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African Banking Corporation

Bank of Baroda (Tanzania) Ltd.

Dar es Salaam Community
Bank Limited

Exim Bank (Tanzania) Ltd.


National Bank of Commerce Ltd.

Standard Chartered Bank Tanzania Ltd.

Savings & Finance Commercial Bank Ltd.

Current News

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Events Archives


African Banking Corporation Acquires TDFL

African Banking Corporation Holdings Limited (ABCH), the 100% holding company of African Banking Corporation Tanzania Limited (ABCT), recently acquired a 68% interest in Tanzania Development Finance Company Limited (TDFL) from the hitherto international shareholders. With a 32% shareholding interest, the Government of Tanzania remains the only minority shareholder in TDFL. TDFL’s portfolio of loans and investments includes Capital Finance Limited (CFL - a licensed and well-capitalized financial institution), Capital Properties Limited (TDFL and Barclays buildings), Songas, Akiba Commercial Bank, Lion of Tanzania Insurance, amongst others. Total TDFL Group assets are in excess of Tzs 50 billion.

By mutual agreement, ABCH and the Government of Tanzania have now merged the operations of CFL and ABCT, creating in the process a single, stronger banking institution with a core capital base of Tzs 5.0 billion. The merged institution has dual licensing as a commercial bank and investment advisor by the Bank of Tanzania and the Capital Markets and Securities Authority, respectively. The combined expertise from the two institutions will enhance the merged entity’s capability in meeting customers’ financial, investment and advisory needs.

Pioneer Investment Banking Service in Tanzania

The listing of companies on the Dar-es- Salaam Stock Exchange (DSE), privatization and divestiture of Government from parastatals have all heralded the creation of a new niche market in Tanzania. With the opening up of the capital markets in Tanzania, African Banking Corporation is among the first financial institutions within the country to acquire an Investment Advisor license from the Capital Markets and Securities Authority.

ABCT provides up market corporate finance services including facilitating mergers and acquisitions, private equity placements and corporate restructuring.

Corporate Advisory Services

Assists clients in raising finance via debt and equity capital markets, private placements and project financing.

Investment Services

Asset Management

Will be managing investment portfolios for institutions, depending on their financial needs, situation and risk tolerance.

Unit Trusts

Will be providing retail and institutional investor solutions by managing their exposure to equity, bond and money markets.

Promoting Savings Culture: Launch of The Mavuno Savings Account

In recognition of the need for a savings account that addresses the requirements of the majority of Tanzanian residents, the Mavuno Savings Account was launched in June 2004 as a simple and convenient way to save. This account gives maximum returns to our clients at some of the most competitive interest rates in the market. Account holders are able to benefit from:
• A minimum opening balance requirement.
• Interest rates that grow with levels of saving.
• Savings on bank charges - No ledger fees apply.
• Free withdrawals & a monthly-itemized statement.
• Access to a personal financial advisory service.


Bank of Baroda (Tanzania) Limited starts operations at Dar Es Salaam

Bank of Baroda (A Government of India Undertaking), operating since 1908, is all set to start operations of its fully owned subsidiary, Bank of Baroda (Tanzania) Limited, at Ohio/Sokoine Drive, Dar es Salaam, in a couple of months? time. Bank of Baroda has been operating in India quite successfully, with its wide network of over 2700 branches spread throughout India.

Bank has 61 overseas offices spread over 17 countries comprising 38 overseas branches including 3 Offshore Banking Units and one mobile agency, 6 overseas subsidiaries and one joint venture. Bank is operating successfully in USA, UK, Belgium, South Africa, Kenya, Uganda, Guyana, Botswana, Fiji, Mauritius, Seychelles, UAE, Sultanate of Oman, Hong Kong and Zambia (Joint Venture).

All the overseas subsidiaries and joint venture continue to generate profits and enhance shareholder's value. Bank’s International Operations completed 50 years in December 2003. Bank is expanding its overseas network further with starting its operations shortly in China, Malaysia, Singapore, Thailand, Houston & Texas in USA and Bank of Baroda (Tanzania) Limited is a step towards this direction. Bank of Baroda (Tanzania) Limited will start its operations with the latest Banking Technologies and Banking Products suitable to people from all walks of life, ranging from the Big Corporate Houses to the salaried persons. Bank of Baroda (Tanzania) Limited will operate with a view to contribute to the economic development of Tanzania, which is almost at a take off stage.

VK Seth
M.D., Bank of Baroda (Tanzania) Ltd.


Exim Bank (Tanzania) Ltd.

