| Azania Bank | |
| Type: | Private |
| Location: | Dar-es-Salaam, Tanzania |
| Num Employees: | 511 (2019) |
| Assets: | TSh 2,098 billion (US$822.7 million) (September 2023) |
| Industry: | Financial services |
| Products: | Loans, checking, savings, investments, debit cards |
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]
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)., the bank's total assets were valued at (US$496,575,000), with shareholders equity of (US$104,333,000).[2]
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.[3]
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".[4]
, Azania Bank's stock was owned by the following corporate entities and individuals:[5]
| 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 | |
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]
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.