Banking in Tanzania forms a backbone of the economy by enabling personal savings, business growth, investment, and the flow of capital. Over the years banks have evolved with technology to offer a wide range of services beyond just holding money. In this post I review some of the major banks in Tanzania, the types of accounts they offer and other services available to customers today.
Major Banks & Their Offerings
Below are summaries of selected banks in Tanzania, the account types (for individuals, youth, groups etc.) they provide, and other banking services.
NMB Bank Plc
Account Types:
- Personal Account – transactional account allowing deposits, withdrawals, payments & transfers via branches, ATMs, agents, digital platforms.
- NMB Mwanachuo Account (for students)
- Wisdom Account
- NMB Pesa Account
- NMB Chap Chap Instant Account
- NMB Chipukizi Akaunti (teenagers aged 13-17)
- NMB AgriBiashara Account (for agriculture / business related)
- Bonus Account (savings)
- Mtoto Account (for children)
- Kikundi Account (for groups)
- Private Banking, Exclusive, Executive account tiers for higher-net-worth individuals.
Other Services:
- Loans: salaried workers loans, mortgage loans, car loans, etc.
- Investment: fixed-deposit style products (Flexi Account, etc.), savings plans.
- Digital banking: Internet Banking, mobile banking (“NMB Mkononi”), USSD, agents, ATM, POS, e-commerce.
- Supporting services: cheque books; standing orders; foreign currency accounts in some cases; insurance via bancassurance.
CRDB Bank Plc
Account Types:
CRDB offers multiple personal savings and current accounts tailored to different customer segments:
- Current Account (standard transactional)
- Savings Account
- Junior Jumbo Account (for children)
- Scholar Account (students)
- Salary Account (for those receiving regular salaries)
- Teen Account (for teenagers)
- Niamoja (for informal groups / VICOBA)
- Pension Account (for retirees)
- Specialty accounts like CRDB Simba Account, CRDB Yanga Account for fans; Fahari Kilimo Saving and Current for farmers / farmer groups.
Other Services:
- Borrowing: personal loans; mortgages (Jijenge Mortgage), salary advances; loans for students etc.
- Investment / fixed deposits; other savings plans like Dhahabu Account (contractual saving plan)
- Business banking: business / SME accounts; transactional business services.
- Digital banking: mobile banking, internet banking; agent banking etc. (common among major banks.
NBC
Overview
- Oldest serving bank in Tanzania with over five decades of experience.
- Offers retail, business, corporate, investment banking, and wealth management.
- Large network: dozens of branches (50-60+), over 200 ATMs, many agents (wakala) across the country.
Account Types
NBC provides a variety of account types to meet different customer needs:
- Individual / Personal Current Accounts
- NBC Individual Current Account: for everyday transactional needs. Unlimited withdrawals/deposits; free first debit card; access to NBC Online & Mobile Banking.
- NBC Direct Current Account: for customers earning salary; likely more features to integrate with salary and transactional services.
- NBC Kikundi Account: for informal or formal groups (four or more people) requiring a transactional account.
- La Riba Accounts (Shari’ah-Compliant)
- La Riba Current Account
- La Riba Privilege Current Account
- La Riba Affluent Current Account
These are designed for customers who prefer banking compliant with Shari’ah (Islamic banking principles).
- Private Banking Savings Account
- A savings account for higher net worth customers (“private banking”). Features: tiered interest rates (higher balances yield higher rates), available in local and foreign currencies (USD, EUR, GBP), generally limited withdrawals (e.g one per month), free online/mobile banking.
- A savings account for higher net worth customers (“private banking”). Features: tiered interest rates (higher balances yield higher rates), available in local and foreign currencies (USD, EUR, GBP), generally limited withdrawals (e.g one per month), free online/mobile banking.
- Business / SME Accounts
- Ordinary Current Account: for business or SME use; daily transactional needs for companies or organisations.
Banking & Other Services
NBC offers a broad range of services beyond account types:
- Digital Banking
- NBC Mobile Banking (15055# USSD) for many functions: balance, mini statement, transfers (within NBC; also to other NBC accounts), airtime top-ups, bill payments.
- NBC Online Banking: Internet access to statements, transfers, bills etc.
- App / USSD platforms: NBC Kiganjani is one such platform for digital banking.
- Agency / Agent Banking
- NBC Wakala Pesa: allows non-account holders to transact (deposit, withdraw, send/receive money) via agents using their national ID. Helps financial inclusion.
- NBC Wakala Pesa: allows non-account holders to transact (deposit, withdraw, send/receive money) via agents using their national ID. Helps financial inclusion.
