The banking landscape in Tanzania has experienced remarkable growth and transformation in recent years, with the country being home to 47 licensed banks, including 34 commercial banks, four community banks, four microfinance banks, two development banks, 1 Non-Bank Financial Institution, 1 House Financing Company, and 1 Mortgage Refinancing Company.
In this article, we will highlight the best banks in Tanzania that have distinguished themselves as leaders in offering a wide range of financial solutions to individuals, businesses, and communities alike.
Our selection of these banks is based on a meticulous evaluation process, considering key aspects such as financial stability, customer satisfaction, the breadth of products and services, technological innovations, and their significant contributions to the Tanzanian economy. This analysis draws from various data sources, including customer feedback, financial reports, and industry insights.
Top 10 Banks In Tanzania
- Largest Bank in Tanzania: CRDB Bank
- Best Bank for Savings: NMB Bank
- Best National Bank: National Bank of Commerce (NBC)
- Most Notable Regional Bank: Kenya Commercial Bank Tanzania (KCB Tanzania)
- Best International Bank: ABSA Bank Tanzania
- Best Commercial Bank: Stanbic Bank Tanzania
- Best Bank For Women: Exim Bank Tanzania
- Best Digital Bank: Diamond Trust Bank Tanzania (DTB)
- Best Bank for Savings: Dar es Salaam Commercial Bank (DCB)
- Best Bank for SMEs: Standard Chartered Bank in Tanzania
Largest Bank in Tanzania: CRDB Bank
CRDB Bank, one of the leading financial institutions in Tanzania, has established itself as a powerhouse in the country’s banking sector. With a strong focus on innovation, customer satisfaction, and financial inclusion, CRDB Bank has consistently been recognised as a top performer in the industry.
As the largest bank in Tanzania, CRDB Bank boasts an extensive network of branches and ATMs strategically positioned across the country, ensuring convenient access to its services for individuals and businesses alike. This widespread presence reflects the bank’s commitment to reaching every corner of Tanzania and providing financial solutions.
CRDB Bank’s dedication to supporting micro, small, and medium-sized enterprises (SMEs) has earned it the prestigious title of “Best SME Bank in Tanzania.” The bank understands SMEs’ vital role in driving economic growth and job creation, and it has tailored its products and services to meet their unique needs. By offering specialised financing options, business advisory services, and digital banking solutions, CRDB Bank empowers SMEs to thrive and contribute to Tanzania’s development.
In addition to its focus on SMEs, CRDB Bank offers a comprehensive range of banking services to cater to the diverse needs of its customers. From personal banking and corporate banking to trade finance, treasury services, and investment banking, the bank provides a holistic suite of solutions designed to meet the financial goals of individuals and businesses at every stage.
CRDB Bank’s commitment to innovation is evident in its adoption of cutting-edge technology to enhance customer experience and streamline banking processes. The bank has invested in digital banking platforms, allowing customers to conveniently access their accounts, make transactions, and access a wide range of banking services from the comfort of their homes or offices. This digital transformation has improved efficiency and contributed to financial inclusion by reaching previously underserved populations.
Beyond its financial services, CRDB Bank actively engages in corporate social responsibility initiatives, demonstrating its commitment to giving back to the communities it serves. The bank supports various social and environmental causes, including education, healthcare, and environmental conservation, positively impacting Tanzanian society.
With its strong financial performance, customer-centric approach, and commitment to innovation and social responsibility, CRDB Bank continues to be a driving force in Tanzania’s banking sector. As the bank looks to the future, it remains dedicated to empowering individuals, supporting businesses, and contributing to the overall development of Tanzania’s economy.
Best Bank for Savings: NMB Bank
NMB Bank is indeed a prominent player in Tanzania’s financial landscape. Established in 1994, it has grown to become one of the country’s most recognised and respected private-sector commercial banks. With over 224 branches and 794 ATMs across various Tanzanian cities, NMB Bank emphasises accessibility and inclusivity, serving over 3.5 million customers and collaborating with 5,980 agents nationwide.
NMB Bank’s commitment to excellence extends to its financial reporting, as evidenced by its consistent recognition by the National Board of Accountants and Auditors (NBAA) for “Best Presented Financial Statements.” This recognition highlights the bank’s dedication to transparency and accountability.
In terms of financial performance, NMB Bank has achieved significant success. In 2019, it reported a profit after tax of TZS 142 billion, representing a remarkable 46% increase from the previous year. This consistent growth pattern has positioned NMB Bank as one of the most profitable banks in Tanzania.
