ARUSHA: MAENDELEO Bank, which operates under the Evangelical Lutheran Church in Tanzania, has unveiled its sixth branch in the country, at the heart of Arusha City, officially expanding to the Northern Zone.
This development goes in sync with the financial institution’s Agenda 2030 when the bank plans to realize the operating assets of up to 500bn/- in value.
Located at the Evangelical Lutheran Church Headquarters, along Boma Road, adjacent to the Clock-Tower Roundabout, the Maendeleo Bank branch, the first in the region, was officially inaugurated by the head of ELCT, Bishop Dr Alex Gehaz Malasusa.
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Speaking during the event, Lomnyaki Saitabau, the Executive Director of Maendeleo Bank, said the branch, the first outside Dar-es-salaam, was among the fruits of ongoing transformation within the institution.
“The bank was formed to create a perfect link between faith and economic development,” said Director Lomunyaki, adding that it will also be providing financial consultancy to the church and non-government organizations.
Since being established in September 2013, the church-owned financial institution begun with a starter capital of 4 billion/- and has since grown to record 26.6 billion with the current total assets of more than 202 billion/-
Maendeleo Bank has a total of 6 branches so far, five of which are located in Dar-es-Salaam with the sixth being the one recently launched in Arusha and all centers are capable of disbursing loans amounting to 5 billion/- per recipient.
Maendeleo was also the first financial institution in the country to be listed in the Dar-es-salaam Stock Exchange (DSE) in November 2013.
On his part, Bishop Dr.Alex Malasusa insisted that trust and integrity were important components in running financial institutions in the country.
“This becomes vital when the bank operates under the church,” he said, and advised the officials to offer better finance and investment advice to their clients so that they may realize economic growth,” Malasusa maintained.