Bank of Tanzania is mandated to regulate and supervise all banks, financial Institutions and Bureau de Change in the country. Further, Bank of Tanzania is mandated to regulate and supervise all financial matters of all social security schemes (Pensions corporations), National Health Insurance Fund (NHIF) and Workers Compensation Fund (WCF) in Tanzania. National Social Security Regulatory Authority (NSSRA) regulates other matters of social security schemes (Pensions corporations), National Health Insurance Fund (NHIF) and Workers Compensation Fund (WCF) in Tanzania.

Hereunder are some of the key definition of terms used:

1. Banking Business means the business of receiving funds from the general public through the acceptance of deposits payable upon demand or after a fixed period or after notice, or any similar operation through the frequent sale or placement of bonds, certificates, notes or other securities, and to use such funds, in whole or in part, for loans or investments for the account of and at the risk of the person doing such business;
2. Bank means an entity that is engaged in the banking business;
3. Financial Institution means an entity engaged in the business of banking, but limited as to size, locations served, or permitted activities, as prescribed by the Bank or required by the terms and conditions of its license;
4. Fully-Fledged Bank means a bank or financial institution which conducts all permissible activities pursuant to the provisions of the Act;
5. Limited-Scope Bank means a bank or financial institution which carries out limited scope banking business including limitation of accepting deposits payable upon demand or subject to withdrawal by cheque;
6. Microfinance Bank means a bank or financial institution which undertakes banking business mainly with individuals, groups and micro and small enterprises in rural or urban areas;
7. Microfinance Institution means an institution engaged in provision of microfinance loans and which is not regulated by the Bank;
8. Community Bank means a financial institution serving a defined geographical area whose primary activities shall be restricted to acceptance of deposits and lending and such other activities as the Bank may specify;