Equity Bank

Bank Review: Equity Bank Tanzania—Everything you need to know

Peace Itimi

• 9 min read
Bank Review: Equity Bank Tanzania—Everything you need to know

Equity Bank Tanzania, a subsidiary of Equity Bank Holdings, is a commercial bank in Tanzania that provides financial products and services to individuals, businesses, and groups in Tanzania.

Equity Bank has over 15 branches, 3162 agents, 1260 POS merchants, and 22 ATMs. The bank also offers a wide range of loan products to individuals, businesses, and groups.

At the end of 2020, Equity Bank Tanzania Limited was worth $259 million (KSh 28.5 billion) in assets.

This article covers the products and services offered by Equity Bank Tanzania.

History of Equity Bank Tanzania

Equity Bank Tanzania started operations on the 9th of February 2012. At the end of June 2014, Equity Bank Tanzania had over 85,675 customer accounts and total assets worth US$143.42 million.

Equity Bank Tanzania started its agent banking network, mobile banking and online banking networks for individuals, groups, and businesses in 2013-2014.  

Before the start of the pandemic, Equity Bank Tanzania planned to acquire four banks in Tanzania, Rwanda, Zambia, and Mozambique. The bank’s parent company, Equity Group Holdings, halted the acquisition so that it could protect its assets.

Equity Bank is focused on promoting intercountry and regional remittance transactions in Tanzania.

Between 2021-2022, it partnered with 3 new remittance services: Equity Bank Interbank transfers, Sadc Integrated Regional Electronic Settlement System (Siress) Services and NALA Payments Limited.

Mr Raymond Mbilinyi is the current non-executive chairman of the Equity Bank Tanzania board while Rojas Peter Mdoe is the head, operations & ICT senior manager.

Equity Bank’s products and services

Equity Bank Tanzania offers products and services to individuals, groups, and businesses in Tanzania. The bank also offers products to Tanzanians in the diaspora. These products and services are grouped into the following categories:

Equity Bank accounts

Equity Bank offers bank account products to individuals, MSMEs, groups/chamas, and Tanzanians in the diaspora. Some of the Equity Bank account products are:

Personal current account

This account can be opened by individuals and businesses. Personal current accounts are a flexible account option for people that carry out multiple transactions daily. There are no ledger, maintenance, or monthly fees charged to the account. The account can also be operated in TSH, KES, USD, EURO or GBP.

Ordinary account

This account can be opened by both Individuals and businesses. There are no maintenance or monthly fees charged to the account and it does not require a minimum operating balance.

Business current account

This is a current account suited for businesses to carry out their daily transactions. There are no ledger, maintenance, or monthly fees charged to the account. The account can also be operated in TSH, KES, USD, EURO or GBP.

Uhuru personal account

This is a transactional and interest-earning bank account for Tanzanians living in the diaspora. The account can be operated in TZS, USD, GBP, and EUR. No amount is required to open the account.

Requirements
  • A copy of your passport
  • A passport photograph
  • Your utility bill (to verify your address)
  • A filled-out and signed indemnity form
  • A picture or card of your signature( downloaded, signed and scanned)
  • US residents must also submit a W9 form
How to open a Uhuru personal account
  • Fill out and sign the application form and indemnity form
  • Compile the filled forms and the outlined required documents into a zip file
  • Fill out the Apply for an Account section at the bottom of the website and upload the zip file
  • Click submit OR send the zip file as an attachment to Tanzanians.Abroad@equitybank.co.tz

Uhuru business account

This is a business account for Tanzanian-owned businesses in the diaspora. No amount is required to open or operate the account.

Required documents
  • Copies of the business directors’ national ID/passport
  • The directors' passport photograph
  • The directors’ TIN certificate
  • The business memorandum of understanding and certification of incorporation
  • A document outlining the directors' resolution to open the account
  • The business TIN and registration certificate
  • W9 form for all US residents
How to open a Uhuru business account
  • Fill out and sign the application form and indemnity form
  • Compile the filled forms and the outlined required documents into a zip file
  • Fill out the Apply for an Account section at the bottom of the website and upload the zip file
  • Click submit OR send the zip file as an attachment to Tanzanians.Abroad@equitybank.co

Other bank account products offered by Equity Bank Tanzania are Uhuru current account, Uhuru junior account, super junior accounts, Jijenge savings account, and current account.

