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The bank was established under the Bank of Tanzania Act 1965. However, in 1995, the government decided that the central bank had too many responsibilities, thus hindering its other objectives. As a result, the government introduced the Bank of Tanzania Act 1995, which gave the bank the single objective of monetary policy.
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BOA Tanzania is a retail commercial bank that provides services to multinational companies, mid-size local enterprises, and small retail businesses. As of December 2019, BOA Tanzania was a medium-sized financial services provider, with total assets of TSh 564 billion (approximately US$245.4 million), with customer deposits totalling TSh 390 ...
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The bank's headquarters are located on the 16th Floor, Mwanga Tower, New Bagamoyo Road in Kijitonyama in the city of Dar es Salaam, Tanzania. The geographical coordinates of this location are:6°46'34.0"S, 39°14'39.0"E (Latitude:-6.776111; Longitude:39.244167).
Ghana: Agricultural Development Bank of Ghana (ADB) Kenya: Development Bank of Kenya (DBK) Mozambique: Banco Nacional de Investimento (BNI) Nigeria: Bank of Industry (BOI) Rwanda: Rwanda Development Bank (BRD) Tanzania: Tanzania Agricultural Development Bank (TADB) Uganda: Uganda Development Bank Limited (UDBL)
In 2018, the Bank of Tanzania merged Twiga Bancorp and Tanzania Women's Bank into Tanzania Postal Bank due to their poor performance. In June 2020, the central bank merged TIB Commercial Bank Limited into TPB. The merger is set to bring the total assets of the bank to over 1 trillion Tanzanian Shillings. [8]
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2010s, this has become the most common way that ...