Exim Bank is optimistic about substantial growth opportunities in the years to come and so to say it is heading for a bigger market share through branch expansion and product innovation.

Exim bank has an aesthetic looking corporate office located at the ground floor of NIC Investment House and it operates with a branch network of 7 branches in Dar es Salaam, Arusha, Mtwara, Morogoro, Tanga, Mwanza and Moshi. Going forward it is planning to open more branches in Dar es Salaam, Zanzibar, and Mbeya.

With a strategic tie-up with International Finance Corporation (IFC) - the financial arm of the World Bank and PROPARCO a leading French Financial Agency, Exim bank facilitates the stimulation of private sector investments including capacity building and financial assistance to SME’s (Small and medium enterprises) and agriculture sector.

Since the inception Exim bank has been in the forefront in providing tailor made products/services designed to enhance customer satisfaction. Justifying this policy of providing retail banking services the bank has an exclusive deposit plan for children below 18 years called as ‘Nyota Savings Plan’.
In order to service the individuals for easy, fast and safe money transfer worldwide, Exim has introduced MoneyGram Money Transfer service. This facility allows any amount to be transferred within 10 minutes.
Very soon Exim bank will introduce ATM cards ensuring 24 hour banking facility via Exim branded ATM’s. This will be followed by issuing Exim Debit cards which can be used at supermarkets, hotels, restaurants, petrol stations, etc.

Exim bank having ranked as one of the best banks in the country recorded an exponential growth of 100% for the year ended 31st Dec 2003 and continued its strides of progress for the quarter ended March 2004. The trust reposed by the customers allowed Exim bank to augment its deposit base to TZS. 90 billion as on 31st March 2004, with loan portfolio reaching the TZS 50 billion levels. A substantial asset base of TZS 110 billion for the same period indicates the performance based landmarks.


FBME Bank Ltd.

FBME is the first Tanzanian international bank with overseas banking presence. It commenced banking operation in Tanzania on 12 September 2003 and has a capital base in excess of Tanzanian shilling 50 billion.

The bank belongs to a Group which has been engaged in the banking business for more than 50 years and has inherited experience and knowledge which provides the ability to comprehensively address banking service needs of its customers supported by a team of professional staff with extensive international banking experience.

Besides the range of comprehensive commercial banking products, the Bank in the near future aims to introduce Secure Internet-Banking and Card Payment systems for domestic and international needs of its valued customers. The Bank is committed to continuously strive to enhance its level of services in every sphere, which will make banking a pleasure for customers and seek ways and means to always serve them better.

Geographical Focus

- Dar es Salaam
- Mwanza
- Zanzibar

CYPRUS (International Banking Unit)
- Nicosia
- Limassol

RUSSIA (Representative Office)
- Moscow

Banking Activities

The bank has expertise and handles a broad range of commercial and personal banking services including:

- Deposit Taking
- Loans and Advances
- Trade Finance
- Payment Systems and Remittances
- Foreign Exchange
- Treasury and Money Market
- Loan syndications and Corporate Finance

For further details:

FBME Bank Limited

Postal Address: PO Box 8298
Physical Address: 7 Samora Avenue
Street: Samora Avenue
City: Dar es Salaam
Phone number(s): ++255 - 22 - 2126000
Fax number(s): ++255 - 22 - 2126006
Email address: URL:
Management contact: Andrew Stephens
Management title: General Manager


Dar Es Salaam Community Bank Ltd.

The Dar es Salaam Community Bank Limited (DCB), which commenced operations only two years ago, reached its operational break-even in July 2003. In the first 3 months of this year, i.e. January/March 2004, the bank made a profit of TShs. 92 million.

These encouraging results have been achieved despite operating with a capital of TShs. 1.8 billion only. In addition, it has managed to operate free of political influence or pressure, despite that its major Shareholders are the City Council of Dar es Salaam and the three Municipalities of Ilala, Temeke and Kinondoni.

The Bank is contemplating physical expansion by opening its second branch at Magomeni in Kinondoni Municipality. This expansion is in response to the need of sending the bank’s services closer to its target market, the informal sector of Dar es Salaam.

In order to have a more broad and strong capital base, the Shareholders of DCB have approved a four year capital build-up programme intended to raise the capital of the bank to TShs. 5.0 billion by the year 2007. This capital will be raised through both floatation of shares to the general public and invitation of strategic investors to invest in the bank.

The bank extends invitation to strategic investors to subscribe to DCB’s share capital.

For more information please contact the Managing Director’s Office at the bank’s Head Office, P. O. Box 19798, Dar es Salaam, Tel. 255 22 2180253, Fax 255 22 2180259, E-mail:



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