Local Tanzanians can open an Equity Bank account by visiting an Equity Bank Tanzania branch with their National ID or Passport. Businesses may be asked to submit other requirements.

Equity Bank loans

Equity Bank offers loans and other credit lines to individuals, groups, and businesses in Tanzania. The bank also offers loans to Tanzanian individuals and businesses in the diaspora. Some of Equity Bank's loan products are:

Equiloan

This is a mid to long-term loan for individuals who earn a monthly salary. The loan can be used to fund projects or acquire assets. Equiloans have a maximum repayment period of up to 72 months.

Requirements
  • Your monthly pay slip
  • Your identification documents (national ID, passport, etc)
  • Your employment letter
  • Your employer must have or sign an MOU with Equity Bank

Salary advance

This is a short-term and uncollateralised loan for individuals who earn a monthly salary. The loan has a monthly interest rate of 2% and a maximum repayment period of 12 months. You can borrow up to TSh 2,000,000 ($857).

Requirements
  • You must have an active Equity Bank account
  • A confirmation or introduction letter from your employer

Fanikisha Imara

This is a loan for business owners to access training programs at a discounted price. Business owners can borrow between TSh 100,000 to TSh 20 million ($43-$8,574) for a maximum period of 18 months. Fanikisha Imara loans have a 2% monthly interest rate.

Requirements
  • You must have an active Equity Bank account
  • The loan must be used to finance business working capital and operational needs
  • You must show that you have other sources of income that can be used to repay the loan

Fanikisha Maisha loan

This is a loan product for women’s groups with 7-10 members. The loan is to help women access business finance capital. The group can borrow between TSH 20,000 - TSH 1 million ($9-$429) for a maximum of 18 months. Fanikisha Maisha loans have an interest rate of 1.25% per month.

Requirements
  • Fanikisha Maisha loans are available to only women groups (7 to 10 members)
  • The group/members must have an active Equity Bank account
  • The loan
  • The loan must be used to finance business working capital and operational needs
  • You must show that you have other sources of income that can be used to repay the loan

Biashara Imara loan

This is a loan product for micro businesses. It has a 20% interest rate and businesses can borrow between TSh. 100,000- 5,000,000 ($43-$2,142) for a maximum period of 12 months.

Requirements
  • The business owner must be an Equity Bank customer for at least three (3) months
  • The business owner must have experience running a business for at least one year
  • The business must have a permanent location
  • Security or collateral i.e land titles, log books, etc.

Corporate business loan

This is a loan product for medium-large businesses. The loan has an interest rate of 16 – 18% and businesses can borrow above TSh 500,000,000 ($214,355). The loan also has a maximum repayment period of 36 months.

Requirements
  • The business owner must be an Equity Bank customer for at least six (6) months
  • The business must be registered
  • The business must have a permanent location
  • The business must have acceptable security or collateral i.e. log books,  title deeds, treasury bills, etc.

Diaspora mortgage loan

This is a mortgage product for Tanzanians in the diaspora. The loan can be used to buy, build, or lease a building for residential purposes. It also has a flexible repayment plan and it is available in TZS and USD. Diaspora mortgage loans also have a maximum repayment period of 15 years.

Requirements
  • A filled-out and signed application form
  • Your last three (3) months' payslip
  • Your bank statement for the past 6 months
  • A CRD report
  • A copy of the buildings title deed
  • An introduction letter from your employer
  • Your tax returns for the last 3 years
  • Other requirements as requested by the bank  

Other loan products offered by Equity Bank to its customers are:

Savings and investment products

These are savings and investment accounts and products offered by Equity Bank to individuals, businesses, and groups. Its savings and investment options are:

Individuals and businesses can learn more about Equity Bank’s savings and investment products by visiting any Equity Bank branch.

