What is Bank of Tanzania?

The Bank of Tanzania is the central bank of the country and the authority that supervises banks and other financial institutions. It issues and records the licences under which an institution is allowed to take deposits and hold customer money, which is why a lender or account provider naming it gives you a place to check that authorisation.

It matters most when money is being held rather than simply paid out. Two providers in this comparison sit under its supervision: I&M Bank Tanzania and National Banking Corporation. When you compare accounts, look at the interest, charges and how deposits are protected, and use Bank of Tanzania records to confirm the institution is licensed.