Beyond financial accomplishments, NMB Bank plays a crucial role in driving Tanzania’s growth. It offers a comprehensive range of financial products and services, including retail and corporate banking, microfinance, and investment banking, catering to diverse customer needs.
NMB Bank also strongly emphasises supporting micro, small, and medium-sized enterprises (SMEs). Its consistent recognition as the “Best Bank in Tanzania” by the Euromoney Awards for Excellence for seven consecutive years reflects its unwavering support for businesses contributing to economic growth.
By leveraging its extensive branch network and innovative digital banking solutions, NMB Bank adds tangible value to its customers’ lives. Its commitment to businesses and communities positions it as a driving force for positive change in Tanzania’s economic trajectory.
Best National Bank: National Bank of Commerce (NBC)
The National Bank of Commerce (NBC) is a prominent financial institution that operates in several countries. With a rich history and a strong presence in the banking industry, NBC offers its customers a wide range of services.
As a customer of NBC, you can benefit from various banking services, including personal and business accounts, loans, mortgages, credit cards, and investment opportunities. The bank strives to provide convenient and secure banking solutions to meet the diverse needs of its customers.
One of the key strengths of NBC is its commitment to customer satisfaction. The bank delivers exceptional customer service and ensures clients have a positive banking experience. Whether you need assistance with account management, financial planning, or any other banking-related matter, NBC’s dedicated team of professionals is there to help.
Through online and mobile banking platforms, you can conveniently manage your accounts, make transactions, and access a range of banking services from anywhere at any time.
Most Notable Regional Bank: Kenya Commercial Bank Tanzania (KCB Tanzania)
KCB Bank Tanzania Limited, established in April 1997, is a commercial bank in Tanzania helping to drive financial progress and innovation. As a subsidiary of the KCB Bank Group, which operates across multiple East African countries, KCB Bank Tanzania benefits from a strong regional network.
With 14 strategically located branches, 15 full-service ATMs, 144 agents, and 289 point-of-sale (POS) merchant outlets, KCB Bank Tanzania ensures convenient access to its services for individuals and businesses.
At the core of KCB Bank Tanzania’s operations is its advanced Core Banking System (T24), a cutting-edge technology that unifies all KCB operations onto a single IT platform. This enables customers to conduct banking transactions seamlessly at any KCB branch as if at their home branch.
KCB Bank Tanzania has demonstrated its forward-thinking approach by being the first East African bank to list its stock on multiple stock exchanges. It is listed on stock exchanges such as Mark’s Stock Exchange, Nairobi Securities Exchange, Dar’s Stock Exchange, Rwanda, and Uganda Stock Exchange, solidifying its position as a regional banking trailblazer.
With a rich heritage from the nineteenth century, KCB Bank Tanzania Limited has evolved into a champion of financial excellence and customer-centricity. The bank’s commitment to innovative technology, strategic partnerships, and unwavering values sets it apart in Tanzania’s banking sector. KCB Bank Tanzania remains dedicated to driving prosperity, enabling growth, and transforming lives in the communities it serves.
Best International Bank: ABSA Bank Tanzania
As a subsidiary of ABSA Group Limited, one of Africa’s largest financial services providers, ABSA Bank Tanzania offers a wide range of banking products and services to individuals, businesses, and corporate clients.
With a network of branches strategically located across Tanzania, ABSA Bank ensures convenient access to its services. The bank also provides digital banking solutions, including online and mobile banking platforms, allowing customers to manage their accounts, make transactions, and access various banking services from the comfort of their homes or on the go.
ABSA Bank Tanzania is committed to delivering exceptional customer service. The bank’s dedicated team of professionals can assist customers with their banking needs, provide guidance, and address any inquiries or concerns.
In addition to traditional banking services such as personal and business accounts, loans, and credit cards, ABSA Bank Tanzania offers specialised services tailored to corporate clients’ unique needs. These services include trade finance, cash management, treasury solutions, and corporate lending.
Best Commercial Bank: Stanbic Bank Tanzania
Stanbic Bank Tanzania Limited is a full-service commercial bank that provides comprehensive facilities and services to public and private sector corporations, diplomatic missions, and international organisations.
As a Standard Bank Group of South Africa member, Stanbic Bank Tanzania has strong backing and access to a wide range of resources and expertise. The bank was established in May 1995 when the Standard Bank Group acquired the operations of Meridien Biao Bank Tanzania Limited.
