Bank M, one of the youngest and fastest growing banks in the country, gained international recognition after bagging “Commercial Bank of the Year – Tanzania for 2015” award from the International Banker magazine. The award was presented during the International Banker 2015 Banking Awards event held at the London Stock Exchange (LSE) recently. Bank M,
Tanzania Postal Bank (TPB) will bring some 25 banks worldwide to the country to discuss ways of increasing financial inclusion in Africa, where Tanzania is lagging behind. The country’s financial penetration, excluding mobile banking, is still 14 per cent way behind 23 per cent of the recommended rate for Sub-Sahara Africa. The TBP Chief Executive
The National Microfinance Bank (NMB) and CRDB Bank have posted almost matching first quarter net profit this year with the latter’s profit surging to catch up with the former to underline intensifying competition between the two largest banks in Tanzania. Financial statements issued recently shows that the NMB net profit went up slightly by 0.5
Dar Es Salaam Stock Exchange (DSE) has positively received CRDB Bank right offer pushing its share price up by 1.2 per cent in a week to 420/- up from 415/-, after shareholders approved the issue. Tanzania Securities Weekly Commentary shows that bank counter accounted for 36 per cent of the total turnover and 99 per
CRDB Bank has managed to mobilise 254.4bn/- deposits through agent banking which was an increase of over 700 per cent in 2014. The bank’s FahariHuduma agent banking scheme was introduced in 2013 and in the first year managed to mobilise 31.7bn/- deposits. The agent banking though in its nascent stage has managed to recruit 1,067
Over 200,000 people are expected to get opportunity to work with Max Com Africa Limited by next year, following the launching of a new payment system named Smart Malipo. The system will facilitate various bill payments including Luku, Television decoders, Tax payment to TRA and other banking transactions which are currently paid through Max Malipo
NBC Tanzania plans a number of new products to maintain profitability and secure its strong presence in the market, its new Chief Executive Officer has said. Mr Edward Marks, NBC’s new Managing Director, told reporters in Dar es Salaam on Thursday that he would focus on system improvement and profitability to steer the bank to
One of the drivers of the country’s gross domestic product (GDP) by 7.0 per cent last year was financial intermediation, speeded up by inclusive financing. The financial inclusion assists banks to reach many customers and mobilise more deposits, which are a crucial variable for spurring investments through commercial loaning. For instance, in 2009 population with
First National Bank Tanzania (FNB Tanzania) underscored the need to impart financial management skills to small and medium business owners for sustainable business growth. FNB Senior Manager SME, Mr Frederick Lutindi, said in Dar es Salaam on Friday at a one day workshop for SMEs in line with FNB’s philosophy of providing finance for SMEs
More Tanzanians are no longer visiting bank halls and automated teller machines (ATMs) as digital banking system gains momentum. The recent trend shows customers are turning their backs to bank halls and ATMs to other optional channels such as Simbanking, point of sales and plastic money. CRDB Chief Executive Officer, Dr Charles Kimei, said that
