Bank Review: Azania Bank—Everything you need to know

Bank Review: Azania Bank—Everything you need to know

Azania Bank Limited is a Tanzanian commercial bank that offers banking products and services to individuals and businesses.

Azania Bank has 24 branches, 8 service centres, 30+ Bureau De Change outlets, and 500 agents (Wakala) centres.

This article covers the products and services offered by Azania Bank.

History of Azania Bank

Azania Bank was first established in 1995 as First Adili Bancorp. Its start-up capital was funded by Tanzanian citizens, the Tanzanian national pensions funds body, and international financial institutions.

Azania bank has since expanded its services to include retail and corporate banking, foreign exchange transactions, import/export financing, and other banking services.

Azania Bank acquired Bank M, a retail commercial bank facing liquidity problems, in 2019.

At the end of 2019, Azania Bank’s assets were valued at approximately TSh 1,148 billion (US$496 million).

Esther Mang’enya is Azania Bank’s current managing director.

Azania Bank’s products and services

Azania Bank offers personal and business banking products to its customers. They are split into the following categories:

Personal bank accounts

These are bank accounts and loan products suited for individuals. Azania Bank’s personal bank account products are:

Savings account

This is an interest-earning account for individuals interested in saving for the future.

Azania savings accounts can be operated in TZS/USD/EURO/GBP. A minimum amount of TZS 15,000 ($6) is required to open the account.

Dhamira account

This is a savings account used to save towards acquiring assets like land, house, vehicles, etc.

Dhamira accounts are opened for a minimum of 12 months and a minimum amount of TZS 100,000 or USD/EUR/GBP 100 is required to open the account.

Watoto account

This is an interest-earning savings account for kids or students.

A minimum amount of TZS 100,000 ($43) is required to open the account.

Diaspora account (Asili smart)

This is an interest-earning bank account for Tanzanians in the diaspora and it can also be operated as a joint account.

Asili smart accounts can be used to apply for Azania Bank loans and it can also be opened in TZS, USD,EURO or GBP.

A minimum amount of USD 100 is required to open the account.

Other personal bank account products offered by Azania Bank are fixed-deposit, student (aspire) account, Ziada account, and Wastaafu account.

You can open an Azania Bank account by visiting any Azania Bank branch near you.

Personal loans

These are loan options individuals can use for emergencies, to acquire assets, etc. Some of Azania Bank’s personal loan products are:

Personal loans

Personal loans are quick loans for individuals with a fixed income. Personal loans have a maximum repayment period of 3 years. The loan's interest rate ranges between 19 -23%.

Salary advance loans

These are loans for individuals who earn a monthly salary. Salary advance loans are available to employees whose employers have an MOU with Azaria Bank.

Wastafuu loans

These are loans for pensioners. Wastafuu loans have a maximum repayment period of  72 months(6 years).

Mortgage loans

These are loans for individuals interested in buying or building a residential house. It has a maximum repayment period of 25 years.

Consumer loans

These loans have a quick turnaround time and a maximum repayment period of 72 months. It is available to only salaried employees.

To access consumer loans, your employer must secure the loan through a collective guarantee agreement.

You can apply for an Azania Bank loan by visiting any Azania Bank branch.

Business solutions

These are loans, bank accounts, and other solutions tailored to businesses. Some of Azania Bank’s business solutions are:

Overdraft facilities

This is a short-term loan for businesses that need working capital. It is available to customers with only a current account and a reliable income stream. Azania’s overdraft facility has a maximum repayment period of 12 months.

SME loans

These are loans for small and medium businesses operating in Tanzania. Businesses can borrow a minimum of TZS 500,000 ($214) for a maximum period of 2 years.

Azania bancassurance

These are insurance solutions for businesses and companies operating in Tanzania. Azania Bank’s bancassurance packages include:

  • Motor vehicle cover
  • Property insurance
  • Engineering insurance
  • Insurance premium financing (IPF)
  • Marine insurance
  • Travel insurance
  • Money insurance
  • Bond
  • Group life assurance
  • Group credit  assurance
  • Career life plus
  • Fanaka

Other business solutions are project financing and trade finance.

Businesses can learn more and apply for Azania Bank’s business solutions by visiting any Azania Bank branch.

Azania Bank’s digital channels

These are alternative channels Azania Bank customers can use to access and manage their accounts. They are:

Internet banking

Azania Bank customers can access and manage their accounts through the Azania bank portal.

With Azania internet banking, you can:

  • Check your account balance and transaction history
  • Print your account statement
  • Make local and international fund transfers
  • Pay your bills

You can register for Azania Bank’s internet banking by filling out and submitting an application

form at any Azania Bank branch near you.

Registered users can log into the Azania Bank portal here

Mobile banking (*150*45# and bank app)

Azania Bank’s mobile banking channels can be accessed by any Azania Bank customer.

Azania’s mobile banking channel allows you to:

  • View your account statement
  • Make local and international transfers
  • Pay bills
  • Buy airtime

You can download the Azania bank app from the Playstore and Appstore. You can also dial *150*45# and follow the prompts on the screen.

Agent banking (Wakala)

Azania Bank’s agent banking (Wakala) service allows its customers to access and manage their accounts without visiting a bank branch.

Wakala agents are authorised by Azania Bank to perform the following transactions on your behalf:

  • Withdraw and deposit money into your account
  • Transfer money to other accounts
  • View your account statement

You can find a Wakala agent near you here.

Merchant channels

This is a service offered to businesses that use Azania Bank to collect payments from customers.

It is expected to launch in Q4 of 2022. Azania Bank’s merchant channels will help merchants:

  • Receive payments from different types of bank cards
  • Save time by not visiting bank branches
  • Increase their revenue stream
  • Help award customers with loyalty points

Azania Bank’s VISA card

All Azania Bank customers are eligible for a VISA debit card. The card is accepted at over 200 ATMs worldwide and it can also be used to make online payments.

Azania Bank currently offers two (2) types of bank cards: Azania Bank Infinite VISA Card and Azania Bank Classic VISA Card.

You can apply for an Azania Bank VISA card by filling out and submitting an application form at any Azania Bank branch near you.

Frequently asked questions

What is Azania Bank’s contact information?

Headquarters: Mawasiliano Towers,Sam Nujoma Road, Dar es Salaam, Tanzania

Email address: customercare@azaniabank.co.tz

Azania Bank’s phone number: 0800 110210

You can find any Azania Bank branch here.

You can also fill out its complaint form here

What is Azania Bank’s website

You can visit Azania Bank’s website here

You can also visit its Twitter, Instagram, and Facebook pages.

What is Azania Bank’s SWIFT code

AZANTZTZ

What is Azania Bank’s USSD code

*150*45#

Conclusion

Azania Bank offers products and services that both individuals and businesses can use.  

Although Azania Bank’s website does not list the requirements and documents you need to sign up for its products, it is easy to navigate and gives you an idea of the financial products and services it provides.

Sources

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

https://azaniabank.co.tz/