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
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.
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
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
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
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.
M.D., Bank of Baroda (Tanzania) Ltd.
Exim Bank (Tanzania) Ltd.
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
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,
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.
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
- Dar es Salaam
CYPRUS (International Banking Unit)
RUSSIA (Representative Office)
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: email@example.com URL:
Management contact: Andrew Stephens
Management title: General Manager
Dar Es Salaam
Community Bank Ltd.
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: