The Bank of Tanzania is mandated to regulate and supervise all banks, financial Institutions, and Bureau de Change in the country. Further, the Bank of Tanzania is mandated to regulate and supervise all financial matters of all social security schemes (Pensions corporations), National Health Insurance Fund (NHIF), and the Workers Compensation Fund (WCF) in Tanzania. National Social Security Regulatory Authority (NSSRA) regulates other matters of social security schemes (Pensions corporations), National Health Insurance Fund (NHIF), and the Workers Compensation Fund (WCF) in Tanzania.
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Hereunder are some of the key definitions of terms used:
- Banking Business means the business of receiving funds from the general public through the acceptance of deposits payable upon demand or after a fixed period or after notice, or any similar operation through the frequent sale or placement of bonds, certificates, notes, or other securities, and to use such funds, in whole or in part, for loans or investments for the account of and at the risk of the person doing such business;
- Bank means an entity that is engaged in the banking business;
- Financial Institution means an entity engaged in the business of banking, but limited as to size, locations served, or permitted activities, as prescribed by the Bank or required by the terms and conditions of its license;
- Fully-Fledged Bank means a bank or financial institution which conducts all permissible activities under the provisions of the Act;
- Limited-Scope Bank means a bank or financial institution which carries out limited-scope banking business including limitation of accepting deposits payable upon demand or subject to withdrawal by cheque;
- Microfinance Bank means a bank or financial institution which undertakes banking business mainly with individuals, groups, and micro and small enterprises in rural or urban areas;
- Microfinance Institution means an institution engaged in the provision of microfinance loans which is not regulated by the Bank;
- Community Bank means a financial institution serving a defined geographical area whose primary activities shall be restricted to acceptance of deposits and lending and such other activities as the Bank may specify;
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 the 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.
Development financial institutions
- Tanzania Agricultural Development Bank
- Tanzania Mortgage Refinance Company
- TIB Development Bank
Community banks
- Kilimanjaro Cooperative Bank
- Maendeleo Bank Plc
- Mufindi Community Bank Plc
- Mwanga Rural Community Bank Limited
- Tandahimba Community Bank Limited
- Tanzania Women’s Bank
- Uchumi Commercial Bank Limited.
Microfinance banks
- EFC Tanzania Microfinance Bank
- Finca Microfinance Bank