Azania Bank

Azania Bank
Company typePrivate
IndustryFinancial services
Founded1995; 30 years ago (1995)
HeadquartersDar-es-Salaam, Tanzania
Key people
ProductsLoans, checking, savings, investments, debit cards
Total assetsTSh 2,098 billion (US$822.7 million) (September 2023)[2]
Number of employees
511 (2019)
Websitewww.azaniabank.co.tz

Azania Bank Limited, whose formal name is First Adili Bancorp Limited, and is commonly referred to as Azania Bank, is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania (BOT), the central bank and national banking regulator.[1]

Overview

Azania Bank is a Tier One-sized commercial bank that engages in retail banking, corporate banking, lease financing, foreign exchange transactions and import/export financing, as well the issuance of letters of credit. Following the acquisition of the assets and liabilities of Bank M, in January 2019, the total assets of Azania Bank were valued at approximately TSh 1,339 billion (US$582 million). At that time the bank's shareholders equity was valued at TSh 164 billion (US$71.46 million).[3] As of December 2019, the bank's total assets were valued at 1,148,710,000,000/= (US$496,575,000), with shareholders equity of 241,351,000,000/= (US$104,333,000).[2]

History

The bank was established in 1995, as First Adili Bancorp, by Tanzanian citizens, together with national pension funds and International financial institutions, including the East African Development Bank, the Swedish International Development Agency and an American merchant bank, Gerald Metals Inc.. Today, the main shareholders are Tanzanian pension funds and Tanzanian nationals.[4]

In January 2019, Azania Bank acquired the assets and liabilities of Bank M, a retail commercial bank, which had been under management by Bank of Tanzania since August 2018, on account of "critical liquidity problems" and inability "to meet its obligations".[3]

Ownership

As of December 2021, Azania Bank's stock was owned by the following corporate entities and individuals:[5]

Azania Bank stock ownership
Rank Name of owner Percentage ownership
1 National Social Security Fund - Tanzania (NSSF) 28.04
2 Public Service Social Security Fund (PSSSF) 51.32
3 National Health Insurance Fund (NHIF) 17.97
4 Workers Compensation Fund (WCF) 1.78
5 East African Development Bank (EADB) 0.50
6 Minority Shareholders, Including Azania Bank Staff 0.39
Total 100.0

Branch network

Azania Bank has its headquarters in Dar-es-Salaam. As of December 2021, the bank maintained a network of branches at the following locations:[6][7]

  1. Masdo Branch - Samora Avenue, Dar es Salaam
  2. Kariakoo Branch - Msimbazi Street, Dar es Salaam
  3. Kisutu Branch - Kisutu, Dar es Salaam
  4. Tegeta Branch - Chief House, Tegeta, Dar es Salaam
  5. Mwenge Branch - Mwenge Market, Dar es Salaam
  6. Mawasiliano Agency - Sam Nujoma road, Dar es Salaam
  7. Industrial Branch - Nyerere road, Dar es Salaam
  8. Lumumba Branch - Lumumba Street, Dar es Salaam
  9. Mwaloni Branch - Mwaloni Fish Market, Mwanza
  10. Rockcity Branch - Makongoro Street, Mwanza
  11. Rwagasore Agency - Rwagasore Street, Mwanza
  12. Lamadi Agency - Lamadi, Simiyu
  13. Kahama Branch - Kahama Central Business District, Shinyanga District
  14. Kagongwa Agency - Iponya Street, Kahama, Shinyanga
  15. Arusha City Branch - WaKaloleni Street, Arusha
  16. Mbauda Branch - Mbauda Corner, Arusha-Dodoma Road, Arusha
  17. Arusha Business Centre - Joel Maeda Street, Arusha
  18. Moshi Branch - Opp. Moshi Municipal Offices, Moshi
  19. Geita Branch - Geita
  20. Geita Mineral Centre - Kalangalala Street, Geita
  21. Katoro Branch - Geita
  22. Nyarugusu Service Centre - Geita
  23. Morogoro Branch - Old Dar es Salaam rd Street, Morogoro
  24. Sokoine Branch - Kikuyu Avenue, Dodoma
  25. Tunduma Branch - Sumbawanga Road, Tunduma
  26. Mbeya City Branch - Karume Avenue Road, Mbeya

Governance

Azania Bank is governed by an eleven-person Board of Directors of whom one is an Executive Director and ten are non-Executive. The Chairman of the Board is Eng. Julius Ndyamukama, one of the non-Executive Directors. The Managing Director of Azania Bank is Ms. Esther Mangénya.

See also

References

  1. ^ a b Lamtey, Gadiosa (18 April 2018). "Azania Bank posts Sh1.8 billion profit after tax". The Citizen (Tanzania). Dar es Salaam. Retrieved 19 April 2018.
  2. ^ a b Azania Bank (28 January 2020). "Azania Bank Limited: Financial Condition As At 31 December 2019" (PDF). Dar es Salaam: Azania Bank Limited. Retrieved 27 November 2020.
  3. ^ a b "Bank M assets, liabilities transferred to Azania Bank". The EastAfrican Quoting Reuters. Nairobi. Reuters. 15 January 2019. Retrieved 20 January 2019.
  4. ^ Azania Bank (31 December 2012). "Profile of Azania Bank Limited". Dar es Salaam: Azania Bank Limited. Archived from the original (Archived from the Original) on 8 November 2014. Retrieved 19 April 2018.
  5. ^ Azania Bank (28 November 2020). "Shareholders of Azania Bank Tanzania Limited". Dar es Salaam: Azania Bank Limited. Retrieved 28 November 2020.
  6. ^ Azazina Bank (19 April 2018). "Azania Bank Limited: Branch Network". Dar es Salaam: Azania Bank Limited. Retrieved 19 April 2018.
  7. ^ Daily News Reporter (24 May 2012). "Azania Bank Embarks on Expansion". Tanzania Daily News. Dar es Salaam. Archived from the original (Archived from the Original) on 9 November 2014. Retrieved 19 April 2018.