Bank Review: DCB Commercial Bank—Everything you need to know
DCB Commercial Bank Plc (DCB Bank) is a retail and commercial bank in Tanzania that provides banking products and services to individuals, businesses, and corporations.
DCB Bank Tanzania started with a startup capital of 1.7bn TZS ($738,000) and it is one of the first banks to be listed on the Dar es Salaam Stock Exchange (DSE). It currently has over 8 branches, 1000 agents (DCB Wakala), and 280 ATMs (Umoja switch).
This article covers the products and services offered by DCB Bank Tanzania.
History of DCB Bank Tanzania
DCB Commercial Bank Plc (DCB Bank), formerly known as Dar es Salaam Community Bank Plc, started operations as a regional microfinance bank. It was registered as a limited liability company on the 6th of September, 2001.
DCB Bank Tanzania was initially created to help low-income earners in Dar-es-Salaam and its surroundings. It provided loans to women and expanded its services when Tanzania’s central bank granted DCB Bank a provisional banking licence.
DCB bank was granted an unrestricted regional banking licence on the 12th of June, 2003. The licence gave DCB the authority to act as a commercial bank in Dar es Salaam.
DCB Bank was granted a licence to operate as a full commercial bank in February 2012, which gave the bank the authority to expand its products and services to different parts of Tanzania. The bank then rebranded from Dar es Salaam Community Bank Plc to DCB Commercial Bank Plc.
Since its existence, DCB Bank has provided over TZS 1 trillion loans (approx $435 million) to over 400,000 Tanzanians. The bank has also grown its customer base from 6,530 customers to more than 200,000.
DCB Bank also has a foundation known as DCB Foundation. It was established as DCB Tanzania’s not-for-profit arm in 2021 to provide socio-economic opportunities to low-income individuals in Tanzania.
Maharage Ally Chande is DCB Bank’s board chairman while Godfrey Ndalahwa is the bank’s managing director.
DCB Bank Tanzania’s products and services
DCB Bank Tanzania offers banking products and services to individuals, businesses, and corporations. Its products and services are broadly categorised as personal banking, group banking, business banking, and corporate banking.
DCB personal bank accounts
These are bank accounts suited for individuals. Some of DCB Bank’s personal bank account products are:
DCB Mini Skonga
This is a savings account for parents to save towards their children’s education. You can use the account to save for a minimum of 12 months. You can also set the amount you want to save every month, which must start from TZS 5,000 ($2).
Requirements
- A filled and signed account opening form
- One passport photograph
- A valid means of identification (NIDA ID, passport, voter's card, or driving license)
- A letter from the local authority office
- Special deposit/savings (standard order arrangement)
Personal savings
This is an interest-earning account for individuals interested in saving for the future. A minimum amount of TZS. 20,000 ($9) is required to open a DCB Bank savings account.
Requirements
- Two passport photographs
- A valid means of identification. You can submit any of the following documents:
- A letter from your employer or ward executive
- Identity card
- National ID card
- Passport
- Voter's card
- Driver’s license
- Birth certificate
3. Documents to verify your address. You can submit any of the following documents:
- Certified copies of a right of occupancy/title deed
- A copy of your lease agreement
- A copy of your utility bill showing your address
- A copy of your local authority tax bill showing your address
4. Non-residents must also present a valid work permit
WAHI individual
This is an interest-earning savings account. You can set a savings plan period for 6, 9, 12, or 24 months. The account can also be used to apply for DCB Bank loans. A minimum amount of TZS. 20,000 ($9) is required to open the account.
Requirements
- An original and copy of a valid means of identification (ID card, voters card, passport, or driving licence)
- One passport photograph
- An introduction letter from local leaders, an employer, or an advocate
- The amount to be saved
Student account
This is an interest-earning bank account for students. There are no monthly fees charged to the account. A minimum amount of TZS 5,000 ($2) is required to open the account.
Requirements
- An acceptance letter from the student's school or university
DCB Mstaafu savings
This is a savings account for individuals that are close to retiring or retirement age. A minimum amount of TZS 10,000 ($4) is required to open the account.
