MAENDELEO Bank Managing Director Mr Ibrahim Mwangalaba has been awarded a honourary doctorate degree by Lead Impact University in the United States for his efforts in introducing innovative banking products to help improve community welfare.
The honour has been bestowed on him in recognition of his strong leadership that has engendered significant economic benefits to the community by lifting people from creeping poverty.
“Six years of Maendeleo Bank operations have seen the creation of self-reliant communities by empowering and enabling them to grow.
Through this bank he has unlocked the productive and entrepreneurial potential of poor and vulnerable communities,” a statement from Lead Impact University said.
“The bank has touched the lives of over 10,000 common people through his entrepreneurial training and financing opportunities availed to community members who couldn’t afford terms and conditions of other banks, including provision of collaterals which they don’t have,” the statement said.
Mr Mwangalaba is a certified instructor with Joseph Business School - a USAbased institution in partnership with Kingdom Leadership Institute based in Dar es Salaam which offers ethical leadership and entrepreneurship training.
Lead Impact University gave Mr Mwangalaba an Honorary Doctorate Degree in Humanity on November 9, this year.
The graduation ceremony was held in Nairobi, Kenya, where Lead Impact University was officially introduced to serve the East and Central Africa region.
“It is my great pleasure to be associated with this institution, particularly for bestowing on me this Honorary Doctorate Degree.
I thank the Chancellor, the Council and the Senate of this University for giving me this great honour and this will inspire me to serve the community and the nation in creating a better society,” Mr Mwangalaba said, after receiving his degree.
“I am extremely grateful to Lead Impact University for bestowing upon me the Honorary Doctorate degree.
By the Grace of God, I accept it humbly, both for myself, my country and also on behalf of all the people with whom I have worked for the last 25 years.
My passion is to serve people.” Mr Mwangalaba has worked in the financial sector for about 20 years, having worked with CRDB Bank and KCB Bank.
Maendeleo Bank opened its doors to the public in September 2013 and Mr Mwangalaba became its founding managing director.
“My vision is to position Maendeleo Bank with a strong focus on the small and medium enterprises segment towards offering competitive services operating in competitive environment.
The broader goal of the bank is to provide banking services to the emerging Tanzanian businesses with affordable price to enable these businesses and financially disadvantaged people access financial services,” he said.
The bank began being profitable from its second year of operations (2015) against a projected timeline of three years.
The bank’s profitability remained stable from 178m/- in 2015 to 555m/- in 2016; 969 m/- in 2017 and 800m/- in 2018.
Its capital grew from 4.5bn/- in 2013 to 13.7bn/- in 2019, while total assets had grown to 72.0bn/-.
The bank has also been closely engaging youths through couching and trainings on entrepreneurial and leadership skills.
To date, over 4,000 youths have received training to meet the set target of 10,000 youths by the close of 2020.