The Tanzania Postal Bank (TPB) profitability level has crossed the ten billion mark, after it increased by almost 50 per cent since the institution was established some two decades ago. The bank said yesterday that it has made a historic pre-tax profit of 10.28bn/- in 2014, well above 6.99bn/- recorded in 2013. The bank, according
National Microfinance Bank (NMB) efforts to serve the financially underserved have shown impressive results after registering over 250,000 customers through ‘chap chap’ account. The NMB Head of Alternative Channels, Mr George Kivaria, said in Dar es Salaam that the use of mobile technology and Point of Sale (PoS) have played vital role in the opening of
United Bank for Africa (UBA) has launched its U-Mobile service in Tanzania, which will enable customers to acquire banking services on their mobile phones or electronic devices. In a ceremony held at the bank’s headquarters in Dar es Salaam on Friday, UBA became the first bank in Tanzania to have its mobile services accessible in
The banking sector growth has brought fresh small and huge claims among stakeholders since its liberalisation some two decades ago in the country. Over the years, these complaints were either left to be dealt with the main stream courts or with the banks via internal mechanisms – whatever the case, customers, majority of them, seemed
The Tanzanian government has advised banks and non-bank financial institutions to extend to rural areas if they wish to be used to channel payments of public servants. The Deputy Minister for Finance and Economic Affairs, Mr Mwigulu Nchemba, said in Dar es Salaam over the weekend that the government was currently using CRDB Bank and
The Deputy Minister for Finance and Economic Affairs, Mr Adam Malima, has called upon financial institutions in the country to develop new products rooted in responsible and ethical business practices. He made the call in Dar es Salaam at the inauguration ceremony of the Diamond Trust Bank (DTB) Nelson Mandela branch. Mr Malima said that
CRDB Bank picked the second winner of Toyota Passo in the ongoing campaign to sensitise customers to use alternative banking channels which are cost efficient and minimise risks of carrying bulk cash. Speaking at the giveaway event of the prize in Dar es Salaam, CRDB Bank Managing Director, Dr Charles Kimei, said the use of
A bank customer, Future Trading Company Limited, has sued Ecobank Tanzania Limited, demanding over 166m/- in refund and damages for alleged wrongful withdrawal of money from its account, which was subsequently diverted to a South African third party. Through EA Attorneys, the company accuses the bank of making the money transaction through electronic banking without
Tanzania Ports Authority (TPA) stakeholders want the Dar es Salaam port to operate as a one stop centre and banks serving port clients to operate on 24 hours and seven days a week to boost efficiency. The stakeholders who met in Dar es Salaam recently said their recommendations would help to clear backlog of customers
Bank M, the corporate and investment bank, has continued to shine after posting robust first quarter pre-tax profit increase of 48.4 per cent. The Bank M Deputy Chief Executive officer, Ms Jacqueline Woiso, said at the news conference that the bank generated a pretax profit of 6.13bn/- in the 2015 first quarter compared to 4.13bn/-
