Best bank 2025: CRDB Bank
CRDB Bank has been recognised as Tanzania’s best bank due to its significant contributions to financial inclusion, impressive strategic performance and innovative digital banking solutions intertwined with strong environmental, social and governance (ESG) commitments.
Under its transformative initiative for financial inclusion and development, CRDB Bank partnered with mobile operators Yas and Vodacom to empower micro-entrepreneurs. Yas, focusing on microloans, facilitated the distribution of over $11 million between March and December 2024. Meanwhile, Vodacom provides wider access to high-quality smartphones, enabling micro-entrepreneurs to leverage digital banking solutions. Additionally, the Imbeju programme initiated by CRDB Bank has empowered over 5,200 entrepreneurs, primarily youth and women, with essential seed capital. The bank has also facilitated a substantial national infrastructure boost by aiding the government in raising $122 million through the issuance of an infrastructure bond, surpassing the target by 115%.
Financially, CRDB’s performance has recorded significant growth; the bank showcased a 748% increase in profit after tax from 2020 to 2024. This period also saw a 99% growth in customer deposits and a 164% increase in the loan portfolio. Enhancements in operational efficiencies are evident from the improved non-performing loan ratio, reduced from 4% to 2.9%, and a significant decrease in the cost-to-income ratio from 62% to 46%. The bank has leveraged artificial intelligence for customer support, introduced digital loan products and enabled self-service account opening, solidifying its digital transformation achievements.
In digital banking, CRDB has launched virtual cards, QR-based payments and introduced Sadaka accounts tailored to religious customers, enhancing their financial access. In its drive towards sustainability, CRDB’s head office achieved EDGE Green Building certification, reflecting its commitment to environmentally friendly operations. The bank also enforces strict ESG compliance among its suppliers and demonstrates its commitment to corporate social responsibility through various initiatives, including charitable marathons and funding for entrepreneurs via the CRDB Foundation.
Such comprehensive strategies underline CRDB Bank’s leadership and innovation, securing its position as Tanzania’s best bank.
Best investment bank 2025: Stanbic Bank Tanzania
Stanbic Bank Tanzania has established itself as Tanzania’s best investment bank through market leadership in various innovative financial practices and strong execution capabilities in significant development projects.
At the forefront of its achievements is its pioneering role in debt capital markets (DCM). Notably, Stanbic issued TSh26.8 billion ($10.3 million) in senior unsecured fixed rate notes as part of a broader TSh100 billion programme. This issuance was distinctive not only for its scale but also for its focus on crucial societal issues such as gender inclusion and equality, employment generation, food security and affordable housing. It marked a first in Tanzania’s quasi-social economic framework and successfully drew participation from development finance institutions, a testament to its innovation and the confidence it inspires among investors.
In terms of structured finance, the bank played a crucial role in the execution of landmark syndicated loan facilities. These include arranging and bookrunning senior term loan facilities for the Government of Tanzania, with the first tranche amounting to $300 million and the second tranche totalling $484.4 million. These funds supported essential national projects spanning power, infrastructure, energy, health and education sectors. Additionally, Stanbic Bank facilitated a $150 million bridge and medium-term loan for Saturn Resources to acquire Shanta Gold Limited, further showcasing its versatility by acting as both the facility agent and hedge counterparty.
Stanbic Bank also excelled in introducing enhanced financial products tailored to local needs. It set up a TSh75 billion revolving credit facility for Vodacom Tanzania, ingeniously structured with local currency swaps to USD, thereby supporting both acquisition financing and broader corporate purposes. Furthermore, it arranged a $15 million senior term facility for Kioo Limited, financing the construction of a new plant which bolstered industrial growth within the region.
Through these diverse and robust financial interventions, Stanbic Bank Tanzania has significantly contributed to the country’s economic development while demonstrating superior innovation, confidence and leadership in the investment banking sector.
Best investment bank for DCM 2025: Absa Bank
Absa Bank Limited earns the award for Tanzania’s best investment bank for DCM with two significant transactions that have enhanced the Tanzanian financial market.
Firstly, the NMB Bank Tanzania Sustainability Bond was noteworthy as it marked the first-ever such issuance in Tanzania and East Africa. Absa Bank played a key role as co-lead transaction adviser and sole sustainability coordinator, supporting a record-breaking issuance under a TSh1 trillion ($384 million) multi-currency note programme.
