The People’s Bank of Zanzibar Limited (PBZ) as Government owned commercial bank offering both Islamic and Conventional Banking Services, was established on June 30, 1966 and incorporated under Cap. 153 of the Zanzibar Companies Decree which has been repealed and replaced by Companies Act No.15 of 2013. The bank has one subsidiary which is MuCoBa Bank Plc owned by 75%.
MuCoBa Bank Plc was incorporated in Tanzania under the Companies Act, No 12 of 2002 as public limited in June 1999. Due to expansion of its operational area the name was changed from Mufindi Community Bank to MuCoBa Bank Public Limited Company from May 29, 2014. The bank was listed in Dar es salaam Stock Exchange (DSE) on June 8, 2016.
To be a leading provider of innovating and high quality financial services to our retail and corporate customers in Tanzania and beyond.
To provide banking solutions to our retail and corporate customers by developing innovating and high quality products and services at competitive and affordable cost through its network.
We ensure that we closely associate our values to Excellence, Integrity, Accountability and Teamwork with our company’s brand
PBZ’s Motto is “The People’s Bank, the People’s Choice” on conventional side while at Islamic proposition it says “Ikhlas for legitimate benefits’’.
PBZ BRANCH NETWORK
PBZ’s branch network covers the Islands of Zanzibar, Dar Es Salaam and Mtwara, The bank has sixteen (16) branches and seven (7) service delivery centers. Out of sixteen branches, seven (7) branches offering Islamic Banking services located at Mwanakwerekwe, Mpirani, Chakechake and Wete for Zanzibar, and Lumumba, Tazara and Mtwara for Tanzania Mainland. Other nine (9) branches are offering traditional (conventional) banking services. These branches are Forodhani, Malindi, Mlandege, Mwanakwerekwe, Chakechake and Wete for Zanzibar. Whereas in Tanzania Mainland are Kariakoo, Tazara and Mtwara. Services delivery centers for conventional banking are Malindi, Mazizini, Kiwengwa and Mkoani for Zanzibar. For Mainland is Kigamboni. Service delivery centers for Islamic Banking in Zanzibar are Corporate Islamic Service Center Malindi and Malindi Islamic Service Center Funguni whilst in Mainland is Tandika.
PBZ bank offers a variety of banking deposit products in the categories of current accounts, time deposits and saving accounts. The available deposit accounts are denominated in Tanzania Shilling (TZS) and other three major foreign currencies which are United State Dollar (USD), Great Britain Pound (GBP) and European Money (Euro). Additionally, the Bank grants different types of credit facilities in commercial terms, personal/ consumption loans, overdraft facilities and mortgage financing.
Islamic Banking Products are mainly dealing with deposit mobilization contracts and fund utilization (financing) products. They are current accounts (Mudharaba, Wadiah, Qard ) and saving accounts (Mudharaba and Wadiah). All products are available in Tanzania Shillings (TZS.) and other three major foreign currencies i.e United State Dollar (USD), Great Britain Pound (GBP) and European Money(Euro). Investment accounts are Musharakah and Mudharaba products.
Other products and services have been channeled electronically available through mobile and internet banking. Through these services customers performs different banking services in their bank account via mobile phone, PBZ mobile apps and work station at any time anywhere perform various transactions which customers have access to their accounts on 24/7.