As Tanzania financiers seek to broaden their reach and create financial inclusion in the East African country, the number of commercial banks that offer agency banking has increased from two to eight in the past year.
“In February last year BOT issued guidelines for commercial banks to establish banking agents countrywide. Up to the end of last year, only NMB and CRDB had responded. But now there are eight. This is a positive move,” Principal Economist with the Bank of Tanzania (BOT), Alli Liyau, said.
Other banks that offer agency banking include Equity, DCB, Amana, Tanzania Postal Bank, Finca Tanzania and KCB Tanzania. These represent just 15 percent of the 53 registered commercial banks in the country.
According to a 2013 Finscope Survey, the number of Tanzanians making use of financial services reached 57.4 percent of the adult population until last year.
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