Malasusa: Banking services must reach forgotten groups

Arusha. The head of the Evangelical Lutheran Church in Tanzania (ELCT), Dr Alex Malasusa, has called on financial institutions to extend banking services to groups that remain excluded from the formal financial system, stressing that access to credit and financial literacy is vital for economic empowerment.

Dr Malasusa made the remarks during the launch of a new branch of Maendeleo Bank in Arusha on Tuesday February 24, 2026.

The branch is the sixth nationwide and the first to be opened outside Dar es Salaam since the bank was established in 2013.

He said a key indicator of a bank’s success is its ability to create an enabling environment that supports marginalised communities by equipping them with appropriate financial education and access to affordable loans.

“Maendeleo Bank has extensive experience in working with groups that have long been neglected by formal financial institutions, including boda boda riders and food vendors. We must continue integrating such groups into the financial system. That is our policy and direction,” he said.

Dr Malasusa noted that limited financial literacy remains a major obstacle to inclusive growth.

“What is lacking is financial education. Many people have money but do not know how to use it productively. Others have time but do not know how to invest it. They are engaged in business and other activities without adequate financial knowledge. I urge the bank to continue reaching those who have yet to access formal financial services,” he said.

Although Maendeleo Bank is owned by the ELCT, he emphasised that it serves all Tanzanians regardless of their religious beliefs, underscoring that the church’s mission includes both spiritual and social support.

He also urged employees of the bank and other church institutions to uphold integrity and professionalism in their work, noting that while the institution operates in a competitive financial environment, honesty and ethical conduct must remain paramount.

The bank’s Managing Director, Mr Lomnyaki Saitabau, said the bank listed on the Dar es Salaam Stock Exchange (DSE), began operations with capital of Sh4 billion and has since grown to a capital base of Sh26.6 billion and assets valued at Sh202.5 billion by 2025.

Mr Saitabau said the lender’s 2025–2030 strategic plan targets to reach assets worth Sh500 billion while ensuring sustainable growth for customers, shareholders and employees.

The Bishop of the North Central Diocese, Dr Godson Mollel, said the opening of the Arusha branch reflects the bank’s expanding footprint across the country and acknowledged the region’s historical significance as the birthplace of the church’s early Synod.

“Arusha Region has received this branch with great honour. I call upon all heads of parishes and institutions under the ELCT to open accounts with this bank, which operates with integrity and is growing rapidly,” he said.

Maendeleo Bank Vice Chairperson Anna Mzinga said the new branch demonstrates the implementation of the bank’s 2025–2030 strategic plan, which aims to strengthen service delivery, broaden financial inclusion and bring banking services closer to customers.