Pursuant to the provision of section 56(1)(g), 56(2)(a),(b) and (d), 58(2)(i), 11(3)(c) and (j), (61)(1) and 41(a) of the Banking and Financial Institutions Acts, 2006, the Bank of Tanzania has decided to take possession of; and place under compulsory liquidation of the following banks: Covenant Bank For Women (Tanzania) Limited; Efatha Bank Limited Njombe Community Continue Reading
Following the closure of FBME Bank Limited in May 2017, the Deposit Insurance Board (DIB) of P.O. Box 2939, Dar es Salaam, commenced reimbursement of insured deposits to the depositors of the closed bank in line with provisions of the law. The DIB wishes to issue this reminder notice that; The reimbursement of unclaimed insured Continue Reading
Integrity: We highly adhere to ethical standards in performing our duties and responsibilities in support of our mission. Accountability: We perform our duties transparently and remain accountable to our stakeholders. Communication we effectively communicate and collaborate with our stakeholders. Team work: We embrace multidisciplinary teamwork Excellence: We perform our duties professionally, embrace creativity and innovativeness Continue Reading
DIB provides protection to depositors’ funds against loss arising from failure of a bank or deposit-taking financial institution.
The Board of Directors of DIB is the apex decision making organ. The Board comprises of six (6) members; the Governor of BOT (Chairman), representative from the Ministry of Finance and Planning – United Republic of Tanzania, Permanent Secretary Treasury – Revolutionary Government of Zanzibar and three other members appointed by the Minister for Finance Continue Reading
Section 41 of the Banking and Financial Institution Act 2006 gives power to the Bank of Tanzania to appoint DIB as liquidator of failed banks and financial institutions. Since its establishment, the DIB has been appointed to liquidate nine banks; Greenland Bank (T) Ltd, Delphi’s Bank (T) Ltd, FBME Bank Ltd, Mbinga Community Bank PLC, Continue Reading
The DIB responsibility is to provide protection to depositors’ funds against loss arising from failure of a bank or deposit-taking financial institution (to the extent provided by the law) so as to maintain depositor’s confidence in the banking system. Currently, the maximum coverage is TZS 1.5 million per depositor per bank.