Over a quarter century ago, Tanzania’s banking sector was liberalized, paving the way for new players in a competitive sector that currently has over 40 financial institutions. As it marks its 25 years in the country, Stanbic Bank reflects on the strides it has made in enabling businesses, people’s lives and the country’s development. Moreover, the bank remains committed, particularly at this pivotal moment to support the growth of the private sector, empowering people’s dreams and advancing Tanzania’s economy.
Since liberalization of the banking sector in the early 1990s, the sector has been instrumental in facilitating economic growth through direct and indirect employment, diversified financial services and innovative solutions. For instance, the introduction of Home Loans in 2008 provided an avenue for individuals to own houses.
Traditionally, Tanzanians use their lifetime savings to build their retirement homes and the practice has been passed on through generations. Since its introduction, improvements have been made to mortgage loan terms. The Stanbic home loan now has a pay back period of up to 20 years and is not limited to purchase but also includes renovations and building – an option preferred by many Tanzanians. Recognizing the desire for home ownership, the bank strives to empower individuals to take a step forward towards achieving their dreams making the bank one of the top five providers of home loans.
Leveraging on our more than 155-year presence in Africa, we have a unique understanding of the continent; our strength lies in the local insights and expertise of our people that help us meet Africa’s aspirations and drive her growth.
In Tanzania, through collaboration with the government and other key stakeholders, Stanbic Bank is involved in resource mobilization efforts for mega infrastructure projects in critical sectors such as water and transport.This has contributed to creating an enabling environment for inclusive growth that seeks to improve the living standards of all people.
More recently, out of our deep-seated knowledge, we have developed the new Africa China Agency Proposition to help companies navigate these unprecedented times following disruptions of global supply chains due to the Coronavirus outbreak. This customized solution is a seamless procurement process from ordering to delivery utilizing the bank’s approved and accredited network of agents and suppliers.
The bank is intricately embedded in the country’s business landscape which allows us to quickly respond to the needs of our customers, identify the potential that exists in the market and design the most effective financial solutions to capitalize and buildon that potential.
With over three million enterprises contributing 27 percent to GDP, the country’s SME sector is an important contributor to Tanzania’s long-term development. In support of these plans, in May 2020, the bank initiated an entrepreneurship challengethat aims to catapult the dreams of entrepreneurs. There has been an overwhelming response from entrepreneurs with over 600 entries. Five entrepreneurs will be selected based on the impact of their projects in their communities and awarded 50m/- in total.
A silver jubilee wouldn’t be complete without acknowledging the accolades we picked up along the way: from being recognized by the Dar es Salaam Stock Exchange (DSE) as Tanzania's “Best Custodian Bank" to the coveted Banker of the Year Award. Our milestones and achievements serve as a critical determinant of where we’ve been and where we’re headed.
As we mark 25 years in Tanzania, the iconic nature of this anniversary brings with it a recognition ofthe responsibility that is upon us to effectively play a catalytic role in advancing the growth of a country we call home and the dreams of her people.