By Charles Mhina, Head of Transactional Products and Services at Stanbic Bank Tanzania.
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.
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 56 licensed banks and other non-banking financial institutions, which are not allowed to open current accounts, the market is characterized by a few big players and several small banks, and increasing competition.
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 and 112 insurance brokers currently active in the market.
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.
To date, there are 21 companies listed at the DSE, for a total market capitalization of TZS 20,186.48 billion, (December 18th, 2015).
By Nachona Hussein, Head of Products & MIS at Stanbic Bank Tanzania.
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The position of Enterprise Data Manager is currently available at Stanbic Bank Tanzania. Level: SBG 11. Deadline for application is 20th July 2018.