Tanzania Finance
Tanzania embarked on financial liberalization in 1992 in order to sustain its economic growth. This has been done by mobilizing financial resources, increasing competition in the financial market, and enhancing quality and efficiency in credit allocation. As a result, the sector has been booming, particularly during the last few years.
Tanzania Banking
As a result of the liberalization, the banking sector in Tanzania has been booming, particularly over the last few years and new merchant banks, commercial banks, bureaus de change, credit bureaus, and other financial institutions have entered the market.
With a total of 49 licensed banks and other non-banking financial institutions, the market is characterized by a few big players and several small banks, and increasing competition.
Tanzania Insurance
The insurance penetration in Tanzania, i.e. the contribution of insurance to National Gross Domestic Product remains very limited, paving the way for plenty of room for further growth.
The Tanzania insurance sector is growing steadily, with 30 insurance companies, 109 insurance brokers, and 635 insurance agents as of December 2018.
Tanzania Capital Markets
The securities market in Tanzania also emerged in the 1990s as a result of the government policy of liberalizing the financial sector.
Within such framework, the Capital Markets and Securities Authority (CMSA) was established in 1994 and the Dar es Salaam Stock Exchange (DSE) was incorporated.
As of September 2020, there are 27 companies listed at the Dar es Salaam Stock Exchange (DSE) with a total market capitalization of TZS 15,183.09 billion (USD 6.5 billion).
Sources: Bank of Tanzania (BoT), Dar es Salaam Stock Exchange (DSE), Tanzania Insurance Regulatory Authority (TIRA)
Last Update: 10th September 2020
Stanbic Bank Tanzania Simplify Account Opening With Self-Registration
Digital innovation has reached a new level with Stanbic Bank Tanzania’s latest self-onboarding solution dubbed BOFYA BOFYA, which aims to enhance customer experience by simplifying…
Stanbic Bank Named Tanzania’s Bank of The Year
The Banker Magazine, the world’s longest-running international banking publication, has named Stanbic Bank Tanzania as Tanzania’s “Bank of the Year 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.
Stanbic Bank Tanzania Launch Asset Protection Insurance
Stanbic Bank Tanzania has launched its new bancassurance service named “Bima Bomba’’ which provides customers with insurance policies to protect and secure their assets and…
Bank of Tanzania Take Control of China Commercial Bank
The Bank of Tanzania (BOT) has effective from 19th November 2020, taken over and placed under statutory administration China Commercial Bank Limited (CCB).
Stanbic Bank Wins the Best Investment Bank Award 2020
Stanbic Bank Tanzania has been named Best Investment Bank in Tanzania for the year 2020 by EMEA Finance – a journal dedicated exclusively to reporting…
Stanbic Bank Tanzania Launch Contactless Debit Cards
Stanbic Bank Tanzania has launched contactless debit cards, which allow customers to tap their cards to complete a payment transaction, instead of inserting the card…
Interview with Abdulmajid Nsekela CEO & MD of CRDB Bank Tanzania
TanzaniaInvest interviewed Abdulmajid Nsekela CEO & MD of CRDB Bank Tanzania, the largest bank in the country in terms of assets, loans & advances and…
Condolences Ken Cockerill Former Chief Executive of Stanbic Bank Tanzania
It is with great sadness that Stanbic Bank announces the passing of Ken Cockerill who worked with the bank for almost seven years. Ken worked…