interest Accrual
  • Quarterly Credit Interest Application
  • 4% Interest Rate per year on all balances above zero
  • Debit cards are not accepted. However, each January, this signal will be either manually changed to “YES” or automatically updated to allow consumers to withdraw during this month. All debits are disallowed again after January.
  • There was no ATM card provided for the account.
  • This account is not eligible for an overdraft.
Mwalimu Visa Card Flyer
Mwalimu Visa Card Flyer


  • The Mwalimu Commercial bank Credit Interest provided for the account is computed annually
  • The account is open to receive more funds at any moment.
  • The lowest fee charged monthly

Akiba Yangu

Tanzanian Shillings only

Mwalimu commercial bank Flagship Account offers a complete range of advantages at affordable pricing.


  • 24 hours ATM ACCESS
  • Salary Credit Allowed
  • No Cheque book is provided because it is a Savings account
  • Loyalty points – For each transaction, the client receives points redeemable on anniversary.


  • Loyalty points incentives – For each financial transaction, the client receives points that would be awarded on the anniversary.

Child Savings Account

For youngsters under eighteen. Parents/Guardians have complete control of this account until the child turns 18.


  • ATM cards are not provided for the account.
  • Cheque books are not issued for the account.


  • There is no monthly cost.
  • This account is issued with credit interest.
  • Other funds can be deposited into the account.

Fixed Deposit Account

Upfront/Instant Income

Clients will receive upfront interest payments when they invest in the Mwalimu Commercial bank term deposits.

  • Tsh 1,000,000 is the minimum deposit sum.
  • The maximum deposit sum is unlimited.
  • Three months is the minimum tenor.
  • The maximum tenor is 12 months
  • Methodology of Interest Payment – Upfront on the day of investment
  • Only TZS is permitted as a currency.


  • Tsh 1,000,000 is the minimum deposit sum.
  • The maximum deposit sum is unlimited.
  • 6 months is the minimum tenor.
  • The maximum tenor is 12 months
  • Methodology for Interest Payment – twice a year
  • Early withdrawal is permitted.
  • Only Tsh is permitted as a currency.

Fixed Deposit Account

Regular Interest Payment

Customers who invest funds and earn monthly interest are targeted.

  • Tsh 1,000,000 is the minimum deposit amount.
  • The maximum deposit amount is unlimited.
  • Three months is the minimum tenor.
  • The maximum tenor is 12 months
  • Methodology for Interest Payment — monthly
  • Currency Accepted – Only TZS

Call Account

Mwalimu Commercial bank gives users immediate access to cash and allows for limitless deposits and withdrawals.

  • Tsh 1,000,000 is the minimum deposit sum.
  • The maximum deposit sum is unlimited.
  • The minimum tenor is 1 month
  • Methodology of Interest – Monthly Accrual
  • Only TZS is permitted as a currency.

Foreign Currency Savings Account (Euro/£/$)

For customers who need to save money in foreign currencies.


  • ATM cards are not issued for the account.
  • The currencies utilized are US dollars, British pounds, and Euros.


Credit Interest is issued on this account.

Savings Account at Mwalimu Commercial Bank

All teachers in the public sector, both TTU members and non-members, are being targeted.


  • No monthly fees
  • 24 hours access to ATMs


  • Banking is affordable since there are no monthly fees.
  • Allows Mobile banking.
  • Obtains salary credit

Student Account

Targets students aged between 18 to 25yrs. After students graduate and become hired, they are introduced to new products.


  • 24Hours ATM access
  • Monthly fees-free


  • Lack of monthly fees indicating the account is not degraded by costs
  • This account can be utilized to get college bursaries


NGO/Club Current Account

Account for non-profit organizations, schools, and social clubs, among others.


  • TZS 500 for each leaf for a checkbook
  • No Credit Interest
  • No debit cards


  • ZERO monthly charges, allowing Institutions, Groups, or Non-Governmental Organizations to enjoy reduced banking costs.


Insurance Against Fire and Allied Perils

Safeguard your dream house and belongings with Mwalimu Commercial Bank insurance.

  • Domestic Package
  • Office Combined
  • Building Combined
  • Industrial/Asset all risk
  • Ahadi
  • Business Interruption

Liability Insurance

  • Product Liability
  • Public Liability
  • Professional Indemnity
  • Tours Operators Liability
  • Officers and Directors Liability
  • Carriers Liability

Motor Insurance

Assured protection on roads

  • Third-Party
  • Comprehensive
  • Third-Party Fire and Theft

Marine Insurance

Engineering Insurance

  • Erection all risk
  • Electronic Equipment
  • Machinery Breakdown
  • All risk cover for contractors

Agriculture Insurance

This Mwalimu Commercial bank policy covers you from economic losses in several ways

  • Weather Index
  • Multi-perils Insurance
  • Perils Insurance

Insurance Premium Finance

Mwalimu bank can fund your insurance premium by paying a maximum premium of ten months installments.

Money Transfer


These are techniques of receiving and sending money from various regions of the world at affordable charges. They are swift, safe, and trustworthy.

Western Union

This is one of the world’s quickest money transfer services (both receiving and sending); it is available in over 200 countries and has over 450,000 locations. It is simple to use because no bank account is required to conduct transactions. The service is offered at Mwalimu commercial bank Mlimani Tower and Samora Avenue locations.


  • In order to send/ receive money, the sender/ receiver must have a valid and legal identification card.
  • To get the money, MTCN and answer a test question (according to the country) are required.
  • The sender should submit accurate information about the recipient as specified in the form.

Remember that any charge is paid by the sender, not the receiver.

Delivery Channels

Mwalimu Mobile

For small and medium-sized businesses (SMEs) and corporations.

Mwalimu Bank provides a customized mobile banking channel that offers low-cost, convenient and easily accessible banking services

By calling *150*31#, registered customers are able to access mobile banking.

Mwalimu Mobile’s Benefits

  • Access to your account at any time and from any location.
  • It is straightforward, convenient, and simple to use.
  • It is a safe and dependable mode of transacting.

Mwalimu Wakala

For small and medium-sized businesses (SMEs) and corporations.

Customers of Mwalimu Commercial  Bank wakala can be assured of receiving all essential services without having to visit one of the Bank’s branches.


  • Access your account at any time and from any location.
  • It is straightforward, convenient, and simple to use.
  • It is a safe and dependable way to do business.
  • You can get your ATM card activated.

ATM Services

Mwalimu Bank has a collaboration with Umoja Switch, and its clients can transact using Umoja ATMs located at over 200 sites around the country.

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