MAENDELEO BANK PLC is the result of a strategical decision made by the Evangelical Lutheran Church in Tanzania-Eastern and Coastal Diocese in 2008. Maendeleo Bank Plc. (MB) was registered as a Limited Company in February 2011, later changed to Public Limited Company in June 2013.
On September 9th 2013, Maendeleo Bank PLC., started business as a regional bank. The bank was issued with a license number NBA 00026 to carry out banking business. Maendeleo Bank became the first company and bank in Tanzania to be listed at the Dar es Salaam Stock Exchange Plc (DSE) through the Enterprise Growth Market Window and hence became a Public Limited Company (PLC) from its start. Since then, the bank has been targeting micro, small and medium enterprise markets in Dar es Salaam. Since its launch of operations in September 2013, MB has maintained the underlying vision of building a Tanzanian bank for Tanzanian enterprises.
Its core objective is to create investment value to its shareholders and optimize the growth of the bank through synergies and common development plans. Along with this, the bank is set to deliver excellence by serving customers with efficiency and courtesy.
The Micro, SME and middle corporate segments are the bank’s preferred markets. The bank targets customers who operate with a modest risk profile and have a fairly well defined structure
