Meru Community Bank Limited was launched from 31st October 2011 with the objectives that the transactions of any and all lawful businesses for which banks may be licensed to undertake in Tanzania under the provisions of the banking and financial Institution Act No.12 of 1991 (the Banking Act) or any statutory modifications or re – enacted. Among its major shareholders is the Meru District Counci
l which made an initial contribution of some Sh30 million which it expects to stimulate development in the area. The Meru Community Bank became the eighth among community banks set up in various parts of the country since the 1990s. Members of the task force for the project include William Maeda, a communication consultant based in Dar es Salaam, retired General Mirisho Sarakikya, and Elishilia Kaaya, the managing director of the Arusha International Conference Centre (AICC). Others are Mr Prudence Kaijage, the former principal of the Danish-supported MS- Technical Centre for Development Cooperation based at Usa River, Mrs Eliamani Pallangyo, a teacher, and Michael Leach, a tourist lodge owner in the area.
