Bank Review: Stanbic Bank Tanzania—Everything you need to know
Stanbic Bank Tanzania, a subsidiary of Standard Bank Group Limited, is a commercial bank in Tanzania that provides banking services to individuals and businesses.
This article covers the products and services offered by Stanbic Bank Tanzania.
History of Stanbic Bank Tanzania
Stanbic Bank Tanzania is a division of Standard Bank, which is a subsidiary of Standard Bank Group Limited.
Standard Bank Group Limited was initially named The Standard Bank of South Africa and it was formed in 1862 as a South African subsidiary of the British overseas bank, Standard Bank.
Standard Bank adopted Stanbic Bank as a trading name in 1992 after Standard Bank Group acquired the African operations of ANZ Grindlays Bank.
The current Standard Bank Group acquired the operations of the Meridien BIAO Bank and renamed it Stanbic Bank Tanzania Limited in 1995.
Kevin Wingfield is the chief executive officer of Stanbic Bank Tanzania.
Stanbic Bank Tanzania’s products and services
Stanbic Bank Tanzania offers products and services to individuals, businesses, and corporations. The bank’s products are split into personal banking and business banking.
Personal bank accounts
These are bank accounts suited for individuals living in Tanzania. Some of Stanbic Tanzania’s personal bank account products are:
Pure save account
This is an interest-earning savings account for individuals interested in saving for the future. No monthly fees are charged to the account for balances above TSH 50,000 ($22) and interest is earned on amounts from Tsh100, 000 or USD 100.
A minimum amount of TZS 50,000 or USD 50 is required to open the account.
Requirements
- You must be at least 18 years old
- An introduction letter from your employer or ward clerk
- Two passport photographs
- A valid means of identification (national ID, passport, work or resident permit for non-Tanzanians)
- Any utility bill
Hatua account
This is a student account opened by the parents on the child's behalf. No monthly fees are charged to the account.
Requirements
- Two passport photographs of the parent/guardian
- An introduction letter from the parent/guardian employer or ward clerk
- A valid means of identification (national ID, passport, work or resident permit for non-Tanzanians)
- The child's birth certificate
- The child’s passport photograph (for non-resident Tanzanians)
Personal current account
This is a pay-as-you-transact account. Personal current accounts can be used to access salary advance loans and other credit facilities. No monthly fees are charged to the account.
Requirements
- One passport photograph
- A valid means of identification (national ID, passport, etc.)
- Introduction letter from employer (if employed)
- Documents to verify your residential address( utility bills, tax receipts, etc.)
- Expatriates must also provide a certified residence or work permit and a valid passport
Other Stanbic Tanzania personal bank account products are private banking current account and fixed deposit.
You can open a Stanbic Bank Tanzania bank account by visiting any Stanbic Bank Tanzania branch near you.
Personal loans
Stanbic Bank personal loans are suited for individuals. Some of Stanbic Tanzania’s personal loan products are:
Home loan
This is for individuals interested in building or leasing property. You can borrow up to TZS 2 billion ($868,283) for a maximum period of 20 years.
The loan's interest rate depends on the amount borrowed, but monthly repayments must not be more than 40% of your net monthly income
Requirements
- You must earn a minimum monthly income of TZS 2 million ($868)
- You must be at least 21 years old and a Tanzanian citizen or a permanent resident
- You must deposit 20% of the property value
- You must have a current account with Stanbic Bank and present your bank statement for the past 6 months
Salary advance
This is a loan for individuals who earn a monthly salary. The loan has a 5% interest rate and you can borrow a maximum of TZS 5 Million ($2,171).
Requirements
- You must repay the loan within a month
- earn a minimum monthly income of TZS 2 million ($868)
- You must be at least 18 years old and a Tanzanian citizen or a foreign resident with a work permit
- You must have a current account with Stanbic Bank
Unsecured personal loan
This is an uncollateralised loan. The interest rate depends on the amount you borrow and it has a maximum repayment period of 60 months.
You can borrow a maximum of TZS 80 Million ($34,731).
Requirements
- You must earn a minimum monthly income of TZS 500,000 ($217,000)
- You must be at least 18 years old and a Tanzanian citizen with permanent residency or a foreigner with a work permit
- You must have a current account with Stanbic Bank and present your bank statement for the past 6 months
Other Stanbic Bank personal loan products are overdrafts and vehicle asset finance. You can apply for a loan by visiting any Stanbic Bank Tanzania branch near you.
Personal insurance
Stanbic Bank offers the following insurance covers to its retail customers:
You can apply for any of Stanbic Bank's Tanzania insurance coverage by visiting any Stanbic Bank Tanzania branch.