Acting as the sole arranger, Absa Bank also supported NBC Tanzania in executing a TSh27.2 billion private placement, issued under its TSh300 billion medium term note (MTN) programme. The bond, with a maturity of five years and an interest rate of 10.75%, is senior unsecured. This placement emphasises Absa Bank’s commitment to advancing financial products which support long-term social and economic objectives.
Moreover, Absa Bank further demonstrated its excellence in the Tanzanian debt capital markets through its role as lead transaction adviser for the Tanga Water Infrastructure green revenue bond. Representing a large issuance of TSh53.12 billion, this bond demonstrates Absa Bank’s capability to facilitate substantial infrastructural investment, aligning financial mechanisms with environmental sustainability. This transaction not only supports Tanzania’s infrastructure development but also underscores the bank’s expertise and innovative approach in structuring green finance products.
These transactions highlight Absa Bank’s proficiency in overseeing complex, high-value deals in the Tanzanian market, setting a benchmark for successful, responsible investments in the region. It clearly demonstrated the capability to manage, structure and direct financial operations that meet the growing needs for developmental and sustainable financing in Tanzania.
Best digital bank for consumers 2025: National Bank of Commerce
National Bank of Commerce (NBC) has positioned itself at the forefront of digital consumer banking in Tanzania through significant advancements and achievements over the past 18 months. Its digital customer base expanded from 85,000 to 300,000 in 2024, representing a 253% growth, while 55% of its total banking customers now engage with the bank’s services digitally.
The introduction of the revamped NBC Kiganjani, a comprehensive mobile app, demonstrates NBC’s commitment to technological innovation. This platform includes features such as self-onboarding, digital loan offerings and real-time services, adding substantial value for customers. Furthermore, enhanced AI-driven onboarding processes with biometric validation have reduced account opening times to 70 seconds or less, a significant achievement that streamlines consumer experience.
Emphasising inclusivity, NBC has partnered with fintech entities like Selcom, Cellulant and Yas to facilitate multi-channel payments and integration with mobile wallets such as M-Pesa and Tigo Pesa. These collaborations extend the bank’s reach significantly. Further initiatives such as NBC Edu Connect and Lipa Kiganjani support education and SMEs, boosting financial inclusion across various demographics.
On the security front, NBC has taken measures to safeguard customer data and transactions. Features such as multi-factor authentication, biometric login systems and AI-powered fraud detection have significantly enhanced security. Notably, shifting one-time password delivery from traditional SMS to modern platforms like WhatsApp and in-app mechanisms has curbed SIM swap fraud dramatically.
NBC has effectively leveraged technology to ensure a secure, inclusive and user-friendly digital banking environment, setting a high standard for consumer digital banking in Tanzania.
Best bank for ESG 2025: CRDB Bank
CRDB Bank distinguished itself as Tanzania’s best bank for ESG, demonstrating significant strides in sustainable financing and the integration of robust ESG frameworks into its operations. Over the past few years, the bank has achieved considerable growth in sustainable lending. From 2022’s modest TSh169 million, the figures rose to TSh9.25 billion in 2023, and further surged to TSh10.24 trillion in 2024. This reflects a deep commitment to fostering economic activities that prioritise sustainability.
Another milestone was the issuance of Tanzania’s first green bond, which amounted to $300 million. The bond received a positive reception, with the first tranche being oversubscribed by 430%. Additionally, CRDB Bank secured $200 million from the Green Climate Fund for the Tanzania Climate Adaptive and Tariff Transparent Dairy Programme, which supports vital environmental and sustainability issues impacting smallholder farmers.
In terms of adherence to ESG standards, CRDB Bank has laid down solid foundations, including the development and implementation of an environmental and social management system, ESG policies, and a dedicated sustainability strategy with ambitious targets for 2030. These initiatives align with international standards such as the Task Force on Climate-related Financial Disclosures and the Greenhouse Gas Protocol, helping CRDB to become the first African commercial bank to receive both concept note and funding proposal approval from the Green Climate Fund to support smallholder farmers.
Additionally, the bank has bolstered internal ESG capacity, with over 95% of staff completing essential ESG training in 2024. The bank has also put into place climate risk management policies and preparation for emissions disclosure following the Partnership for Carbon Accounting Financials standards. The establishment of a sustainable finance unit and the recruitment of an ESG manager further underscore CRDB Bank’s commitment to steering ESG strategy, risk management and comprehensive stakeholder engagement. Through these concerted efforts, CRDB Bank is taking tangible actions to support sustainable finance and foster responsible banking practices.
