Bank review: TCB Bank—Everything you need to know
Tanzania Commercial Bank was established in 1925 as the Tanganyika Postal Office Savings Bank (TPOSB) by the British. The Tanganyika Postal Office Savings became operational in 1927.
Tanzania Commercial Bank (TCB), formerly known as The Tanzania Postal Bank (TPB), is a state-owned commercial bank. Tanzanians sometimes refer to the bank with its old acronym-TPB.
TCB provides individual and banking business solutions to its customers. It also has a lot of corporate social responsibility (CSR) projects aimed at improving social and economic growth in Tanzania.
This article covers the products and services offered by Tanzania Commercial Bank.
History of Tanzania Commercial Bank
Tanzania Commercial Bank was established in 1925 as the Tanganyika Postal Office Savings Bank (TPOSB) by the British. The Tanganyika Postal Office Savings became operational in 1927.
After Tanzania switched from a socialist economy (Ujamaa) in 1991, the Tanzania Post office Savings bank was separated from the Tanzania Posts and Telecommunications Corporation. It was renamed the Tanzania Postal Bank (TPB)
The Tanzania Postal Bank grew when it became a separate entity and it started providing profit to the Tanzanian government. On the 29th of March, 2016, the bank was incorporated under the Companies Act (Cap 212) as TPB Bank PLC.
On January 19, 2017, The Tanzania Postal Bank officially rebranded and changed its name to TPB Bank Plc. The bank also changed its logo and tagline.
In 2018, Tanzania’s central bank merged Twiga Bancorp and Tanzania Women's Bank into Tanzania Postal Bank. The central bank also merged TIB Commercial Bank Limited into TPB in 2021.
On the 14th of July 2021, the bank changed its name and tagline to Tanzania Commercial Bank-‘Growing stronger together’. At that time, the TCB's total assets were valued at over TSh 1 trillion (approx. US$436 million).
The Tanzanian government owns most of the shares in the bank. Dr Edmund Mndolwa is the current board chairman.
Tanzania Commercial Bank’s products and services
These are bank accounts, loans, and insurance products and services offered by Tanzania Commercial Bank (TCB) to individuals and businesses.
Personal bank accounts
These are TCB bank accounts for individuals. Some of TCB’s personal bank account products are :
Sports account
This is a savings account for sports club groups. The account can be used to collect membership fees, maintenance fees, and other dues needed to support the daily running of the club.
The account can also be used by the club to:
- Maintain records on its members
- Access TCB’s digital patent services
- Pay the club’s bills and utilities
Requirements
- A filled and signed account opening form
- An employee’s identity card
- A letter from the employee’s employer
- Three passport photographs
Call account
This is a current account that can only be operated at TCB branches. It can be opened by an individual, company or association.
Requirements for individuals, clubs and associations
- An initial deposit.
- Three passport photographs
- An employee’s identity card or letter from their employer
- A letter and voter ID card from the club or association’s executive secretary
Requirements for companies
- The company’s certificate of registration/incorporation
- The company’s Memorandum of Association
- A copy of the company’s meeting minutes authorizing the opening of the account
- List of the company’s board of directors
- One (1) passport photograph of each of the bank’s director/signatory
Salary account
This is a saving account for employees to receive their monthly salary. No amount is required to open the account.
Employers can open the account on behalf of their employees by submitting the employee’s identity card, employment letter, and three passport photographs.
Fixed deposits
A fixed deposit account is a high-interest earning account opened for a specified duration (3-24 months). A minimum amount of TZS.100, 000 ($42.89) is required to open the account.
Requirements for individuals
- Two passport photographs
- A valid means of identification (work ID card, voters ID card, etc)
- Other requirements as specified by the bank
Requirements for companies and societies
- A copy of the business license
- A company of the business memorandum of association
- A copy of the company’s meeting minutes authorizing the account opening
- A list of the company’s board of directors
- One (1) passport photograph of each of the bank’s director/signatory
You can view Tpb bank fixed deposit and other bank rates here.
Other TCB personal bank accounts are Tabasamu, minor account, Wadu plus, and platinum account.