Stanbic Bank Tanzania offers a diverse range of banking products and services tailored to meet the specific needs of its corporate clients. These services include corporate banking, trade finance, cash management, treasury solutions, and corporate lending. The bank aims to provide efficient and effective financial solutions to support the growth and success of its corporate customers.
With its extensive experience and expertise, Stanbic Bank Tanzania has built a reputation for delivering high-quality services and maintaining strong relationships with its corporate clients. The bank understands the unique requirements of corporations, diplomatic missions, and international organisations and strives to provide tailored solutions to meet their financial needs.
By leveraging the resources and global network of the Standard Bank Group, Stanbic Bank Tanzania can offer its corporate clients access to international markets and a wide range of financial services.
Best Bank For Women: Exim Bank Tanzania
Exim Bank is a prominent financial institution that has established itself as a leading provider of financial services in multiple countries. With its roots in Tanzania, Exim Bank has grown steadily since its inception in 1997 and has become the country’s first international bank. Over the years, the bank has expanded its operations and now serves customers in various locations, including Dar es Salaam, Zanzibar, Tanga, Morogoro, Kilimanjaro, Arusha, and Manyara.
Exim Bank’s unwavering commitment to innovation and customer-centric solutions sets it apart. The bank has been at the forefront of introducing cutting-edge technology and progressive financial products to enhance the banking experience for its customers. Notably, Exim Bank was the first to introduce credit cards in Comoros, offering a range of cards such as International Debit MasterCards, Visa Platinum cards, Visa credit cards, and TANAPA debit cards. Additionally, the bank has implemented mobile solutions for ATMs, making banking more accessible and convenient for its customers.
Exim Bank’s dedication to inclusivity is evident in its groundbreaking lending program tailored specifically for women in Tanzania. By empowering women through financial support, the bank plays a vital role in promoting gender equality and driving economic growth.
As a trailblazer in the banking sector, Exim Bank has transformed the financial landscape in Tanzania and made a significant impact across international borders. Its commitment to excellence, technological advancement, and customer empowerment has positioned it as a leading financial institution in the region.
Best Digital Bank: Diamond Trust Bank Tanzania (DTB)
Diamond Trust Bank (DTB) is a leading regional bank listed on the Nairobi Securities Exchange (NSE). It has been operating in East Africa for over seventy years and is affiliated with the Aga Khan Development Network (AKDN). DTB’s growth in recent years can be attributed to its focus on the SME sector and its commitment to expanding its branch network to enhance convenience for customers.
DTB has a strong presence in Kenya, Tanzania, Uganda, and Burundi, with over one hundred and thirty branches. Some branches are digital branches that operate 24/7, providing customers with convenient access to banking services. The bank’s brand promise, “Achieve More,” reflects its heritage and values, and it is brought to life through the efforts of its engaged and diverse workforce.
In Tanzania, DTB is recognised as a prominent regional bank and is committed to uplifting communities in East Africa. Its affiliation with the AKDN further emphasises its dedication to this cause. The bank’s expansion in Tanzania has been strategically focused on the SME market, and establishing new branches has been aimed at improving customer convenience and accessibility.
With its extensive branch network across Tanzania, Kenya, Burundi, and Uganda, including digital branches, DTB empowers individuals to succeed. Its mission revolves around fostering financial independence and personal growth for its customers. The bank’s brand promise, “Achieve More,” encapsulates this commitment, and it is supported by a diverse and talented workforce who share in the bank’s mission.
DTB’s presence in East Africa spans nearly seventy years, and its commitment to the SME sector and branch network expansion has contributed to its remarkable growth. As a regional bank, DTB continues to positively impact the financial landscape and is dedicated to enabling progress and success for individuals and businesses.
Best Bank for Savings: Dar es Salaam Commercial Bank (DCB)
Dar es Salaam Commercial Bank (DCB) Plc was founded in 2001, and its headquarters is in Dar es Salaam. As a publicly traded entity, DCB Plc has earned its reputation as Tanzania’s premier bank because of its various retail and wholesale banking solutions that cater to millions of esteemed customers.
DCB Plc delivers a wide range of indispensable services. It ranged from retail and wholesale banking to credit and debit cards, mortgage and vehicle loans; DCB Plc meticulously crafts financial solutions to meet diverse needs. With an expansive presence encompassing over 15 locations and a robust network of 250 automated teller machines (ATMs), the bank has extended its reach across the nation.
The bank’s various loan options, including mortgages, personal loans, and loans secured by real estate and securities, help the customers in different ways. DCB Plc also supports diverse financial endeavours, including loans for vehicle and motorcycle purchases, gold-backed loans, and credit card debt consolidation.
