People’s Bank of Zanzibar

People’s Bank of Zanzibar (PBZ) is a Tanzanian commercial bank headquartered in Zanzibar.

As of June 2014, the People’s Bank of Zanzibar is a medium-sized financial institution with total assets of approximately 323.55 billion shillings, shareholders’ equity of approximately 29.6 billion shillings, and a total of 236 full-time employees.

The People’s Bank of Zanzibar was established by the Zanzibar government in 1966. It serves as a retail bank for individuals, SMEs and large corporate customers.

When the People’s Bank of Zanzibar was established, its service area was limited to Zanzibar Island and Pemba Island. In April 2011, the bank opened a branch in Dar es Salaam on the mainland. As of May 2012, it plans to establish new branches in Mwanza, Arusha, Mtwara and Mbeya. In December 2011, in addition to providing traditional banking services, banks also launched Islamic banking services.