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The Ministry of Finance in Tanzania plays a pivotal role in the economic governance of the United Republic of Tanzania. Established to manage the comprehensive financial affairs of the government, the ministry is tasked with overseeing revenue generation, expenditure, and financing, all of which are crucial elements in sustaining the country's ...
The three institutions, together form the Tanzania Investment Bank Group or TIB Group: [9] TIB Development Bank Limited - A development finance institution (DFI) TIB Corporate Finance Limited - A short term financing institution, serving large corporate clients, both public and private, in support of the functions of the DFI.
According to the Survey conducted recently (2005) by the Bank of Tanzania, the ministry of Finance provided an update of the microfinance practitioners’ directory including other basic information regarding the institutions practicing micro financing as well as financial institutions,, commercial banks, SACCOS and NGOs and other credit ...
Mwanga Hakika Bank was incorporated in 2019 following the merger of three Tanzanian financial institutions, namely: EFC Tanzania Microfinance Bank (EFC), Mwanga Community Bank (MCB) and Hakika Microfinance Bank (Hakika). The new commercial bank received its commercial banking license in July 2020.
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.
The Tanzania Postal Bank Act No. 11 of 1991 created the bank as a separate entity from the Tanzania Posts and Telecommunications Corporation. [5] Since attaining its independence, the bank has provided services to a much larger population than before and it has begun to provide a profit to the government.
Today, the main shareholders are Tanzanian pension funds and Tanzanian nationals. [ 4 ] In January 2019, Azania Bank acquired the assets and liabilities of Bank M , a retail commercial bank, which had been under management by Bank of Tanzania since August 2018, on account of "critical liquidity problems" and inability "to meet its obligations".
NCBA Bank Tanzania is a medium-sized financial services provider in Tanzania. Its total assets as of 31 December 2022 was approximately TSh 428 billion (US$183 million), with TSh 46.7 billion (US$19.9 million), in shareholders equity. At that time, it was categorized as a Tier II Commercial Bank in Tanzania. [5]