Maendeleo Bank gets BoT nod to operate nationally

Dar es Salaam. Maendeleo Bank has been granted a temporary national licence, replacing its previous regional licence, in a move aimed at expanding its reach to customers across the country.

The bank’s chief executive officer, Mr Lomnyaki Saitabau, said the Bank of Tanzania (BoT) had approved the transition, allowing Maendeleo Bank to enhance its Information and Communications Technology (ICT) systems, facilitate faster service delivery and promote financial inclusion.

Speaking at the official launch of its internet banking platform, Click Bank Smile, yesterday, Mr Saitabau said the new licence was a key milestone for the bank.

“We are pleased that BoT has granted us a temporary national licence. This aligns with our top priorities for 2025, which is to foster business growth through digital transformation and enhanced operational systems,” he said.

Mr Saitabau added that Click Bank Smile was part of the bank’s strategic plan to innovate and leverage modern technology to enhance service delivery.

“This service will enable customers to conduct transactions more conveniently, saving time and improving efficiency.”

Mr Saitabau also said the bank was working towards obtaining a permanent licence to operate as a fully-fledged commercial bank.

“The next step is securing a permanent national licence. Currently, we have moved from a regional to a temporary national licence,” he said.

The bank’s board chairman, Prof Ulingeta Mbamba, noted that the 2023 FinScope Survey showed an increase in the use of formal financial services to 80 percent, up from 65 percent in 2017.

“This growth has been driven by the expansion of digital financial services, particularly mobile banking. I strongly believe that the internet banking service we launched will not only benefit our customers but also contribute to economic growth by enhancing financial inclusion nationwide,” he said.

Prof Mbamba added that Maendeleo Bank was committed to supporting the government’s efforts to strengthen the digital economy and increase access to financial services.

He urged the public to embrace digital banking, saying it was designed to provide convenience and security for customers.

Maendeleo Bank’s project manager, Mr Nuhu Chonya, assured customers that security measures had been prioritised in the development of the new platform to prevent cyber threats.

“Our system has been designed with advanced security features to safeguard customer information and transactions. Criminals will not be able to interfere with customer funds,” he said.