Bagamoyo. The Catholic Bishop of Bagamoyo Diocese, Stephano Musomba, has called on Mkombozi Bank officials to uphold transparency, accountability and responsibility in their operations to strengthen public trust and enhance the institution’s efficiency.
He made the remarks during the official inauguration of the bank’s 16th branch in Bagamoyo, where he also urged the lender to continue expanding its services to bring banking closer to the people.
Bishop Musomba said transparency, accountability and responsibility were essential principles for the bank’s continued growth and effective service delivery.
“If we uphold these principles, we will bring honour to the bank and make it a trusted institution for many people.
This bank belongs to the people, and we must ensure that the public fully understands its existence and the services it offers,” he said.
He noted that the opening of the branch would greatly benefit residents of the newly established diocese, who previously had to travel to Dar es Salaam to access banking services.
According to him, the branch will improve access to financial services and support economic activities in the area, while financial literacy programmes should be extended to grassroots communities.
“We must educate people at the community level so that they can fully utilise banking services, including loans, savings and other financial products that support business growth,” he said.
Mkombozi Bank Managing Director Mr Respige Kimati said the Bagamoyo branch is the bank’s 16th outlet since its establishment in 2009, marking another milestone in its expansion strategy.
He said the bank currently operates in 12 dioceses out of the 37 dioceses within its target market and remains committed to expanding its footprint to improve accessibility.
“Having branches is important because it brings services closer to the people.
Opening a branch in Bagamoyo has been a long-standing ambition for us, given the strategic importance of this area to our operations,” he said.
Mr Kimati said the bank currently has branches in several regions, including Mwanza, Bukoba, Geita, Kahama, Dodoma, Morogoro, Iringa, Njombe, Kilimanjaro, Arusha and the Coast Region.
He added that once expansion across all 37 dioceses is completed, the bank intends to extend its services further to parish level.
Mkombozi Bank Board Chairman Mr Gasper Njuu said the lender is embracing technological innovation to reach a wider customer base, particularly young people who increasingly rely on digital platforms.
“Our services are designed to empower every citizen seeking financial services,” he said.
Mr Njuu described Mkombozi Bank as one of the fastest-growing financial institutions in the country, citing growth in share value and dividend performance as evidence of its progress.
He noted that the bank’s shares, which were initially sold at Sh1,000 in 2014, are now valued at Sh4,000, reflecting growing investor confidence and strong business performance.
He added that the bank is among the leading financial institutions in dividend distribution and will continue to expand its reach through agent banking and digital channels to serve more customers, especially young people.
