Home » PBZ Bank awarded first place at the 47th Dar es Salaam International Trade Fair
Business Defence Economy General News Global News Government News Tanzania Zanzibar

PBZ Bank awarded first place at the 47th Dar es Salaam International Trade Fair

The People’s Bank of Zanzibar Limited (PBZ Bank), established on 30 June, 1966, is the oldest local bank in Tanzania with 57 years of operations.

It is the only Tanzanian Bank incorporated in Zanzibar with its headquarters situated on the Isles of Zanzibar. The bank is wholly owned by the Revolutionary Government of Zanzibar.

PBZ Bank prides itself on being the “The People’s Bank, The People’s Choice.” The bank provides excellent services to customers cutting across both retail and corporate segments across Zanzibar and Mainland Tanzania.

Through its wide network of 28 branches across Zanzibar and Mainland Tanzania, PBZ Bank offers a wide range of products designed and customized to satisfactorily serve different customer needs, and this is one of the key factors contributing to the success of the Bank over the years.

PBZ provides Shariah Compliant products and services through PBZ IKHLAS as well as conventional banking products and services.

Technology, being one of the most important elements in todays’ banking sector, has led PBZ Bank to invest significantly in its technological infrastructure and offers the best customer service through alternative delivery channels such as Mobile App, Mobile Banking and Internet Banking.

The Bank operates through a network of over 40 Visa enabled ATMs, offering services to customers with VISA, Union Pay and Umoja ATM debit cards.

The Bank recognizes the need to be physically closer to its customers, it has, therefore, deployed Agency Banking services, which have enabled customers to access basic banking services, including withdrawals, deposits and bill payments, closer to home.

In recent years, the Bank’s total assets have grown to Sh1.8 trillion officially making PBZ Bank a “Trillion Shilling Bank.”

As in June 2023, PBZ Bank held the 9th place in Tanzania’s Banking Sector, in terms of asset size and the 6th place in terms of profitability.

Over the last two consecutive years, (2021-2022), PBZ has managed to double its profit growth year on year. Currently, the Bank has return on equity of more than 20%.

Amongst the key strategic areas of focus, the Bank is implementing a branch network expansion plan that will see it expand its footprint across more locations in Zanzibar and Mainland Tanzania.

On Retail Banking, the Bank offers a variety of products and services including Savings Accounts, Current Accounts, Fixed Deposits, Home Loans and Personal Loans among others. The bank offers the services at favorable rates, and in some cases lower than the sector’s averages.

On Corporate Banking, PBZ Bank is well known for its expertise in import and export trade dealings through the establishment of Letters of Credit and Bills for collection.

Additional facilities offered by the Bank at competitive rates include Term Loans, Bid Bonds, Telegraphic Transfers, FX Trading and Performance Guarantees, among others.

The Bank recently launched its contact centre aimed at providing round the clock services to its customers via telephonically and digitally (email). The contact center deals with handling customer queries, facilitating transactions and managing customer complaints among other services offered.

PBZ Bank’s win at the 47th Dar es Salaam International Trade Fair (Saba Saba) is testament to the significant leaps that the bank has made in transforming its organisation culture and “way to work” by offering relevant products and services, first class customer experience and cutting edge digital platforms that make it one of the best banks in Tanzania.

Source: The Citizen