PM urges Maendeleo Bank to champion inclusive banking

DAR ES SALAAM: THE  Prime Minister Kassim Majaliwa has urged Maendeleo Bank Plc to put Tanzanian citizens at the heart of its operations by building banking systems that are simple, affordable, and accessible, especially for ordinary people and small businesses.

Addressing a high-level event held today, July 3rd, 2025, in Dar es Salaa,m celebrate the bank’s official transformation into a fully-fledged commercial bank strategic plan for 2025-2030.

During the launch, the Prime Minister highlighted the essential role financial institutions must play in unlocking inclusive economic growth.

“For our economy to thrive, we need financial systems that work for everyone — from urban entrepreneurs to rural farmers,” Majaliwa stressed. “This transition must deliver banking products and services that are easy to understand, affordable to use, and designed with the everyday needs of Tanzanians in mind.”

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He urged the bank to extend its physical reach by opening more branches, particularly in underserved areas such as Zanzibar and rural parts of the mainland. Expanding branch networks, he said, is critical to closing the financial inclusion gap in regions where traditional banking services are still out of reach.

In response, Maendeleo Bank’s Managing Director, Lomnyaki Saitabau, affirmed the bank’s commitment to its new commercial mandate, describing the transition as a game-changer for engaging directly with the public.

“This transformation paves the way for broader access to credit, especially for micro, small, and medium enterprises (MSMEs), which form the backbone of our economy and are essential for job creation,” said Saitabau.

He noted that while the bank will now operate commercially, it remains committed to balancing profitability with public service,  ensuring that every Tanzanian has the opportunity to be part of the country’s journey toward financial empowerment.