Stanbic Bank Tanzania’s business solutions
These are bank accounts, loans, payment processors, and other business solutions offered by Stanbic Bank Tanzania to its customers. Some of Stanbic Tanzania’s business solutions are:
Business current account
This is a transactional account for businesses to make payments, carry out secure electronic transactions, access business loans, etc.
No amount is required to open the account but monthly fees are charged to the account.
Requirements (Limited Liability companies incorporated in Tanzania)
The business must present certified copies of:
- Certificate of incorporation
- Memorandum and articles of association
- Business licence
- TIN certificate
- Annual returns
- Shareholders' and signatories' IDs
- Three passport photographs of each signatory
- Proof of the business income
- Documents outlining the board’s resolution to open the bank account
Non-commercial entity current account
This is an interest-earning transactional account for non-commercial organisations like NGOs, religious institutions, schools, etc. No monthly fee is charged to the account.
A minimum amount of TZS 100,000 or USD 60 is required to open the account.
Biashara direct
This is a customer service offering for businesses that use Stanbic Bank Tanzania’s business solutions. For a monthly fee of TZS 15,000 ($17), businesses can:
- Inquire about Stanbic Bank Tanzania’s services
- Ask for their bank balance and statement
- Apply for loans
- Apply for a chequebook
- Reactivate dormant or inactive accounts
- Be guided on how to make international and local payments
- Stay abreast on trade financing, foreign exchange fees, and other business solutions offered by Stanbic Bann Tanzania.
Businesses can sign up for Biashara direct by dialling 0800751021 or by sending an email to Biasharadirect@stanbic.com.
Overdrafts
This is a quick loan for businesses in need of working capital. Overdrafts can be withdrawn at any time. The maximum loan amount repayment period depends on your credit risk.
Requirements
- The business owner must be at least 18 years old and a Tanzanian citizen with permanent residency or a foreigner with a work permit
- You must have a current account with Stanbic Bank
Term loan
This is a business loan that can be used to buy or fix property, assets or expand the business working capital. The loan can be borrowed for a maximum period of 60 months
Requirements
- The business must be at least 12 months old
- Collateral must be presented
Other business solutions offered by Stanbic Bank Tanzania are Import and export to China, POS services, fixed deposit account, business call account, Biashara online, till to bank, vehicle and asset finance, and savings and investments.
Businesses can get started with Stanbic Bank’s business solutions by visiting any Stanbic Bank Tanzania branch.
Stanbic Bank Tanzania’s digital banking channels
Stanbic Bank Tanzania customers can access and manage their bank accounts via the bank’s digital channels.
Stanbic Bank Tanzania’s internet banking
Stanbic Bank’s retail and corporate customers can access and manage their bank accounts via the Stanbic bank portal.
With Stanbic Bank’s internet portal, you can:
- Pay your bills
- Transfer funds to mobile money accounts
- Buy airtime
- Transfer funds to other accounts
- Schedule payments
- View account statement
- Open new accounts
Stanbic Bank customers can register for internet banking by visiting any Stanbic Bank Tanzania branch OR
Stanbic bank mobile banking (*150*29#)
Stanbic Bank offers cellphone banking to its customers via its bank app and USSD code (*150*29#).
With Stanbic mobile banking, you can:
- Pay your bills
- Transfer funds to mobile money accounts
- Transfer funds to other bank accounts
- Buy airtime
- View your account balance
- Schedule payments
To register, simply visit any Stanbic Bank Tanzania branch near you.
Registered customers can get started by dialling *150*29# OR by downloading the Stanbic Bank app from the Playstore, Appstore, or AppGallery.
Frequently asked questions
What is Stanbic Bank Tanzania’s contact information?
Stanbic Bank Tanzania’s main branch: Golden Jubilee Tower (PSPF), Ohio/Kibo Street, P.O. Box 72647, Dar Es Salaam
Local telephone number: 0800 751 111
International telephone number: +255 (22) 783 780077
Email address: tanzaniaccc@stanbic.com
You can find any of Stanbic Bank Tanzania branches here
What is Stanbic Bank Tanzania’s SWIFT code?
SBICTZTX
What is Stanbic Bank Tanzania’s customer care phone number
You can call the Stanbic Bank customer care toll-free number at 0800 751 111
What is Stanbic Bank Tanzania USSD code
*150*29#
You can view the bank’s tariff guide here
What is Stanbic Bank Tanzania’s website
You can visit the Stanbic Bank Tanzania website here.
You can also visit its Facebook and Twitter pages.
Conclusion
Stanbic Bank Tanzania is dedicated to offering businesses the tools they need to survive and this shows through its product offerings.
Individual customers are not left out. Stanbic Bank Tanzania has bank accounts, loans, and insurance offerings to meet most of your everyday banking needs.