PBZ on the March: Smart Banking wins

The introduction of digital technology has brought about rapid transformation in the financial sector in the country in recent years. Banks have been able to come up with various innovative tools, in ensuring effective service delivery to their customers.

Thus, the new digital technology has allowed a lot more customers in financial institutions to access funds through their Mobile Phones, without having to line up to various bank’s Automated Teller Machines (ATMs).

The People’s Bank of Zanzibar (PBZ) has not been left out in this high-tech digital transformation to ensure that customers have access to the-state-of- the-art technology in the financial sector.

It is one of the earliest financial institutions in the country, and has gained extensive experience over the years since its inception in 1966, providing banking services to both domestic and international customers.

However, it wasn’t until around 2010 that the bank started expanding to open branches across Mainland Tanzania as part of a strategic push to become a nationally operating commercial bank.

Currently, the PBZ maintains a strong presence and brand identity in Zanzibar given its history, while expanding its customer base across the Mainland. According to Bank officials, the PBZ is the first local bank to be established in Tanzania, providing innovative financial service solutions that are responsive to customers’ needs at competitive costs.

Such good-oriented customer services, the provision of high-tech services, coupled with digital innovations, have enabled the PBZ to scoop numerous awards for its top notch service provision. “The bank won prestigious award on National Financial Services week recently,” said the PBZ Managing Director, Dr. Muhsin Salim Masoud.

Last year in July 2023, at the 47 th Dar es Salaam International Trade Fair,  (Saba Saba), the bank also scooped the ‘first victory in the service of banking’, which was presented to the bank’s Managing Director Dr. Masoud by his Excellency the President of Zanzibar and Chairman of the Revolutionary Council Dr. Hussein Ali Mwinyi.

“These two awards are a testament to the significant leaps that the bank has made in transforming its organization culture and “way to work” by offering relevant products and services, first class customer experience and cutting- edge digital platforms, making it one of the best Banks in Tanzania,” he said.

With 57 years of operations, the bank prides itself of being “The Peoples Bank, The People’s Choice,” providing excellent services to customers cutting across both retail and corporate segments across Zanzibar and Mainland Tanzania.

Through its wide network of 28 branches situated across Zanzibar and Mainland Tanzania, the bank offers a wide range of products designed and customized to satisfactorily serve different customer needs, and this is one of the key factors contributing to its success over the years.

Dr. Masoud said the bank also provides Shariah Compliant products and services through PBZ IKHLAS as well as conventional banking products and services. We have invested heavily in technological infrastructure. This is one of the most important elements in todays’ banking sector.

The technology investment, he said has enabled the bank to offer the best customer service through alternative delivery channels such as Mobile App, Mobile Banking and Internet Banking.

Currently, the PBZ operates a network of over 45 Visa enabled ATMs, offering services to customers with VISA, Union Pay and Umoja ATM debit cards. Dr. Masoud said the bank recognizes the need to be physically closer to customers, by deploying Agency Banking services, thereby enabling customers to access basic banking services, including withdrawals, deposits and bill payments, closer to home.

In a statement to indicate that the Bank has been fairing well, the PBZ boss said, “The Bank’s total assets in recent years have grown to TZS 2.0 trillion, officially making PBZ Bank, ‘a Trillion Shilling Bank,” he noted with a smile.

According to him, as of December 2023, PBZ holds 9th place in Tanzania’s Banking Sector, in terms of asset size and the 6th place in terms of profitability.

The bank has, over the last two consecutive years, (2021-2022), managed to double its profit growth year on year, and also managed to have the return on equity of more than 20 percent.

According to official bank reports, among key strategic areas of focus, the PBZ is implementing a branch network expansion plan which will see it expanding its footprint across more locations in Zanzibar and Mainland Tanzania.

On the side of retail banking, the bank offers a variety of products and services including Savings Accounts, Current Accounts, Fixed Deposits, Home Loans and Personal Loans among others, at favorable rates, and in some cases lower than industry averages.

On the other hand, the bank’s Corporate Banking side is endowed with expertise in import and export trade dealings through establishment of Letters of Credit and Bills for collection.

The PBZ also offers additional facilities at competitive rates, which include; Term Loans, Bid Bonds, Telegraphic Transfers, FX Trading and Performance Guarantees, among others.

It has also recently launched its contact center dealing with handling customer queries, facilitating transactions and managing customer complaints around the clock through mobile and email.

ZiBi Team