Tanzania Finance

Tanzania embarked on financial liberalization in 1992 in order to sustain its economic growth. This has been done by mobilizing financial resources, increasing competition in the financial market and enhancing quality and efficiency in credit allocation. As a result, the sector has been booming, particularly during the last few years.

Tanzania Banking

As a result of the liberalization, the banking sector in Tanzania has been booming, particularly over the last few years and new merchant banks, commercial banks, bureaus de change, credit bureaus and other financial institutions have entered the market.

With a total of 56 licensed banks and other non-banking financial institutions, which are not allowed to open current accounts, the market is characterized by a few big players and several small banks, and increasing competition.

Tanzania Insurance

The insurance penetration in Tanzania, i.e. the contribution of insurance to National Gross Domestic Product remains very limited, paving the way for plenty of room for further growth.

The Tanzania insurance sector is growing steadily, with 30 insurance companies and 112 insurance brokers currently active in the market.

Tanzania Capital Markets

The securities market in Tanzania also emerged in the 1990s as a result of the government policy of liberalizing the financial sector.

Within such framework, the Capital Markets and Securities Authority (CMSA) was established in 1994 and the Dar es Salaam Stock Exchange (DSE) was incorporated.

To date, there are 21 companies listed at the DSE, for a total market capitalization of TZS 20,186.48 billion, (December 18th, 2015).

Stanbic Tanzania Unveils New Executive Banking Offering

Stanbic Bank Tanzania has redefined its Executive Banking offering in order to deliver tailor-made services to its customers.

Speaking during the launch event in Dar es Salaam over the weekend, Stanbic Bank’s Head of Executive Banking, Ruth Mwaiselage said the refined offering will give relevant solutions, benefits and most of all convenience, all this is to ensure the bank becomes part of the customer next step in moving forward.

She said the offering provides executive banking customers, access to a dedicated Executive Banker as a single-point of contact to ensure customers’ banking needs are fully met.

Customers will also enjoy an embedded insurance cover (funeral/life/total permanent disability/retrenchment cover) on their transactional accounts and all lending products, access to interest-free short term loans granted within two hours and a range of product options for transacting abroad.

She reminded that the Executive Banking offering has been in existence for several years; however, the Stanbic’s approach is to continuously adapt and evolve its offering to meet its customers’ ever-changing personal requirements and lifestyle needs in a convenient and hassle-free manner.

“The feedback from our customers was that they needed a partner to grow their wealth and business interests while protecting their assets and family. This product was designed to be a one stop shop for our customers’ financial and investment solutions. It caters for their evolving lifestyle needs, from financial to family,” Mwaiselage concluded.

Stanbic Bank Tanzania Executive Banking Ruth Mwaiselage

Stanbic Bank Head of Executive Banking Ruth Mwaiselage speaking to invited guests during a dinner event to refine the bank’s Executive Banking offering aimed for its Executive clients in Dar es Salaam over the weekend. Looking on is the bank’s Head of Channels, Mussa Kitoi.

Stanbic Bank Tanzania
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.

The bank provides the full spectrum of financial services to public and private sector corporations, diplomatic missions and international organizations.

The group has been operating in Tanzania under the Stanbic Bank brand since 1995 focusing on all the key growth sectors in Tanzania, including agriculture, telecommunications, oil and gas, power and infrastructure and fast-moving consumer goods.

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