Equity Bank’s alternative channels

These are the channels Equity Bank customers can use to access and manage their bank accounts. Equity bank offers businesses and individuals debit cards, mobile banking, and internet banking platforms.

Debit cards

Equity bank offers two types of debit cards to its customers- VISA debit cards and Auto branch debit cards.

Visa debit cards can be used anywhere in the world while Autobranch cards can be used regionally in Tanzania. With Equity’s debit cards, you can:

  • Withdraw from any ATM
  • Pay for goods and services
  • Perform online transactions
  • Buy airtime

You get an Equity debit card immediately after you open any Equity bank account. Simply visit any Equity bank branch near you to get started.

Business online banking (Eazzy Biz)

EazzyBiz is Equity Bank’s online platform for businesses. It provides businesses with cash and liquidity management solutions. EazzyBiz also allows businesses to manage their finance anywhere.

With EazzyBiz, businesses can

  • Manage their business accounts
  • Request for additional chequebooks
  • View business reports and audits
  • Make bulk payments
  • Access payroll services and invoice processing services
  • Pay their business bills
  • Make local and international transfers

Businesses can apply for EazzyBiz by visiting an Equity Bank branch and completing the EazzyBiz application form.

Individual online banking (EazzyNet)

EazzyNet is Equity Bank’s online channel for individuals. With EazzyNet, you can:

  • Make local and international money transfers
  • Schedule payments
  • Pay your bills
  • Buy airtime

You can access and register for EazzyNet here. You can also access Equity Bank’s self-service portal here

Equity Bank’s mobile banking (Eazzy 24/7 *150*07# and mobile app)

Equity Bank offers two mobile banking channels- a USSD code (*150*07#) called Eazzy 24/7 and a mobile bank app.

Equity Bank’s mobile banking channels can be used to:

  • Open a new Equity Bank account
  • Manage your existing bank account
  • Buy airtime
  • Pay your bills
  • Apply for loans
  • Make local and international money transfers
  • Request for your account statement
  • Manage your Equity bank cards

You can register for Equity Bank’s Eazzy 24/7 USSD service by dialling *150*07# and following the prompts on your screen.  

You can register for Equity’s bank app by downloading it here and following the prompts on the screen.

Money transfer

Equity bank customers can send and receive money worldwide thanks to the bank’s partnerships with local and international money transfer agents. These money transfer agents are:

  • Money Gram
  • Swift Transfer
  • Western Union
  • WorldRemit
  • Smallworld
  • Transfast
  • Simba Pay
  • Ping Express

Frequently asked questions

What is Equity Bank Tanzania's contact information?

Equity Bank Tanzania headquarters: Golden Jubilee Towers, Ohio Street, P.O. Box 2939, Dar es Salaam, Tanzania

Telephone number: +255 768985500

Email address: infotz@equitybank.co.tz

You can also fill out its customer support form here

How many branches does Equity Bank Tanzania have

Equity Bank Tanzania currently has over 15 branches in Tanzania. You can find an Equity Bank branch, ATM or agent here.

What is Equity Bank Tanzania’s USSD code

*150*07#

You  can view Equity Bank Tanzania’s tariff charges here

What is Equity Bank Tanzania’s SWIFT code

EQBLTZTZ

What is Equity Bank Tanzania’s website

You can visit its website here.

You can also visit Equity Bank Tanzania’s Facebook, Instagram, Twitter, and LinkedIn pages.

Conclusion

Equity Bank Tanzania offers a wide range of banking products and services to individuals, businesses, and groups in Tanzania.

Although its loan products are the star of the show, its other financial services are enough to fulfil your everyday banking needs.

Sources

https://equitygroupholdings.com/tz/

https://en.wikipedia.org/wiki/Equity_Bank_Tanzania_Limited

https://africabusinesscommunities.com/tech/tech-news/kenya-equity-bank-inks-deal-with-tanzania-fintech-nala-for-diaspora-remittances/

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