Banks in Tanzania

Tanzania had 42 licensed banks on 30 June 2025: 35 commercial banks, including 13 domestic and 22 foreign banks, 3 microfinance banks, 2 community banks and 2 development finance banks. The system had 1,032 branches. BOT's current licensed-institution list helps verify a provider before an account or product is chosen. Peoples Bank of Zanzibar (PBZ) is part of the national BOT banking system, while microfinance in Zanzibar also falls under separate Zanzibar legislation and regulations. Banking access is available through branches, bank agents, ATMs, internet banking, mobile banking and mobile-money agents. Formal financial-service access reached 90.2% and usage reached 79.0% in June 2025. Mobile money is a major functional digital channel, with 60.75 million active accounts and 1.48 million agents reported in 2024. A mobile-money wallet or other non-bank electronic-money account is not the same as a bank deposit and does not receive DIB protection in the same way. Deposit protection applies to deposits held with a licensed contributing bank or financial institution. Banks use customer identification and due diligence procedures, commonly called KYC and CDD. They do not provide anonymous or fictitious accounts, and checks can apply when a relationship starts, during an occasional transaction, when suspicious activity appears or when documents raise doubts. Exact identity documents, minimum deposits, balances and product conditions vary by bank and customer profile. Tanzania has no single documented account-opening rule covering every foreign customer or company. Common products include savings accounts, current accounts and fixed-term deposits. Interest or profit arrangements, minimum balances, withdrawal rules and fees follow the relevant contract. Non-interest banking has been regulated since 2025. DIB protection covers up to TZS 7.5 million per depositor per licensed institution under the position stated in December 2025; 99% of depositors were fully covered. A remaining claim may depend on liquidation, and the limit is not an unlimited state guarantee. Payment options include cash, cheques, payment orders, electronic funds transfers, debit, credit and prepaid cards, internet and mobile banking, and mobile money. TISS supports high-value and interbank settlement, TACH supports clearing, TIPS supports instant payments and TANQR supports interoperable merchant QR payments. In 2025, TIPS was expanded to include incoming international money transfers. Systemically important payment systems reported average availability of 99.58% in 2025. Card payments at merchant points of sale must not attract a surcharge or extra fee, while other charges depend on the bank and product. BOT transparency rules and the 2024 fee guidelines provide several customer protections, including one electronic monthly statement without a fee each month, a 30-day transaction view through an app or internet banking, internal beneficiary management, an on-us PIN reset and card cancellation under the applicable guidelines. Account, card, ATM, transfer and maintenance fees are not uniform nationwide, so the provider's current price list and contract control the actual cost. Account-opening time, branch or agent limits, minimum deposits and card delivery also vary. The 90-day regulatory period for a complete bank-licence application is not a deadline for opening a customer's account. A customer should first use the bank's internal complaints process. The bank should respond within 14 days. If the response is unsatisfactory or absent, the customer can complain to BOT's Financial Consumer Complaints Resolution Desk, including through Sema na BOT, within the following 14 days. The cause of action must generally be no more than two years old. Customers should use BOT-licensed providers, avoid unapproved digital-lending applications, protect PINs, one-time passwords and login details, and report suspected fraud or payment errors to the bank immediately. BOT also publishes financial consumer alerts and lists concerning suspected unlicensed providers.