Zanzibar government receives Sh10 billion dividend from PBZ
The Minister of State in the President’s Office for Finance and Planning in Zanzibar, Dr. Saada Mkuya Salum (center), receives a cheque of Sh10 billion from the Managing Director of the People’s Bank of Zanzibar (PBZ), Fahad Soud Hamid (right).PHOTO/COURTESY
The payout comes from PBZ’s Sh107 billion profit for 2024, part of which has been directed to the government treasury to support fiscal priorities
Unguja. The Revolutionary Government of Zanzibar (SMZ) has received a dividend of Sh10 billion from the People’s Bank of Zanzibar (PBZ), marking a significant increase from Sh7 billion in 2023.
The payout comes from PBZ’s Sh107 billion profit for 2024, part of which has been directed to the government treasury to support fiscal priorities.
Speaking during the handover ceremony, Zanzibar’s Minister of State in the President’s Office for Finance and Planning, Dr. Saada Mkuya Salum, said the dividend growth reflects improved performance by the bank.
“In 2023, PBZ contributed Sh7 billion. This year’s Sh10 billion is proof that the bank continues to strengthen its operations and expand government revenues. I congratulate them for ranking among Tanzania’s top 10 performing banks,” Dr. Saada said.
She added that PBZ is investing in service improvements, opening more branches on the mainland, and scaling up digital banking platforms to make services more accessible. The bank is also financing key infrastructure projects and modernising its financial systems to sustain profitability.
Dr. Saada emphasized that PBZ’s adherence to legal and regulatory standards has positioned it as a reliable and profitable financial institution.
PBZ Managing Director, Fahad Soud Hamid, said the bank is targeting further growth within and outside Tanzania, with a particular focus on strengthening cybersecurity.
“Our systems undergo annual audits to ensure safety and resilience. Customers should be confident that their transactions are secure,” he assured
