Tanzania is a developing country experiencing rapid economic growth, driven by hydrocarbon production, agriculture, tourism and mining. The banking sector is an important pillar of this growth, providing essential financial services to businesses and individuals.
Among the banks operating in Tanzania, two stand out for their size, solvency and prestige: NMB and CRDB. These two banks are the largest in the country in terms of assets and deposits, and offer a wide range of banking products and services, tailored to the needs of their customers and the local context.
NMB: the Tanzanian Family Bank
NMB Bank is the second largest bank in Tanzania, with more than 200 branches and agencies, and over 9,000 ATMs spread throughout the country. The bank has more than 3 million customers, including individuals, small and medium enterprises, corporations, financial institutions and the public sector.
NMB Bank was founded in 1997 as a result of the privatization of the National Bank of Commerce, one of Tanzania’s oldest and most prestigious state-owned banks. The bank is listed on the Dar es Salaam Stock Exchange and is majority owned by the Tanzanian government with 31.8% and Rabobank, a Dutch bank, with 34.9%.
NMB Bank offers a full range of banking products and services, including savings accounts, loans, credit cards, foreign exchange services, and money transfer services. The bank specializes in financing the agriculture, trade, manufacturing, construction and transport sectors.
NMB Bank has been recognized as the best bank in Tanzania by Euromoney magazine in 2019 and 2020, and as the best customer service bank in Tanzania by Global Banking and Finance Review magazine in 2019 and 2020. It also ranks second among Tanzanian banks and fourth among African banks, according to International Banker’s ranking, with 18.5% growth and $3.7 billion in assets in 2018.
CRDB: the Leader of Tanzanian Banking.
CRDB Bank is the largest bank in Tanzania, with more than 250 branches and agencies, and over 14,000 ATMs spread across the country. The bank has more than 5 million customers, including individuals, small and medium enterprises, corporations, financial institutions and the public sector.
CRDB Bank was founded in 1996 as a result of the transformation of the Cooperative and Rural Development Bank, a state-owned bank that focused on rural development. The bank is listed on the Dar es Salaam Stock Exchange and is majority owned by the Tanzanian government with 21.5% and the African Development Bank with 12%.
CRDB Bank offers a full range of banking products and services, including savings accounts, loans, credit cards, foreign exchange services, and money transfer services. The bank is characterized by technological innovation, business diversification and social responsibility.
CRDB Bank has been recognized as the best private bank in Tanzania by Euromoney magazine in 2019 and 2020, and as the best Islamic bank in Tanzania by The Banker magazine in 2019. It also ranks first among Tanzanian banks and second among African banks, according to International Banker’s ranking, with 61.1% growth and $3.9 billion in assets in 2018.
Peru Mira Concludes.
NMB and CRDB banks are the two largest banks in Tanzania, which have been able to take advantage of the opportunities provided by the Tanzanian market, which has a population of 60 million and a growth rate of 7% per year. These banks have established themselves as leaders in their respective segments, offering quality, innovative financial products and services in accordance with the principles of Islamic law. In addition, they have achieved international projection, enabling them to compete with the best African banks.
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