Requirements
- A pensioners ID card and any other valid means of identification (voters ID, passport, national ID, or driver's licence)
Other personal bank accounts offered by DCB Bank are DCB Skonga, Kibubu digital account, young saver, foreign currency fixed deposit, TZS fixed deposits, and DCB Lamba Kwanza.
You can open a DCB Bank account here or by visiting any DCB Bank branch with the required documents.
DCB Bank personal loans
DCB Bank personal loans are suited for individuals. Some of DCB Bank's personal products are:
Salaried loan
These are quick loans for individuals who earn a monthly income. You can borrow a maximum amount of Tshs 50,000,000 ($21,707) without collateral. Salaried loans have a repayment period of 6 - 84 months.
Requirements
- You must not be more than 57 years of age
- A signed and filled-out application form
- Your pay slip for the last 2 months
- Non-residents must also present a work permit
- Private and government workers must present a signed collective guarantee agreement and security
- Two passport photographs
- An introduction letter from your employer
- A valid work ID or passport
Digital salary advance
This is a loan product for individuals with a DCB Bank salary account. With the loan, you can access up to 50% of your salary before payday. You can apply for a digital salary advance loan through the bank’s digital banking channels.
Mkopo wa Ada ya Shule
These are quick loans for parents to pay school fees when needed. The loan is accepted within 48 hours and it has a maximum repayment period of 6 months. Parents can borrow up to TZS 5 million ($2,171).
Requirements
- A valid means of identification (national ID, voters ID, passport or driver’s licence)
- The school fee slip or information
- The applicant’s bank statement for the last 3 months
- Business people must present their business TIN or business licence
- A vehicle property card
- The applicant must have comprehensive insurance
- The student must not be suspended from school
Other types of personal loan products offered by DCB Bank are Jikopeshe Kidijitali and housing microfinance loans.
DCB group bank accounts
These are bank accounts for-profit and non-profit organisations operating in Tanzania. Some of DCB group bank account products are:
CBO personal savings
This is an operational account that can be used to pay salaries, standing orders, etc. There is no minimum operating balance and it can be used to transfer funds to other accounts.
A monthly ledger fee of TZS 18,000 ($8) is charged to the account. A minimum amount of TZS 100,000 ($43) is required to open the account
Requirements
- Each signatory must present two passport photographs
- An application letter stating the intention to open a bank account
- A copy of the group's constitution/trust deed
- Documents that verify the group's existence from relevant bodies
- Other requirements as specified by the bank
DCB VICOBA Biashara
This is a bank account for non-profit organisations in Tanzania. Group members also have access to NHIF medical services at TZS. 76,800 ($33) per person per annum.
No amount is required to open or maintain the account but it requires a minimum operating balance of TZS 50,000 ($22).
Requirements
- The group must submit a copy of its registration from either Brela, NGOs or the Municipal Council
- The group must submit its constitution (memart, partnership deed, etc)
- Each signatory must present a copy of their ID
- The group must have an account for at least 3 months with DCB Bank
NGOs personal savings
This is a savings account for NGOs. The account can be used as a transactional account to pay salaries, standing orders, and transfer funds to other accounts.
A minimum amount of TZS.100, 000 ($43) is required to open the account. A monthly ledger fee of TZS 10,000 ($4) is also charged to the account.
Requirements
- Each signatory must present two passport photographs
- An application letter stating the intention to open a bank account
- A copy of the group's constitution/trust deed
- Documents that verify the group's existence from relevant bodies
- Other requirements as specified by the bank for each of the business authorised signatories
DCB Ushirika savings
This is an interest-earning savings account for NGOs, SACCOs and other community-based organisations. The account can also be used to access loans, mobile banking and other services from DCB Bank. A minimum amount of TSH 50,000 ($22) is required to open the account.
Requirements
- Each signatory must present two copies of their ID.
- A copy of the group's constitution/trust deed
- A copy of the group’s registration documents
Other group bank account products offered by DCB Bank are DCB solidarity group, MSE solidarity group, VICOBA personal savings, and VICOBA group savings.
Groups can open a DCB Bank account by visiting any DCB Bank branch with the required documents.
