Canara Bank Tanzania Ceases Operations Following Transfer to Exim Bank

The Bank of Tanzania (BOT) announced today, January 10, 2025, that it has approved the transfer of all assets and liabilities of Canara Bank Tanzania Limited to Exim Bank Tanzania Limited.

The transfer, approved under Section 30(1)(b) of the Banking and Financial Institutions Act, 2006, marks the end of Canara Bank Tanzania’s operations as of December 20, 2024.

According to the BOT’s public notice, effective December 21, 2024, all customers of the defunct Canara Bank Tanzania Limited have been served by Exim Bank Tanzania Limited.

The Bank of Tanzania reiterated its dedication to safeguarding the interests of depositors and creditors while maintaining the stability of Tanzania’s banking sector.

This announcement confirms the transition and serves as a reminder to former Canara Bank customers that their banking services are now available through Exim Bank Tanzania.

Canara Bank Tanzania Limited, a wholly owned subsidiary of India’s Canara Bank, commenced operations in May 2016, offering a range of banking services to corporate, small and medium-sized enterprises, and individual customers.

In recent years, Tanzania’s banking sector has experienced significant consolidation. Between 2017 and 2024, the number of banks decreased from 59 to 45.

Banks closed due to mergers, acquisitions, or regulatory actions as the Bank of Tanzania has been proactive in maintaining the stability of the banking sector, including revoking licenses of undercapitalized banks and facilitating mergers to create more robust financial institutions.