You can open a TPB bank account by visiting any TPB bank branch near you with the required documents.
Personal loans
These are TCB bank loans individuals can apply for. Some of TCB's personal bank loan products are:
Wastaafu Loans
These are loans for retirees that receive monthly/quarterly pensions from their pension institutions. Pensioners can use their pension as collateral to apply for loans from TPB.
Micro Loans
These are loans for individuals that own a small business. Microloans are for businesses to expand and meet their financial obligations.
Business owners can apply for loans by visiting any Tanzania Commercial Bank branch. The requirements and interest rate depend on the loan’s duration.
Personal insurance
These are insurance products offered to individuals. TCB’s personal insurance products fall under the following categories:
- Domestic package which covers loss of property caused by natural causes, burglary, riots, etc.
- Workmen’s compensation which covers injuries sustained by an individual at their workplace
- Public liability insurance
- Motor insurance
TCB business banking solutions
These are bank accounts, loans, insurance, and other banking solutions offered to businesses and companies operating in Tanzania. Some of TCB’s business banking solutions are:
Business accounts
These are bank accounts for businesses to make and receive payments, pay bills, and perform other banking transactions. This account can be opened by small, medium and large businesses.
The account can also be opened in both local (TZS) and foreign currency (USD and GBP).
Business loans
These are business loans and credit facilities offered to businesses. TCB's loans are split into the following categories:
Insurance services
These are insurance products and services that protect business assets. TCB's insurance products fall under the following categories:
Trade finance
TCB trade finance products and services fall under the following categories:
TCB also offers cash management solutions, institutional banking, and transactional banking business solutions.
TCB’s alternative banking channels
These are a suite of products offered by Tanzania Commercial Bank (TCB) to its individual and business customers. Some of its digital banking products are:
Agent banking (TCB Popote)
TCB’s agent banking (Popote) service allows its customers to perform banking activities without visiting a TCB bank.
At any TCB agent shop, you can:
- Manage your TCB account
- Withdraw and deposit money
- Request for an account statement
- Change your ATM card pin
- Transfer funds to other accounts
- Pay bills
TCB Internet banking
TCB customers can access their bank account through the bank’s internet portal with any device.
With TPB online banking portal, customers can:
- Manage their bank account
- Request for an account statement
- Transfer funds to other accounts
- Change ATM card PIN
Customers can register for the bank’s internet banking service by visiting any TCB bank branch. Registered customers can log into the bank’s portal here.
TCB mobile banking (*150*21#)
Tanzania Commercial Bank’s USSD code (*150*21#) is a quick way for customers to perform banking transactions without an internet connection.
With *150*21#, customers can:
- Manage their bank account
- Transfer funds to other accounts
- Transfer funds to mobile money accounts
- Purchase airtime
- Pay bills
Other digital services offered by Tanzania Commercial Bank are money transfer services, M-Koba, Songesha, and digital payments products.
Frequently asked questions
What is TPB bank’s contact information?
TPB bank headquarters: 10th LAPF Towers, Bagamoyo Road, Opp Makumbusho Village, Kijitonyama,
TPB postal address: Head Office P.O BOX 9300, Dar es Salaam
TPB bank email address: info@tcbbank.co.tz and callcentre@tcbbank.co.tz
You can find TPB bank branches in Dar es Salaam or anywhere in Tanzania here
What is TPBank's customer care number?
You can use any of the following numbers to call the TPB bank call centre:
- +255 765 767 683
- +255 788 767 683
- +255 658 767 683
- +255 773 767 683.
What is TPB bank’s website?
You can visit the TCB website here.
You can also view its LinkedIn, Twitter, and Facebook pages.
What is TPB bank’s USSD code
*150*21#
What is TPB bank’s SWIFT code
TAPBTZTZ
Conclusion
The Tanzania Commercial Bank is an established state bank whose history is tied to the start of Tanzania’s modern banking.
You need to visit a TPB bank branch to fully know the products and services the bank offers as not all its products are listed on its website.
Sources
https://radarr.africa/airtel-tanzania-and-tpb-bank-sign-partnership-agreement/