How many tanzanians have bank accounts

Legal Development 10 December 10 December Highlights include: financial consumer protection regulations spousal consent on mortgages financial consumer complaints handling mechanism monetary policy and non-performing loans NPLs foreign exchange directives COVID and banking microfinance service providers Financial consumer protection regulations In January, we published an update on the new Bank of Tanzania Regulations on financial consumer protection.

Spousal consent on mortgages In June, we published a legal update following the decision of the Court of Appeal of Tanzania the Court regarding the requirement of spousal consent on mortgages. Financial consumer complaints handling mechanism We issued a further update which was published in July on the requirement of financial service providers to establish a consumer complaints handling mechanism. The Circular became effective on 7 August and addresses the following: the threshold for trading foreign exchange transactions within quoted prices of the interbank foreign exchange market; reduction of the minimum tradable currency per quoted price; account relationship between banks and exporters selling foreign currency; mandatory quoted prices for the trading of foreign exchange in retail markets; prohibition of trading with unlicensed international foreign currency brokers; and foreign exchange dealers to observe KYC procedures in their undertakings.

On the upside, some major Tanzanian banks strived and managed to increase their net profit. New Bank of Tanzania Regulations on Financial Consumer Protection Tanzania Court of Appeal makes judgement on spousal consent on mortgages Financial consumer protection: the requirement to establish a consumer complaints handling mechanism Bank of Tanzania's monetary policy and non-performing loans in light of COVID Bank of Tanzania issues new directives on foreign exchange operations The impact of COVID on Tanzania's banking and financial services sector Bank of Tanzania: Time extension for registration and licensing of Microfinance Service Providers For more information, please contact Tenda Msinjili and Esther Kilimba.

Download Insight. Authors: Esther Kilimba Associate. Tenda Msinjili Partner. Subscribe here. You might be interested in Bank of Tanzania issues new directives on foreign exchange operations 26 August June Update on recent developments for investors across East Africa. June Update on recent developments for investors across East Africa 08 June The Finance Bill, proposed changes to the Tanzanian fair competition regime 16 June Financial Institutions Leading European banks ranked by tier 1 capital Financial Institutions Largest Italian banks in , by total assets.

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Yes, let me download! Exclusive Corporate feature. Corporate Account. Statista Accounts: Access All Statistics. Basic Account. You only have access to basic statistics. Single Account. The ideal entry-level account for individual users. Corporate solution including all features. An important twist occured in , when the Tanzanian Government nationalized financial institutions, and merged them to a handful of state banks. Initially NMB could only offer savings accounts, with limited lending capabilities.

The Cooperative Rural Development Bank, which main objective was to finance rural and agriculture development projects, was privatized, recapitalized and restructured in the 90s and to form CRDB bank in DANIDA played a significant role in re-structuring the new institution and remained a small shareholder in the bank.

The bank is one of the main providers of agriculture finance in the country. The act stimulated an increase in the competition field, since then many new players have entered the Tanzanian Financial Sector.

Timeline: Incorporation of other 5 largest banks based on assets Type of commercial banks Small group of banks combine half of the banking assets in Tanzania.

Especially the last 10 years the financial sector has evolved and rapidly grown in terms of assets and deposits held. The growth was attributed to the entrance of new banking institutions, retention of profits and additional capital injection, the Banks of Tanzania indicates. Looking to the banks individually, CRDB is the largest bank in the country in terms of both assets and deposits, closely followed by NMB. Tanzanian banking sector by assets The top eight largest banks in Tanzania banking sector based on assets are:.

The five banks also control a large share of customer deposits in the sector. According to the latest banking report of BOT, the banking institutions in Tanzania had an overall branch network of branches in , compared to in Dar es Salaam had branches which constituted However Tanzania still ranks in the bottom quartile of countries in terms of access to traditional financial services, with only 2.

This is a result of the comprehensive agent banking guidelines introduced by BOT in that permit for the first time licensed banks and financial institutions to appoint retail agents for their banking services. Accordingly, the introduction of agent banking provides a mechanism, through which banks can profitably extend their services to previously unbanked lower income individuals.