Banks
List of Banks in Tanzania in 2023
As of May 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.
| Bank | Type | Title | Name | |
|---|---|---|---|---|
| Commercial Banks: 34 | ||||
| Absa Bank | Commercial Bank | MD/CEO | Obedi Laiser | |
| African Banking Corporation (ABC) | Commercial Bank | MD | Imani John Bgoya | |
| Akiba Commercial Bank (ACB) | Commercial Bank | MD | Silvest Arumasi | |
| Amana Bank | Commercial Bank | MD | Abubakar Athman Ali | |
| Azania Bank | Commercial Bank | MD | Esther Mang'enya | |
| Bank of Africa (BOA) | Commercial Bank | MD/CEO | Adam Mihayo | |
| Bank of Baroda | Commercial Bank | MD | Aditya Narayan Singh | |
| Bank of India | Commercial Bank | MD | Antaryami Sarangi | |
| Canara Bank | Commercial Bank | CEO | Tanjore Balaji Rao | |
| China Dasheng Bank | Commercial Bank | CEO | Cheng Ji | |
| Citibank | Commercial Bank | MD/CEO | Geofrey Mchangila |
|
| CRDB Bank | Commercial Bank | MD/CEO | Abdulmajid Nsekela |
|
| DCB Commercial Bank | Commercial Bank | MD | Isidori Msaki (acting) | |
| Diamond Trust Bank (DTB) | Commercial Bank | CEO | Ravneet Chowdhury |
|
| Ecobank | Commercial Bank | MD | Charles Asiedu | |
| Equity Bank | Commercial Bank | MD & CEO | Isabela Maganga | |
| Exim Bank | Commercial Bank | CEO | Jaffari Matundu | |
| Guaranty Trust Bank (GTBank) | Commercial Bank | MD | Odunayo Akinyede | |
| Habib African Bank | Commercial Bank | MD | Shaheen Hassan Rizvi |
|
| I&M Bank | Commercial Bank | CEO | Zahid Mustafa | |
| International Commercial Bank (ICB) | Commercial Bank | CEO | Sanjeev Anand | |
| KCB Bank | Commercial Bank | MD | Cosmas Kimario |
|
| Letshego Faidika Bank | Commercial Bank | CEO | Baraka Munisi | |
| Mkombozi Commercial Bank (MKCB) | Commercial Bank | MD | Respige Kimati | |
| Mwalimu Commercial Bank (MCB) | Commercial Bank | CEO | Richard Makungwa | |
| Mwanga Hakika Bank | Commercial Bank | MD | Jagit Singh | |
| National Bank of Commerce (NBC) | Commercial Bank | MD | Theobald Sabi |
|
| NCBA | Commercial Bank | MD/CEO | Claver Serumaga | |
| National Microfinance Bank (NMB) | Commercial Bank | CEO | Ruth Zaipuna |
|
| Peoples' Bank of Zanzibar | Commercial Bank | MD | Muhsin Masoud | |
| Stanbic Bank | Commercial Bank | CEO | Kevin Wingfield |
|
| Standard Chartered Bank | Commercial Bank | CEO | Herman Kasekende | |
| Tanzania Commercial Bank (TBC) | Commercial Bank | CEO | Sabasaba Moshinghi |
|
| United Bank for Africa (UBA) | Commercial Bank | MD/CEO | Gbenga Makinde | |
| Community Banks: 4 | ||||
| Kilimanjaro Cooperative Bank | Community Bank | CEO | Godfrey Joe Ng'ura | |
| Mufindi Community Bank (MuCoBa) | Community Bank | GM | Phlip Raymond |
|
| Tandahimba Community Bank | Community Bank | GM | Yahya Jumanne Kiyabo | |
| Uchumi Commercial Bank | Community Bank | GM | Samwel Wado | |
| Microfinance Banks: 4 | ||||
| AccessBank | Microfinance Bank | CEO | Julius Ruwaichi |
|
| Finca Microfinance Bank | Microfinance Bank | CEO | Edward Talawa |
|
| VisionFund Tanzania Microfinance Bank | Microfinance Bank | CEO | Chilala Hakooma | |
| Yetu Microfinance Bank (under BOT administdration) | Microfinance Bank | MD | Umaiya Abbas Masoli | |
| Development Banks: 2 | ||||
| TIB Development Bank | Development Bank | MD | Makurwe Mauna (acting) | |
| Tanzania Agricultural Development Bank (TADB) | Development Bank | MD | Frank Nyabundege | |
| Non-Bank Financial Institutions: 1 | ||||
| Maendeleo Bank | Non-Bank Financial Institutions | MD | Ibrahim Mwangalaba |
|
| House Financing Companies: 1 | ||||
| First Housing Company Tanzania | House Financing Company | CEO | Sasa Chonza | |
| Mortgage Refinancing Company: 1 | ||||
| Tanzania Mortgage Refinance Company (TMRC) | Mortgage Bank | CEO | Oscar 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: 11th July 2023
