Mwinyi urges Zanzibar Bank to strive for top-tier ranking
Zanzibar President, Dr Hussein Ali Mwinyi, speaks during the climax of celebrations to mark the 60th anniversary of the People’s Bank of Zanzibar (PBZ), held at Golden Tulip Airport on Tuesday, June 30, 2026. PHOTO | ZULEIKHA FATAWI
Unguja. The Zanzibar government has urged the People’s Bank of Zanzibar (PBZ) to avoid complacency, saying the lender still has significant room for growth despite its contribution to economic development.
The remarks were made on Tuesday, June 30, 2026, by the President of Zanzibar, Dr Hussein Ali Mwinyi, during the climax of celebrations to mark 60 years of the bank at Golden Tulip Airport.
He said that although PBZ has made notable progress, it has not yet reached its desired position, stressing that more work remains.
“I am among those who want to see PBZ move from its current sixth position to first or second place. The capacity is there,” stressed Dr Mwinyi, adding that the government stands ready to support the bank in achieving that ambition.
Dr Mwinyi outlined priority areas, including strengthening capital, expanding digital services, boosting innovation, empowering youth and women, investing in human resources, improving governance, and supporting national development goals.
He said PBZ’s progress shows that public investment can deliver strong results when backed by accountability, innovation, and sound management.
Furthermore, Dr Mwinyi noted that the government is pursuing a development vision aimed at building a modern, inclusive, and competitive economy, adding that the financial sector remains central to that goal.
He stressed that a strong economy cannot be achieved without strong financial institutions.
Presenting a brief overview of performance, PBZ managing director Fahad Soud Hamid said the bank had grown significantly since its establishment.
He said PBZ has evolved from a small financial institution into one of the country’s major banks, guided by successive presidential visions to empower citizens economically.
He added that the bank now ranks sixth nationally by assets, holding about Sh3 trillion and posting profits of Sh110 billion.
“Today, PBZ is proud to be the sixth-largest bank in Tanzania, with assets worth Sh3 trillion and profits of Sh110 billion,” he said.
He noted that the bank has expanded to more than 50 branches nationwide, driven by economic growth.
Deputy Minister for Finance and Planning in Zanzibar, Dr Hamad Omar Bakar, said PBZ remains a key government partner in promoting business growth, job creation, and citizen empowerment.
He said expectations were high for the bank to lead in innovation, expand digital services, widen its reach, and improve efficiency as it marks the milestone.
PBZ board chairman, Dr Juma Hassan Reli, said Tanzanians regard the bank as their own, reflected in its name, and it has made a significant contribution to the public.
