Maendeleo Bank Plc started as a result of the strategical decision made during the Annual General Meeting of the Evangelical Lutheran Church of Tanzania – Eastern and Coastal Diocese in 2008 where it was decided to establish a Regional bank and in September 2013 the bank was established. The broader goal of the bank is to provide banking services to the emerging Tanzanian businesses with affordable price to enable the emerging businesses and financially disadvantaged people in the country to access financial services. Our business model is characterized by affordability, accessibility and flexibility. The bank’s strength lies on humility, courage, and passionately caring for our communities across the country.
In order to raise enough capital, the bank was approved by Capital Market and Securities Authority (CMSA) to issue IPO and on 5th November 2013 got listed to Dar es Salaam Stock Exchange (DSE) through Enterprise Growth Market (EGM). The EGM allows qualifying small entrepreneurs and companies to get startup capital by going through the Dar es Salaam Stock Exchange. Maendeleo Bank became the first product of EGM after putting the 8.0mn shares at Tshs. 500 each on IPO with a green-shoe option. During the IPO our prospective investors read the investment proposal and found the bank to be diverse and with a very bright future, hence the capital needed was collected over and above the targeted capital through the IPO.
Maendeleo Bank obtained Central Bank approval on 3rd September 2013 to carry out banking business and opened its doors to the public on 9th September 2013. The bank is listed at DSE effective from 5th November 2013 and became the first and the only bank listed at the point its establishment.
Maendeleo Bank’s target markets are SACCOSS, small and medium sized entrepreneurs, companies, social enterprises such as schools, churches, mosques, universities and corporations. Maendeleo Bank serves the need of growing companies, middle-market and large corporations, institutional investors, financial institutions and government entities.
Maendeleo Bank has 4 branches located in Dar es Salaam.