According to the Bank of Tanzania (BoT), China Commercial Bank (CCB), has been granted a provisional banking license to join the Tanzania banking sector with plans to open a branch in Dar es Salaam.
While the CCB is not affiliated with any existing banks in China or Tanzania, it was founded by a collection of Chinese and Tanzanian business people and is the first Chinese-linked bank to be established in Tanzania.
According to Beno Ndullu, the BoT Governor, the CCB is not yet operational, but it is currently in the process of meeting its final license conditions before launching its banking business in Tanzania.
Tanzania’s central bank has indicated that the licensing of a new Tanzania bank helps to increase the country’s level of financial inclusion by introducing new players to the Tanzania banking industry.
The addition of the CCB to the Tanzania banking sector is expected to help strengthen the Tanzania-China business relationship and brings the total number of banks operating in Tanzania to approximately 55 and the total number of commercial banks to 35 .