- Foreign Currency Accounts
- Some accounts (e.g. Private Banking Savings) allow foreign currencies (USD, EUR, GBP).
- Some accounts (e.g. Private Banking Savings) allow foreign currencies (USD, EUR, GBP).
- Loans & Credit Products
- Mortgage loans; pensioner loans (recently improved eligibility age and terms), loans for agriculture, livestock, etc.
- Mortgage loans; pensioner loans (recently improved eligibility age and terms), loans for agriculture, livestock, etc.
- Wealth & Investment Management
- Private banking provides savings with tiered interest. Possibly other investment / advisory services.
- Private banking provides savings with tiered interest. Possibly other investment / advisory services.
- Merchant / POS Services
- Provides POS merchant services for businesses.
Exim Bank Tanzania
Exim Bank Tanzania is one of the established banks in the country, founded in 1997 and part of the wider Exim Bank Group across East Africa. It offers a wide range of accounts and services for individuals, SMEs, corporates, and diaspora clients.
Account Types:
- Salary Account – designed for employees, offering no minimum balance, free debit card, mobile and internet banking access, plus eligibility for personal and home loans.
- Mzalendo Account – everyday banking with low minimum balance, debit card, mobile and internet banking, and accident insurance cover.
- Faida Savings Account – for savers, with interest earned monthly, unlimited withdrawals, debit card, SMS/Email alerts, and embedded life insurance.
- Fixed Account (Fixed Deposit) – long-term savings in TZS or foreign currencies (USD, GBP, EUR) with fixed tenures and competitive interest rates.
- Haba na Haba Account – low-cost savings account with no monthly maintenance fees and higher returns.
- Haba na Haba Plus – a premium version of the savings account with additional benefits.
- Nyota Junior Account – a savings account designed for children and youth.
- Supa Woman Account – targeted to women, offering free life insurance cover, emergency loans of up to 90% of savings, group joint account options, and account opening in both TZS and USD.
- Wajasiriamali Current Account – for small businesses and micro-entrepreneurs, providing daily transactional services.
- Corporate Current Account – designed for larger businesses with multiple currency options, cheque book facilities, and flexible transactions.
Other Services:
- Digital Banking – online banking, mobile app, SMS alerts, and agent banking (wakala) for convenience outside branches.
- Loans & Credit – personal loans under “Nufaika”, home loans under “Nyumba Yangu”, SME loans, corporate lending, and trade finance solutions.
- Treasury & Forex Services – foreign exchange trading, treasury advisory, and government securities investment opportunities.
- Diaspora Banking (Serengeti Banking) – accounts for Tanzanians abroad with favorable fees, easy access, and investment options.
- Borderless Banking – seamless cross-border transfers and payments within Tanzania and the wider Exim Group network.
- Business Solutions – merchant QR payments under “Lipa ChapChap”, Host-to-Host reconciliation for corporate clients, and cash-in-transit services for businesses.
Diamond Trust Bank Tanzania
Diamond Trust Bank (DTB) is a regional bank with a strong presence in East Africa, providing modern financial solutions for individuals, businesses, and institutions in Tanzania.
Account Types:
- Faraja Account – savings account with attractive interest rates.
- Kibubu Account – designed for easy saving and budgeting.
- Smart Saver Account – small deposits encouraged to build long-term savings.
- Prime Savings Account – available in TZS, USD, GBP, and EUR.
- SME Account – tailored for small and medium enterprises.
- Community Account – group savings and cooperative organizations.
- Standard Account – basic current account for individuals.
- Premium and Prime Current Accounts – advanced current accounts with added benefits for individuals and corporates.
Other Services:
- Loans and Credit – home loans, Rafiki personal loans, credit facilities for businesses, and insurance premium financing.
- Digital Banking – DTB mobile app, internet banking, money transfers, agency banking, and iCash Pro for corporates.
- Cards – debit cards, credit cards, and multicurrency prepaid cards with up to 16 currency wallets.
- Insurance – life, medical, and general insurance via bancassurance.
- Investments – fixed deposits, treasury forex trading, and wealth management solutions.
Stanbic Bank Tanzania
Account Types:
- Pure Save (savings)
- Hatua Account (for minors / teenagers under 18)
- Fixed Deposit (investment account for defined period)
- Private Banking / Current Accounts for higher-net-worth clients: Stanbic Private Banking.
Other Services:
- Wealth & investment advisory services especially in Private Banking.
- Platinum debit cards with benefits (airport lounge access, etc.) in premium account tiers.
- Loans: car loans, home loans, unsecured personal loans, overdrafts etc for eligible customers.
- Foreign currency exchange; access to digital banking (mobile app, internet banking); 24/7 support for premium segments.
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