Letshego Faidika Bank opens new branch in Mbeya City
What you need to know:
- During the inauguration, the bank’s board member Mr Adam Mayingu, revealed that the bank had disbursed Sh5.3 billion in loans to 1,305 customers in Mbeya Region.
Dar es Salaam. Letshego Faidika Bank has opened a new branch in Soweto area of Mbeya City, after relocating from its previous location.
The new branch aims to enhance the bank’s reach and services to a broader customer base in the region.
During the inauguration, the bank’s board member Mr Adam Mayingu, revealed that the bank had disbursed Sh5.3 billion in loans to 1,305 customers in Mbeya Region.
The loans have been extended to public servants, private-sector employees and small- and medium-sized enterprises.
“To date, we have served over 3,417 customers in Mbeya alone,” he said.
Mr Mayingu noted that the merger of Faidika Microfinance and Letshego Tanzania Bank in July 2023 has allowed the bank to expand its services in Mbeya and beyond.
He said that the funds were loaned to a diverse range of customers, including public servants and private-sector employees.
He explained that Letshego Faidika Bank is a product of the merger between the microfinance institution Faidika and Letshego Tanzania Bank, which commenced operations on July 1 last year.
"To date, we have served over 3,417 customers in Mbeya alone. Additionally, we operate six satellite offices in Ileje, Mkwajuni, Mbarali, Tukuyu, Kyela, and Mbozi.
This demonstrates our commitment to fostering social and economic development in Mbeya and beyond," said Mr Mayingu.
He stressed that the bank’s services aim to improve lives by offering financial solutions for public servants, businesspeople, and small- and medium-sized entrepreneurs.
Other services include vehicle loans, savings accounts, and insurance.
For his part, Mbeya District Commissioner Mr Beno Malisa, commended the bank for opening the new branch and urged it to expand further in the region and neighboring areas.
Mr Malisa noted that Mbeya serves as the gateway to the Southern African Development Community (SADC) and presents significant economic opportunities for the bank to explore in the southern regions.
He stressed that 95 percent Mbeya residents are businesspeople, offering a large potential customer base for the bank.
He further called on the bank’s management to extend its services by opening more branches and eventually offering 24-hour operations to meet customer needs.
"I commend the bank for providing financial literacy to clients before offering loans, which helps ensure loans are utilized for development purposes," he said.
Meanwhile, Dr James Machemba, Director of the Bank of Tanzania's Mbeya Branch, praised Letshego Faidika Bank for its exemplary financial services and ongoing expansion.
Dr Machemba said the establishment of the new branch in Mbeya would foster competition among banks, ultimately benefiting customers by offering them more choices.
