CRDB Bank has reported impressive financial results after posting 13.4 per cent net profit growth that reached 95.64bn/- for the quarter ended December 31, 2014, up from 84.37bn/- for the similar period a year earlier. The period under review, according to the audited financial statements published on Tuesday, saw other key bank’s variables like assets,
Tanzania have been urged to capitalise on the fast changing technological innovations in the mobile money industry as a way to lift them from poverty. “We should no run away from challenges emerging from the technology revolution in the mobile money industry rather use them as an opportunity for improved livelihoods,” said Mr Mwigulu Nchemba,
The Bank of Tanzania has licensed China Commercial Bank (CCB), to operate in the country bringing to over fifty, the number of financial institutions in the country. According to the Central Bank, (BoT), the new bank has no banking affiliation with another bank in China or Tanzania. The BoT Director of Banking Supervision, Mr Agapiti
A Local bank by teachers, Mwalimu Commercial Bank is set to boost Dar es Salaam Stock Exchange (DSE) capitalisation to 25 per cent and transform capital market landscape in the country. The bank, currently in final preparations before taking off and expected to list at the DSE alternative market in June, is expected to double
Stanbic Bank says keeping account security is a top priority to make customers free from stress of losing their money. According to the Stanbic Bank Head of Channels Farha Mohamed, the bank has a primary role to play in keeping secure the banking details but customers too play vital role in ensuring the account security.
Risks associated with the management of cash transaction are declining, thanks to the introduction of online banking system in the economy. This was said in Dar es Salaam on Tuesday by the NBC Bank, Head of Alternative Channels, Mr Raymond Mutagahywa, at the launch of the online banking services to users of smartphones and tablets.
Exim Bank Tanzania has opened its second branch in Djibouti to extending its services to customers in the Horn of Africa as it continues to widen its reach to customers abroad. The Governor of The Central Bank of Djibouti, Mr Ahmed Osman, speaking at the inauguration ceremony on Monday, congratulated Exim Bank’s efforts to bring its
The Bank of Tanzania (BoT) wants non-performing loans (NPLs) in commercial banks to go down to comfortable zone of 5.0 per cent for purposes of protecting depositors’ money. The central bank said though the level is around 7.0 per cent, the risk level is, however, lower compared to other countries in the East African Community
Mwalimu Commercial Bank, which is in the process of formation, is expected to bring about stiff competition in the country’s banking industry because of the huge number of employees in the teaching fraternity. The bank, expected to float its initial public offer (IPO) next Monday, is a threat to mainstream banks as it will accumulate a
Backed by a staggering over 9.6bn/- financial muscle and over 12,476 members, Tanzania Prisons Savings and Credit Cooperative Society (TPS-SACCOS) has everything to convince Bank of Tanzania (BoT) Governor, Professor Benno Ndulu grant them commercial banking licence. Home Affairs Minister, Mr Matthias Chikawe, told representatives of TPS SACCOS Ltd that growth of the savings and
