PBZ to open more branches in Tanzania mainland

ZANZIBAR: PLANS are underway for the People’s Bank of Zanzibar (PBZ) to expand its presence on the Tanzania mainland in order to strengthen its business operations.

Minister of State in the Office of the President (Labour, Economy, and Investments), Mr Sharif Ali Sharif, provided this update on behalf of Zanzibar’s Finance and Planning Minister, Dr Saada Mkuya Salum.

His statement came in response to inquiries from Mr Bakar Hamad Bakar (Wawi Constituency) regarding the development of PBZ outside Zanzibar and its competitiveness in the banking market across the United Republic of Tanzania.

“We are fortunate that PBZ is one of the fastest-growing banks in Tanzania, thanks to its resources and annual profits.

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To sustain this growth, PBZ has developed a strategic plan for the period of 2022-2026,” Mr Sharif stated, noting that the plan includes the opening of at least two more branches on the mainland this year.

Currently, PBZ operates 14 branches on the mainland, located as follows: six in Dar es Salaam, two in Dodoma, three in Mtwara, two in Morogoro and one in Mbeya.

The bank plans to open a new branch in the Mwanza Region before the end of 2024 and is also in the process of establishing branches in Tanga, Arusha and in the Ubungo and Posta areas of Dar es Salaam.