Maendeleo bank named fastestgrowing SME lender
DAR ES SALAAM: MAENDELEO Bank Plc has been named Tanzania’s fastestgrowing SME bank for this year highlighting its expanding business-lending strategy as the lender seeks to deepen support for small and medium enterprises.
The award, presented by Global Banking & Finance Review, comes as Maendeleo Bank implements its 2025– 2030 strategic plan which identifies business growth, talent and culture transformation, and technology transformation as its three key pillars.
Maendeleo Bank Managing Director, Lomnyaki Saitabau said the recognition reflected the contribution of the bank’s SME unit and frontline staff working directly with business customers.
“This recognition belongs to our SME Unit and to frontline staff across our branch network, whose work with small and medium enterprises earned it,” he said.
Mr Saitabau said the bank had aligned its products and services with the needs of SMEs and would use the recognition to strengthen its support for businesses.
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The bank has expanded its operations over the past year after obtaining a national banking licence and increasing its branch network to six locations, including a new outlet in Arusha.
The recognition comes as the bank reports stronger financial performance. Net profit after tax increased 60.8 per cent in the first half of this year from the corresponding period last year, while income from fees and commissions rose 95.8 per cent.
Global Banking & Finance Review awards the Fastest Growing SME Bank title annually to financial institutions demonstrating growth alongside innovation and quality services for SMEs.