DCB business bank accounts
These are business bank accounts for businesses operating in Tanzania. Some of DCB Bank’s business accounts are:
DCB call account
This is a transactional account mostly suited for corporate and SME customers. A minimum amount of TZS. 5,000,000 ($2,171) is required to open the account. No maintenance or withdrawal fees are charged to the account.
Current account - sole proprietor
This is a current account for sole proprietors in Tanzania. There is no minimum operating balance and the account can be used to access overdrafts and other loans from DCB Bank. A minimum amount of TZS 100,000 ($43) is required to open the account.
Requirements
- An introduction letter from an employer or local leader
- Two passport photographs
- The business name registration certificate
- An extract from the business name registrar
- The business must have a physical location
Current account - partnership
This is a current account for partnerships. There is no minimum operating balance and the account can be used to access overdrafts and other loans from DCB Bank. A minimum amount of TZS 100,000 ($43) is required to open the account.
Requirements
- An introduction letter from a local leader
- Two passport photographs
- The partnership deed
- The business name registration certificate
- An extract from the business name registrar
- The business must have a physical location
Other DCB business bank accounts are current account - company and DCB VICOBA Biashara. Businesses can open a bank account by visiting any DCB Bank branch with the required documents.
Other banking products and services offered by DCB Bank Tanzania are business loans (MSME and corporate loans), group loans, corporate customer accounts, treasury services, and equipment/investment loans.
DCB digital banking channels
These are e-channels DCB Bank customers can use to access and manage their DCB Bank accounts.
DCB Bank internet banking
DCB Bank’s internet banking portal is available to both retail and corporate customers. With DCB’s internet portal, you can:
- Manage and access your account anytime
- Transfer funds to both local and international accounts
- Pay bills and utilities
DCB customers can register for internet banking by visiting any DCB Bank branch. Registered customers can log into the portal here.
DCB Bank mobile banking (DCB Pesa)
DCB Pesa is a mobile account that can be opened and used on any mobile phone. Customers can access DCP Pesa with the DCB USSD code (*150*85#).
With DCB Pesa, customers can
- Transfer money to other bank accounts
- Send or receive money from mobile money accounts
- Deposit and withdraw money from any agent
- Pay bills and utilities
- Buy airtime
Customers can register for DCB Pesa by visiting any DCB Bank branch or by dialing *150*85#.
Electronic money transfers
DCB retail and corporate customers can send and receive money through the bank's SWIFT network and money transfer agents.
Customers can receive funds in US Dollars (USD), Euro (EUR), South African Rand (ZAR), Kenyan Shillings (KES) and Ugandan Shillings (UGX).
How to use DCB Bank’s SWIFT money transfer
You need to provide the following details:
- The beneficiary’s bank name and address
- The sender's name and address
- The sender’s account number
- The beneficiary’s account number
- The beneficiary’s bank SWIFT code
- The correspondent bank’s details
DCB Bank’s SWIFT code is DASUTZTZ.
Frequently asked questions
What is DCB Bank Tanzania’s contact information?
DCB Bank address: DCB Bank head office, Magomeni Mwembechai, Morogoro Road, Dar Es Salaam
Postal address: P.O Box 19798, Dar Es Salaam
Email address: info@dcb.co.tz
Telephone number: +255-22-2172201
Fax: +255-22-2172199
You can find a DCB Bank branch and ATM here.
What is DCB Bank Tanzania’s customer care number?
You can call DCB Bank’s customer care number at 0659 077 000
What is DCB Bank’s USSD code
*150*85#
You can view the bank’s fixed deposit rates and tariff guide here.
What is DCB Bank Tanzania’s SWIFT code
DASUTZTZ
What is DCB Bank Tanzania’s website
You can visit DCB Bank Tanzania’s website here.
You can also visit its Instagram, and Twitter pages.
Conclusion
DCB Bank Tanzania has a wide range of financial products and services for individuals, businesses, and groups in Tanzania. Its website also provides adequate information about each product and what you need to get started.
Sources
https://www.ippmedia.com/en/business/dcb-commercial-bank-reveals-successes-20-years-journey