Embracing financial inclusivity, DCB Plc opens the door to countless accounts, ranging from savings and salary to rural and specialised accounts. The bank’s diverse deposit options, including Recurring Deposits, Fixed Deposits, My Passion Fund, and Non-Withdrawable Deposits, empower customers to manage their resources confidently.
Best Bank for SMEs: Standard Chartered Bank in Tanzania
Standard Chartered Bank is a well-established and reputable international bank in Tanzania with a rich history dating back to 1917. As one of the oldest international banks in the country, Standard Chartered has witnessed significant milestones in Tanzania’s history, including its independence in 1964.
With branches in key cities across Tanzania, Standard Chartered Bank is the largest international bank, employing over 330 dedicated professionals. The bank offers comprehensive services, including global banking, financial markets, retail banking, and commercial banking.
Tanzania is an attractive market for Standard Chartered Bank due to its diversified economic growth. The country has experienced an average GDP growth rate of 7% over the past decade, making it one of the few economies in Africa and the world with such consistent growth. With a population of 50 million and a well-diversified economic base, Tanzania presents unique opportunities for the bank.
Standard Chartered Bank has established a strong presence in Tanzania, with a network of over 20 branches and ATMs throughout the country. The bank is committed to delivering essential financial services to individuals and businesses. Its offerings include personal and business loans, deposits, wealth management, mortgages, auto financing, and M&A advisory services. Through online banking and international wire transfers, Standard Chartered Bank ensures convenient access to global financial transactions for its customers.
With a legacy of over 200 employees and a network of seven branches, Standard Chartered Bank has become a trusted partner in the Tanzanian financial landscape. The bank’s commitment to providing a comprehensive range of consumer and wholesale banking services demonstrates its dedication to meeting the diverse needs of its customers.
List of Top 10 Banks in Tanzania and Their Ratings
| Bank Name | Rating | Location | Assets | Email Address |
| NMB Bank | 4.2 | Dar es Salaam, Tanzania | $2.5 billion | [email protected] |
| CRDB Bank | 4.6 | Dar es Salaam, Tanzania | $3.2 billion | [email protected] |
| National Bank of Commerce | 3.8 | Dar es Salaam, Tanzania | $1.8 billion | [email protected] |
| Kenya Commercial Bank Tanzania | 3.8 | Lumumba | $2.1 billion | [email protected] |
| ABSA Bank Tanzania | 3.2 | Ohio Street, Dar es Salaam | $1.6 billion | [email protected] |
| Stanbic Bank Tanzania | 4.6 | Dar es Salaam, Tanzania | $2.9 billion | [email protected] |
| Exim Bank (Tanzania) | 2.6 | Dar es Salaam, Tanzania | $1.3 billion | [email protected] |
| Diamond Trust Bank (Tanzania) | 3.2 | Dar es Salaam, Tanzania | $1.7 billion | [email protected] |
| DCB Bank Plc | 2.0 | Dar es Salaam, Tanzania | $1.2 billion | [email protected] |
| Standard Chartered Bank in Tanzania | 3.8 | Dar es Salaam, Tanzania | $2.3 billion | [email protected] |
What is a Commercial Bank?
A commercial bank is a licensed financial institution regulated by the Central Bank of Tanzania, such as the BoT, authorised to perform fundamental banking functions. These include accepting deposits, providing personal loans, and extending various lending options. The primary objective of these banks is to generate profits, mainly by facilitating financial transactions for individuals and business entities.
Commercial banks offer services such as loans, savings accounts, certificates of deposits, and overdrafts, effectively utilising the capital from customers’ deposits to provide loans and generate interest income. These banks play a crucial role in the economy by creating capital, credit, and liquidity, contributing to economic growth and stability.