Best bank for customer experience 2025: Stanbic Bank Tanzania
Stanbic Bank Tanzania sets the benchmark for customer experience in Tanzania, integrating sophisticated digital tools and customer-centric operational models to tailor and enhance user interactions. The deployment of the Next Best Action tool through Salesforce epitomises its commitment to personalised service, sending customised alerts for client-specific events like birthdays and school fee reminders. This approach contributed to a net promoter score of 75 in 2024, a testament to the bank’s day-to-day commitment to client satisfaction. Its operational practices such as daily stand-up meetings to swiftly address pressing issues, the Sunset Principle for daily updates on unresolved cases, and the Log It and Own It accountability framework further reinforce the bank’s leading position in customer satisfaction.
The bank has also excelled in digital onboarding and credit access, experiencing a transformative shift with 40% of new accounts in 2024 opened digitally – all streamlined through national ID integration allowing instant account creation. On the lending front, it offers instant loans up to $28,000, accessible directly from its app or internet banking platforms. The Salary Advance facility is distinguished by a 3.5% interest rate and a 40% reduction in approval times, along with automated key facts document generation to ensure transparency.
Elsewhere, Stanbic Bank offers an extensive digital service network, with mobile and USSD banking features like wallet-to-bank transfers, school fee payments and self-service password resets. The implementation of the Kai WhatsApp chatbot, facilitating approximately 79% first-contact resolution, significantly reduces call centre volumes and enhances customer convenience. Its borderless banking feature ensures that customers enjoy seamless transaction capabilities across Stanbic branches in East Africa, promoting regional accessibility. These innovative practices collectively underscore Stanbic Bank’s outstanding dedication to delivering superior customer experiences in Tanzania.
Best bank for diversity and inclusion 2025: NMB Bank
NMB Bank demonstrated considerable advancements in inclusive banking.
In 2024, NMB Bank expanded its reach into rural areas, effectively engaging over 1,300 villages and establishing more than 1.5 million new accounts through its Rural Banking Initiative. The innovative Pamoja account has benefited over 500,000 individuals, while the partnership with Wakandi has revolutionised savings and credit cooperative societies by integrating digital solutions. Moreover, NMB’s expansion into diaspora banking with tailored services like mortgage and foreign currency offerings reflects a significant enhancement in cross-border financial inclusion.
In terms of corporate governance, the bank is aligned with the Bank of Tanzania’s Climate Risk Guidelines, and has developed substantial internal frameworks focused on managing climate and environmental, social and governance risks. With an allocation of TSh2 billion ($767 million) to sustainability and climate change initiatives, and TSh5.4 billion to structured social investments in critical sectors like education, health and environment, NMB Bank is at the forefront of promoting inclusive and sustainable growth in Tanzania’s banking sector.
Best bank for SMEs 2025: CRDB Bank
CRDB Bank’s consistent growth in its SME portfolio confirms its place as Tanzania’s leading institution for SME banking. Between 2023 and 2024, the bank registered an 11% increase in its SME client base, growing from 30,519 to 33,735. This was accompanied by a 28% rise in its SME loan portfolio, pushing the total to over TSh1.46 trillion ($560 million). Additionally, SME deposits climbed by 45%, while revenue from this segment improved by 35%, illustrating deep financial engagement and trust within the SME community.
In response to the SME segment’s diverse needs, CRDB Bank innovated with the introduction of several tailored, digitally-enabled products. Of notable mention is the Hodari Account, which provides a mobile-first, low-cost banking solution that includes real-time transactions and integrated digital lending. The bank’s targeted approach also saw the deployment of sector-specific propositions, catering distinctively to the education sector, health sector, artists and market traders. This was bolstered further by the rollout of Post Import Financing (Komboa Loan) and unsecured guarantees for SMEs engaged with government agencies, enhancing their fiscal support mechanisms significantly.
CRDB Bank additionally enhanced its service provision by establishing a mid-corporate sub-unit to cater to the growing demands of SMEs. Loans caps were escalated from TSh30 million to TSh500 million. The bank decentralised loan appraisal and approvals for accelerated processing – up to TSh30 million at branch level and up to TSh500 million through the credit sanction unit. Furthermore, streamlined onboarding and credit access processes culminated in a notably improved banking experience for SMEs, thereby reinforcing CRDB Bank’s position as the foremost bank for SMEs in Tanzania.
