In a colourful event, the President of the United Republic of Tanzania, Her Excellency Dr. Samia Suluhu Hassan, officially inaugurated two new bank branches - one for NMB Bank Plc and another for PBZ Bank at Paje, in the South Unguja Region of Zanzibar. The joint ceremony took place as part of the vibrant Kizimkazi Festival which came to an end August 31, 2023. 

The historic event was attended by high-ranking government dignitaries and financial sector leaders, notably, the Minister of Finance, Dr. Mwigulu Nchemba, the Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, and BoT Deputy Governor Mr. Julian Banzi Raphael.

One of key BoT functions is to regulate and supervise the financial sector, including commercial banks. Through its supervisory role, BoT provides legal and professional guidance to banks and other financial entities to ensure they adhere to national and international standards.   

BoT ensures, among others, that the supervised banks and financial institution have adequate liquidity to meet the needs of their clients, including during challenging financial environment.

The launching of the two new branches of the two banks, enhances accessibility of financial services and stimulates economic growth.

Also, BoT was among exhibitors during the Kizimkazi Festival where it provided awareness to visitors about Bank undertakings.