Commercial Banks in Tanzania makes the country one of the fastest-growing economies of the 21st century and is ranked amongst the top mid economies globally. One of the biggest reasons behind this stupendous growth is the robust banking network that Tanzania possesses
As per the latest IMF (International Monetary Fund), Tanzania has the most extensive branch network for commercial banks in the world. This extensive network of Commercial Banks in Tanzania enables every common citizen with easy access to the banking facilities, helping with the progress of the country
What are commercial banks?
Commercial Banks are the financial institutions which are licensed by the Central Bank of Tanzania, i.e., BoT, to perform essential banking functions including accepting deposits and offering Personal Loans and other lending options
The principal aim of the commercial banks in Tanzania is to earn profits, i.e., they engage in banking business to generate profit
Apart from individual customers, they deal with business entities as well offer several types of Short-Term and Long-Term Loans. The primary source of profit for the best Commercial Banks in Tanzania is the difference between interest rates charged from borrowers and interest rates offered to.
Different types of commercial banks in Tanzania
Commercial Banks in Tanzania can be classified into three different categories
1. Public Sector Banks:
These banks are those financial institutions that have at least 51% of their ownership being held by the central government. The management control is also in the hands of the union government. State Bank of Tanzania, CRDB, Tanzania Postal Bank are some of the leading public sector banks in the country
2. Private Sector Banks
These banks are the financial institutions whose majority shareholding is with corporations and individuals
3. Foreign Banks
These banks have their headquarters located outside Tanzania. They perform their banking functions through their wholly controlled subsidiaries. Barclays Bank, Absa Bank and Standard Chartered Bank are some of the leading foreign banks in Tanzania
Top 10 commercial banks in Tanzania
With numerous commercial banks offering their services in the country, you might be wondering about the best Commercial Banks in Tanzania. For your convenience and information, here is a list of the top 10 Commercial Banks in Tanzania: –
1. CRDB Bank Plc: #1 Best of all Commercial Banks in Tanzania
CRDB Bank is a leading private sector commercial bank in Tanzania which started its operations in 1991. Presently, the bank boasts of 268+ branches and 560 ATM’s across various cities in Tanzania, 14,761 bank agents and 2,237 POS merchants. The bank has a large customer base of more than 3.3 million, CRDB bank has a presence in Burundi
With 3,400+ employees and total market assets of more than TZS 6.6 Trillion and total capital of TZS 873 Billion as of 2019 annual report. The Bank operates three subsidiaries of CRDB Bank Burundi, CRDB Insurance Broker Limited which operates in Tanzania and CRDB Microfinance Services Limited
CRDB Bank Plc offers personal and corporate banking, wealth management, insurance, foreign exchange, savings and current accounts, mortgages, credit and debit cards, money transfer, online banking and other services through one of the largest branch and ATM network in Tanzania
2. NMB Bank: #1 Best Commercial Banks in Tanzania for SMEs
NMB Bank is a prominent private sector Commercial Bank which was established in the year 1994. At present, NMB Bank has more than 224+ branches and 794+ ATMs across various cities in Tanzania with a customer base of approximately 3.5 million
NMB Bank has 5,980 agents all over the country. NMB Bank employs 3,450+ employees. The total market assets of the bank as of 2019 is TZS. 6.5 Trillion and total capital of TZS 972 Billion
For seven years in a row, the Bank has been a winner of the Euromoney Awards for Excellence being awarded the prestigious ‘Best Bank in Tanzania 2018’ Award. The Bank is also proud to have yet again been awarded by the National Board of Accountants and Auditors (NBAA) for the ‘Best presented financial statements 2018’
3. NBC Bank: #1 Best Commercial Banks in Tanzania Businesses
NBC Bank is the third-largest private sector bank of Tanzania which started its operations in 1967. It has an extensive network of 51+ branches and 230+ ATMs across Tanzania. The employee strength of the bank presently stands at 1,200+, the total market capitalisation of NBC Bank is more than TZS. 1.9 trillion with total assets of trillion.
4. KCB Bank Tanzania
KCB Bank Tanzania Limited was incorporated in April 1997. KCB Bank Tanzania is a subsidiary of KCB Bank Group which operates also in Kenya, Uganda, South Sudan, Rwanda and Burundi.