Top 10 Largest Commercial Banks in Tanzania by Assets
- CRDB – TZS 11.6 trillion (USD 4.9 billion)
- NMB – TZS 10.2 trillion (USD 4.2 billion)
- NBC – TZS 2.8 trillion (USD 1.2 billion)
- Exim – TZS 2.3 trillion (USD 1 billion)
- DTB – TZS 1.6 trillion (USD 680 million)
- PBZ – TZS 1.4 trillion (USD 590 million)
- Stanbic – TZS 1.3 trillion (USD 560 million)
- StanChart – TZS 1.3 trillion (USD 560 million)
- Citi Bank – TZS 1.3 trillion (USD 560 million)
- Absa – TZS 1.1 trillion (USD 460 million)
Full List of All The Banks In Tanzania
| Bank Type | Title | Founder/CEO |
| Commercial Banks: 34 | Absa Bank | Obedi Laiser |
| African Banking Corporation | Imani John Bgoya | |
| Akiba Commercial Bank (ACB) | Silvest Arumasi | |
| Amana Bank | Abubakar Athman Ali | |
| Azania Bank | Esther Mang’enya | |
| Bank of Africa (BOA) | Adam Mihayo | |
| Bank of Baroda | Aditya Narayan Singh | |
| Bank of India | Antaryami Sarangi | |
| Canara Bank | Tanjore Balaji Rao | |
| China Dasheng Bank | Cheng Ji | |
| Citibank | Geofrey Mchangila | |
| CRDB Bank | Abdulmajid Nsekela | |
| DCB Commercial Bank | Isidori Msaki (acting) | |
| Diamond Trust Bank (DTB) | Ravneet Chowdhury | |
| Ecobank | Charles Asiedu | |
| Equity Bank | Isabela Maganga | |
| Exim Bank | Jaffari Matundu | |
| Guaranty Trust Bank (GTBank) | Odunayo Akinyede | |
| Habib African Bank | Shaheen Hassan Rizvi | |
| I&M Bank | Zahid Mustafa | |
| International Commercial Bank | Sanjeev Anand | |
| KCB Bank | Cosmas Kimario | |
| Letshego Faidika Bank | Baraka Munisi | |
| Mkombozi Commercial Bank (MCB) | Respige Kimati | |
| Mwanga Hakika Bank | Jagat Singh | |
| National Bank of Commerce (NBC) | Theobald Sabi | |
| NCBA | Claver Serumaga | |
| National Microfinance Bank (NMB) | Ruth Zaipuna | |
| Peoples’ Bank of Zanzibar | Muhsin Masoud | |
| Stanbic Bank | Kevin Wingfield | |
| Standard Chartered Bank | Herman Kasekende | |
| Tanzania Commercial Bank (TBC) | Sabasaba Moshinghi | |
| United Bank for Africa (UBA) | Gbenga Makinde | |
| Community Banks: 4 | Kilimanjaro Cooperative Bank | Godfrey Joe Ng’ura |
| Mufindi Community Bank (MuCoBa) | Philip Raymond | |
| Tandahimba Community Bank | Yahya Jumanne Kiyabo | |
| Uchumi Commercial Bank | Samwel Wado | |
| Microfinance Banks: 4 | AccessBank Microfinance Bank | Julius Ruwaichi |
| Finca Microfinance Bank | Edward Talawa | |
| VisionFund Tanzania M. Bank | Chilala Hakooma | |
| Yetu Microfinance Bank | Umaiya Abbas Masoli | |
| Development Banks: 2 | TIB Development Bank | Makurwe Mauna (acting) |
| Tanzania Agricultural Dev. Bank (TADB) | Frank Nyabundege | |
| Non-Bank Financial Institutions: 1 | Maendeleo Bank | Ibrahim Mwangalaba |
| House Financing Cos: 1 | First Housing Co. Tanzania | Sasa Chonza |
| Mortgage Refinancing Co: 1 | TMRC | Oscar Mgaya |
Conclusion
Among the top banks in Tanzania, institutions such as CRDB Bank, NMB Bank, and Standard Chartered Bank have demonstrated their strength and reliability, earning the trust and confidence of countless customers. These banks have embraced innovation and played a vital role in driving Tanzania’s economic growth and development.
We hope that this comprehensive guide has provided you with valuable insights into the best banks in Tanzania and has empowered you to make confident choices for your financial journey.
Frequently Asked Questions
What American banks are in Tanzania?
The only U.S. bank in Tanzania is Citibank (Tz) Ltd.
Is there a UBA in Tanzania?
Yes, there is a UBA (United Bank for Africa) branch in Tanzania. UBA Tanzania is licensed and regulated by the Central Bank of Tanzania.
Which bank in Tanzania is international?
The following banks in Tanzania are international:
- Barclays Bank Tanzania Limited
- Standard Chartered Bank Tanzania Limited
- Stanbic Bank Tanzania Limited
- Ecobank Tanzania Plc
- Equity Bank Plc
Which is the richest bank in Tanzania?
The richest bank in Tanzania is CRDB Bank Plc, which has a total assets of approximately 8.8 trillion TZS in 2021, equivalent to around 3.8 billion USD, comprising about 20% of the country’s bank assets.
Comprehensive read, a really clear guide to choosing a financial institution to use in Tanzania.