Bank review: PBZ Bank—Everything you need to know

The People’s Bank of Zanzibar Limited (PBZ) was established on the 30th of June, 1966 by the Tanzanian government.

Bank review: PBZ Bank—Everything you need to know

PBZ Bank is one of the oldest and biggest government-owned commercial banks in Tanzania.

It provides conventional and Islamic banking products and services to individuals, SMEs, and corporations.

PBZ currently has 23 branches and service centres, 85 service agents, and 251 ATMs in Tanzania.

History of The People’s Bank of Zanzibar (PBZ)

The People’s Bank of Zanzibar Limited (PBZ) was established on the 30th of June, 1966 by the Tanzanian government.

PBZ currently owns 75% of MuCoBa Bank Plc. MuCoBa Bank’s changed its name from Mufindi Community Bank to MuCoBa Bank Public Limited Company during its expansion on May 29, 2014.

In April 2011, PBZ opened a branch in Dar es Salaam. The bank currently has branch networks and service centres in the Islands of Zanzibar, Dar Es Salaam, and Mtwara.

In December 2011, PBZ started offering Islamic banking products as part of its services.

PBZ became a tier-one bank in 2021. As of December 21, 2021, PBZ bank’s total assets were worth Sh1.01 trillion.

PBZ’s managing director is Dr Muhsin Salim. President Hussein Ali Mwinyiis appointed him to head the bank in 2021.

Products

PBZ bank offers conventional and Islamic banking products to individuals, businesses, and corporations.

PBZ’s conventional banking products includes:

  • Bank accounts: current accounts, time deposit accounts, and saving accounts
  • Loans and credit facilities: personal loans, overdrafts, term loans, commercial loans, and mortgage financing.

PBZ’s Islamic banking includes:

  • Bank accounts: current and saving accounts (Mudharaba, Wadiah, Qard )
  • Investment accounts (Musharakah and Mudharaba)
  • Deposit mobilization contracts
  • Fund utilization products including Bai Murabahah and Bai Muajjal.

PBZ conventional and Islamic banking products are available to commercial and individual customers in Tanzania Shillings (TZS.) US Dollar (USD), Great Britain Pound (GBP), and European Money(Euro).

To get started with PBZ products, simply visit any PBZ bank branch near you.

Frequently asked questions

What is PBZ bank's contact information?

PBZ headquarters address: 2nd Floor ZIC Building, Mpirani, Urban West, Zanzibar

Telephone number: +255 24 223 4579

Email address: info@pbzbank.co.tz

You can find the address of PBZ bank branches here.

What is PBZ bank website?

You can visit the People Bank of Zanzibar (PBZ) website here.

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

What is PBZ bank’s SWIFT code

PBZATZTZ

What is PBZ mobile banking

PBZ bank offers mobile and internet banking services to its registered customers. To sign up, simply visit any PBZ bank branch near you.

After registering, you can download the PBZ bank app from the Playstore and Appstore.

You can also visit the PBZ internet banking platform here.

What is PBZ USSD code

*150*40#

Conclusion

The People Bank of Tanzania is one of the oldest banks in Tanzania, but it has a limited number of branches for a bank of its size and age.

The PBZ website is also lacking and does not provide helpful information about the bank’s product offerings. This means you have to find a PBZ Bank branch before you can learn and decide the options that work for you.

According to the PBZ management, the bank plans to expand its offerings and presence in the next 5 years. Hopefully, we will see an improvement in its online and offline presence.

Sources

https://www.icsfs.com/insights/success-stories/pbz/

https://en.wikipedia.org/wiki/People%27s_Bank_of_Zanzibar

https://tiob.or.tz/pbz-banking/

https://www.thecitizen.co.tz/tanzania/news/business/pbz-advances-to-rank-of-1st-tier-banks-3704224