KCB Bank has a network of 14 branches, 15 full-service ATMs machines, 144 Agents and 289 POS Merchant outlets in various cities of Tanzania. The bank has Staff of 287 employees in Tanzania
KCB is a one branch Bank that operates in an advanced Core-banking System (T24). This state-of-the-art system puts KCB business on one IT platform which enables its customers to transact at any KCB Branch across East Africa as if they were at their domicile branch
KCB is the first bank in the region to have listed its shares in various stock markets in East Africa including Dar es Salaam stock exchange, Nairobi Securities Exchange, Uganda stock exchange and Rwanda over the mark
5. ABSA International
Absa Bank Tanzania is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees
It is the largest private sector bank in Tanzania. It offers personal and corporate banking, wealth management, insurance, foreign exchange, savings and current accounts, mortgages, credit and debit cards, money transfer, online banking and other services. The bank has more than 264 ATMs and over 64 branches 950 POS agents in Tanzania. The company employs about 1,662 staff in Tanzania.
6. Stanbic Bank
7. Exim Bank
Exim Bank is one of the leading financial services providers in 4 countries and Tanzania’s first international bank. Since welcoming our first customers in Samora Branch, Dar es Salaam, in 1997, Exim Bank has continued to expand its national and regional reach.
The Bank’s operations span Dar es Salaam, Zanzibar, Tanga, Morogoro, Kilimanjaro, Arusha, Manyara, Mwanza, Shinyanga, Kigoma, Iringa, Mbeya and Mtwara regions in Tanzania and overseas subsidiaries in the Anjouan, Moheli and Moroni Islands of the Union of Comoros, in the Republic of Djibouti and Uganda– an international presence unmatched by other Tanzanian banks.
he Bank has had significant breakthrough innovations through the deployment of world-class technology and customer-focused products. We are proud to be the first bank to introduce Credit Cards with the launch of International Debit MasterCard, Visa Platinum cards, TANAPA debit cards and Visa credit cards in Comoros. We also pioneered Mobile ATM facility solutions and an exclusive financing scheme for women in Tanzania.
8. Diamond Trust Bank
Diamond Trust Bank (DTB) is a leading regional bank, listed on the Nairobi Securities Exchange (NSE). An affiliate of the Aga Khan Development Network (AKDN), DTB has operated in East Africa for over seventy years.
DTB’s focus on the SME sector and commitment to enhancing convenience for customers through branch network expansion has driven the Bank’s growth in recent years.
With over one hundred and thirty branches in Kenya, Tanzania, Uganda, and Burundi, some of which are 24/7 digital branches, DTB is committed to enabling people to advance with confidence and success. The Bank’s heritage and values are articulated in its brand promise, Achieve More, and brought to life through an engaged diverse workforce.
9. DCB Bank Plc
Established in the year 2001, Dar es Salaam Commercial Bank Plc is headquartered in Dar es Salam. DCB is the largest bank in Dar es Salaam and Offering numerous services ranging from Retail to Wholesale Banking, Credit to Debit Cards, Home Loans to Auto Loans, amongst others, the bank serves millions of customers across Tanzania. Today, DCB boasts of as many as 15+ branches, 250 ATMs, and generates employment for over 200+ people in Tanzania.
The Bank offers Home Loan, Personal Loan, Loan Against Property, Loan Against Securities, Education Loan, Pre-owned Car Loan, Two Wheeler Loan, Three Wheeler Loan, Gold Loan, Loan on Credit Card, Loan Against Car, Business Growth Loan, and so on. The bank offers various cards under Credit Cards, Debit Cards, Millennia Cards, Commercial Credit Cards and Prepaid Cards.
You can open Savings Account, Salary Account, Current Accounts, Rural Accounts, Sukanya Samridhi Account, Public Provident Fund, and Demat Accounts with the bank. The bank offers deposit facilities under Fixed Deposit, Recurring Deposit, Non-Withdrawal Deposits, and My Passion Fund.
10. Standard Chartered
Standard Chartered plc is a global financial services organization with over 200+ employees and 7 branches and over 8 Automated tellers machines. It has operations in over 6 markets and offers consumer and wholesale banking services including deposits, personal and business loans, wealth management, mortgages, auto finance, mergers and acquisition advisory, online banking, international money transfer (or wire transfers) and more.