Banking Services

Bank of Tanzania is a banker and fiscal agent to the Government of the United Republic of Tanzania and to the Revolutionary Government of Zanzibar (Governments). It is also a banker to public authorities and commercial banks. These functions are as mandated by the Bank of Tanzania Act 2006. Thus, as a banker and fiscal agent, the Bank carries out the following key functions:

  1. accepting deposits for the account of the Governments or public authorities;
  2. maintain government accounts as well as effecting payments, remittances, transfers and collection of government revenues;
  3. maintain and operate special official accounts in accordance with arrangements made between the Bank and the Governments or public authority concerned;
  4. act as agent of the Governments for servicing the public debt, including the issuance of payment of interest on and the redemption of bonds and other securities of the Governments;
  5. pay, remit, collect or accept for deposit or custody funds in Tanzania or abroad;
  6. purchase, sell, transfer or accept for custody cheques, bills of exchange and other securities;
  7. collect the proceeds, whether principal or interest, resulting from the sale for, accruing to the interest of, the Government or public authority of securities or other property; and
  8. purchase, sell, transfer or accept for custody gold or foreign

The Bank also provides banking services to commercial banks, where it:

  1. opens accounts, accepts deposits and collects money and other monetary claims for and on account of banks and financial institutions;
  2. provides interbank clearing and settlement services;
  3. provides safe deposit facilities
  4. Provision of Lombard facility to commercial banks

In efforts to modernize provision of banking services, the Bank has been undertaking improvement projects leading to automation of key business processes. The main aim is to increase operational efficiency and meet customer business needs.