The Government has pledged to continue strengthening the business environment for financial services in a move aimed at accelerating inclusive economic growth and attracting both domestic and foreign investments.
Speaking during the official launch of Maendeleo Bank PLC as a full-fledged commercial bank on Thursday, July 3, 2025, Prime Minister Kassim Majaliwa said the Government remains committed to enabling the private sector to thrive, noting that it plays a central role in sustainable national development.
“The financial sector is a critical driver of economic growth and citizen well-being. No country can achieve sustainable progress without a strong and inclusive private sector,” Majaliwa told participants gathered at the Hyatt Regency Hotel in Dar es Salaam.
The Premier emphasized the Government’s continued efforts to promote the adoption of innovative technologies across the financial landscape to expand service delivery and inclusion.
“We encourage stronger partnerships within the financial ecosystem. The Government, for its part, will continue to support technological innovation as a key enabler for inclusive growth,” he said.
Majaliwa urged banks and other financial institutions to intensify financial literacy initiatives to empower citizens with the knowledge and confidence to use financial services effectively.
“When citizens understand how to manage and grow their money, we reduce the risks of theft, misuse, and financial vulnerability. Give your customers the tools and knowledge to secure their income and plan for the future,” he stressed.
According to the Prime Minister, findings from the 2023 Finscope survey show that financial inclusion in Tanzania has grown significantly from 65 percent in 2017 to 76 percent in 2023. The use of formal banking services also rose from 17 percent to 22 percent over the same period.
“These gains reflect progress, but we must do more. All financial institutions must create simple, user-friendly systems that serve diverse groups—urban and rural, youth and elderly, employed and self-employed,” he said.
Representing the Evangelical Lutheran Church in Tanzania (ELCT), Dean Chadiel Lwiza, speaking on behalf of Archbishop Dr. Alex Malasusa, praised the Bank of Tanzania for guiding Maendeleo Bank’s growth from a church-based initiative with limited capital into a national bank.
“We commend the Bank of Tanzania for its regulatory role. This bank is a success story of what local ownership, strong supervision, and good governance can achieve. We urge BOT to continue its oversight and support,” Lwiza said.
He also acknowledged the enabling environment created by the Government under President Samia Suluhu Hassan, which he described as conducive to investment and entrepreneurship.
“We thank the Sixth-Phase Government for its consistent efforts in creating favorable policies and conditions for business growth and investment,” he added.
Maendeleo Bank CEO Lomnyaki Saitabau said the bank is entering a new era, positioning itself as a modern, competitive, and inclusive financial institution with a national outlook.
“In a world shaped by innovation, technology, and accountability, we are transforming Maendeleo Bank to meet the needs of all Tanzanians. We stand ready to support the Government’s financial inclusion agenda and help drive economic development through the private sector,” he said.
Deputy Minister for Finance, Hamad Hassan Chande, commended the bank for embracing the opportunities made possible by Government reforms and policies.
“We at the Ministry of Finance will continue to provide a stable, predictable, and investor-friendly environment. Now it’s your turn to roll out services to more regions and communities,” Chande said.
The transformation of Maendeleo Bank into a full commercial entity reflects broader national efforts to deepen financial access, foster economic empowerment, and ensure that Tanzanians across all income levels are included in the financial system.