Banks

List of Banks in Tanzania in 2021

As of August 2021, there are 48 licensed banks in Tanzania: 35 commercial banks, 5 community banks, 4 microfinance banks, 2 mortgage banks, and 2 development banks.

Tanzania’s banking sector recorded a profit before tax of TZS 590 billion in 2019, compared to TZS 313 billion in 2018, representing an increase of 88%.

The total assets of Tanzanian banks reached TZS 33 trillion in 2019, representing a growth of 9% from TZS 30 trillion in 2018.

Total liabilities grew by 9% from TZS 25.7 trillion in 2018 to TZS 28.1 trillion in 2019.

Total capital increased by 8% from TZS 4.7 trillion in 2018 to TZS 5 trillion in 2019. The growth was attributed to an increase in profitability recorded by banks during the period.

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 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: 4th August 2021

Source: Bank of Tanzania (BOT)