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.

BankTypeTitle Name
Commercial Banks: 35
Absa Bank
Commercial Bank
MD/CEOAbdi Mohamed
AccessBank
Commercial BankCEO
Julius Ruwaichi
Akiba Commercial Bank (ACB)Commercial BankMDAugustine Akowuah
Amana Bank
Commercial BankMD
Idrish Rashidi
Azania Bank
Commercial BankMD
Charles Jackson Itembe
Bank of Africa (BOA)
Commercial BankMD/CEO
Joseph Iha Wanje
Bank of BarodaCommercial BankMDRajendra Mohrir
Bank of IndiaCommercial BankMDAshwani Kumar Negi
Canara Bank
Commercial BankCEO
Hathibelagal Seshagiridas
China Dasheng Bank
Commercial BankMD
Hussein Khamis
CitibankCommercial BankMD/CEO
Omar Hafeez
CRDB BankCommercial BankMD/CEO
Abdulmajid Mussa Nsekela
DCB Commercial BankCommercial BankMDGodfrey Ndalahwa
Diamond Trust Bank (DTB)Commercial BankCEO Viju Cherian
Ecobank
Commercial BankMDCharles Asiedu
Equity bankCommercial BankMDRobert Gatimu Kiboti
Exim BankCommercial BankCEO Jaffari Matundu
First National Bank (FNB)Commercial BankCEO
Warren Adams
Guaranty Trust Bank (GTBank)
Commercial BankMDJubril Adeniji
Habib African BankCommercial BankMDShaheen Hasan Rizvi
I&M Bank
Commercial BankCEO
Baseer Mohammed
International Commercial Bank (ICB)Commercial BankCEOVilly Vellayappan
KCB Bank Commercial BankMD
Cosmas Kimario
Letshego Bank Commercial BankCEO
Andrew Tarimo
Mkombozi Commercial BankCommercial BankMDRespige Kimati
Mwalimu Commercial Bank
Commercial BankCEO
Richard Louis Makungwa
National Bank of Commerce (NBC)Commercial BankMD
Theobald Sabi
NCBACommercial BankMD/CEO
Margaret Karume
National Microfinance Bank (NMB)Commercial BankCEO
Ruth Zaipuna
Peoples' Bank of Zanzibar Commercial BankMDJuma Hafidh
Stanbic BankCommercial BankCEO
Kevin Wingfield
Standard Chartered Bank Commercial BankCEO
Sanjay Rughani
Tanzania Commercial Bank Commercial BankCEO
Sabasaba Moshinghi
United Bank for Africa (UBA) Commercial BankMD/CEO
Kingsley Ulinfun
Community Banks: 5
Kilimanjaro Cooperative Bank Community Bank
CEO
Elizabeth Makwabe
Maendeleo BankCommunity Bank
MD
Ibrahim Mwangalaba
Mufindi Community Bank (MuCoBa)Community BankGM
Phlip Raymond
Tandahimba Community Bank Community BankGM
Steven Mugwagi
Uchumi Commercial BankCommunity BankMD
Angela Moshi
Microfinance Banks: 4
Finca Microfinance Bank Microfinance Bank
CEO
Edward Talawa
Mwanga Hakika Microfinance Bank
Microfinance Bank
MDJagit Singh
VisionFund Tanzania Microfinance Bank Microfinance Bank
CEO
Joyce Temu
Yetu Microfinance Bank Microfinance Bank
MD
Altemius Millinga
Development Banks: 2
TIB Development Bank Development Bank
MD
Charles Singili
Tanzania Agricultural Development Bank (TADB)Development Bank
MDJaphet Justine
Mortgage Banks: 2
First Housing Company TanzaniaMortgage BankCEOSasa M. Chonza
Tanzania Mortgage Refinance CompanyMortgage BankCEOOscar Mgaya

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)


BancABC KCB Tanzania merger

November 30, 2020

BancABC Tanzania to Merge With KCB Bank

Atlas Mara, ABC Holding, and KCB Group have signed a definitive agreement regarding the proposed acquisition of African Banking Corporation Tanzania (BancABC) by KCB.