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List of Banks in Tanzania in 2024

As of February 2023, there are 47 licensed banks operating in Tanzania: 34 commercial banks, 4 community banks, 4 microfinance banks, 2 development banks, 1 Non-Bank Financial Institution, 1 House Financing Company, and 1 Mortgage Refinancing Company.

Commercial Banks: 34
Absa Bank
Commercial Bank
MD/CEOObedi Laiser
African Banking Corporation (ABC)Commercial BankMDImani John Bgoya
Akiba Commercial Bank (ACB)Commercial BankMDSilvest Arumasi
Amana Bank
Commercial BankMD
Abubakar Athman Ali
Azania BankCommercial BankMD
Esther Mang'enya
Bank of Africa (BOA)
Commercial BankMD/CEO
To be appointed
Bank of BarodaCommercial BankMDAditya Narayan Singh
Bank of IndiaCommercial BankMDAntaryami Sarangi
Canara Bank
Commercial BankCEO
Tanjore Balaji Rao
China Dasheng Bank
Commercial BankCEOCheng Ji
CitibankCommercial BankMD/CEO
Geofrey Mchangila
CRDB BankCommercial BankMD/CEO
Abdulmajid Nsekela
DCB Commercial BankCommercial BankMDSabasaba Moshinghi
Diamond Trust Bank (DTB)Commercial BankCEO
Ravneet Chowdhury
EcobankCommercial BankMDCharles Asiedu
Equity BankCommercial BankMD & CEOIsabela Maganga
Exim BankCommercial BankCEOJaffari Matundu
Guaranty Trust Bank (GTBank)
Commercial BankMDOdunayo Akinyede
Habib African BankCommercial BankMDShaheen Hassan Rizvi
I&M Bank
Commercial BankCEO
Zahid Mustafa
International Commercial Bank (ICB)Commercial BankCEOSanjeev Anand
KCB BankCommercial BankMD
Cosmas Kimario
Letshego Faidika BankCommercial BankCEO
Baraka Munisi
Mkombozi Commercial Bank (MKCB)Commercial BankMDRespige Kimati
Mwalimu Commercial Bank (MCB)
Commercial BankCEO
Richard Makungwa
Mwanga Hakika BankCommercial BankMDJagit Singh
National Bank of Commerce (NBC)Commercial BankMD
Theobald Sabi
NCBACommercial BankMD/CEO
Claver Serumaga
National Microfinance Bank (NMB)Commercial BankCEO
Ruth Zaipuna
Peoples' Bank of ZanzibarCommercial BankMDMuhsin Masoud
Stanbic BankCommercial BankCEO
Manzi Rwegasira
Standard Chartered BankCommercial BankCEO
Herman Kasekende
Tanzania Commercial Bank (TBC)Commercial BankCEO
Adam Mihayo
United Bank for Africa (UBA)Commercial Bank MD/CEO
Gbenga Makinde
Community Banks: 4
Kilimanjaro Cooperative BankCommunity Bank
Godfrey Joe Ng'ura
Mufindi Community Bank (MuCoBa)Community BankGM
Phlip Raymond
Tandahimba Community BankCommunity BankGM
Yahya Jumanne Kiyabo
Uchumi Commercial BankCommunity BankGMSamwel Wado
Microfinance Banks: 4
Microfinance BankCEO
Julius Ruwaichi
Finca Microfinance BankMicrofinance Bank
Edward Talawa
VisionFund Tanzania Microfinance BankMicrofinance Bank
Chilala Hakooma
Yetu Microfinance Bank (taken over by NMB)Microfinance Bank
Umaiya Abbas Masoli
Development Banks: 2
TIB Development BankDevelopment Bank
Makurwe Mauna (acting)
Tanzania Agricultural Development Bank (TADB)Development Bank
MDFrank Nyabundege
Non-Bank Financial Institutions: 1
Maendeleo BankNon-Bank Financial InstitutionsMD
Ibrahim Mwangalaba
House Financing Companies: 1
First Housing Company TanzaniaHouse Financing CompanyCEOSasa Chonza
Mortgage Refinancing Company: 1
Tanzania Mortgage Refinance Company (TMRC)Mortgage BankCEOOscar Mgaya

The top 10 biggest banks in Tanzania by assets in 2022 were:

1. CRDB with TZS 11.6 trillion (USD 4.9 billion)

2. NMB with TZS TZS 10.2 trillion (USD 4.2 billion)

3. NBC with TZS 2.8 trillion (USD 1.2 billion)

4. Exim with TZS 2.3 trillion (USD 1 billion)

5. DTB with TZS 1.6 trillion (USD 680 million)

6. PBZ with TZS 1.4 trillion (USD 590 million)

7. Stanbic with TZS 1.3 trillion (USD 560 million)

8. StanChart with TZS 1.3 trillion (USD 560 million)

9. Citi Bank with TZS 1.3 trillion (USD 560 million)

10. Absa with TZS TZS 1.1 trillion (USD 460 million)

11. TCB with TZS 1.1 trillion (2021) (USD 460 million)

Tanzania Banking Network

The banking institutions in Tanzania had an overall branch network of 957 branches in 2019, compared to 878 in 2018.

Most of the branches were located in the major cities of Dar es Salaam, Arusha, Mwanza, Moshi and Dodoma. Dar es Salaam had 290 branches which constituted 30.3% of all branches, followed by Arusha, 68 branches (7.1%), Mwanza, 67 (7%), Moshi, 46 (4.8%), and Dodoma, 41 (4.3%).

In 2013, the BoT introduced comprehensive agent banking guidelines that permit licensed banks and financial institutions to appoint retail agents for their banking services.

This provides a mechanism through which banks can profitably extend their services to previously unbanked lower-income individuals.

In 2019, the overall number of banking agents grew by 51%, from 18,827 in 2019 to 28,358.

Last Update: 1st February 2024