News & Events

Since its establishment in 1997, Exim Bank has grown into one of Tanzania’s top five banks, pioneering regional and domestic expansion through strategic acquisitions. This journey began in 2016 with the successful acquisition and turnaround of a bank in Uganda, followed by the acquisition of UBL Bank Tanzania in 2019, FNB Bank Tanzania in 2022, and now Canara Bank Tanzania in 2024. The bank also maintains a representative office in Ethiopia, underscoring its regional ambitions.
Jaffari Matundu, CEO of Exim Bank, remarked, “We are thrilled to welcome Canara Bank Tanzania’s customers to the Exim Bank family. This acquisition is a testament to our unwavering commitment to providing innovative financial solutions and exceptional service, ensuring a seamless transition for all stakeholders.”
“This acquisition is a strategic step forward in our journey to redefine banking in Tanzania and the region. Together, we will continue to innovate, grow, and deliver impactful solutions that meet the evolving needs of our customers and contribute to sustainable economic development,” Matundu continued.
Mergers and acquisitions are critical in driving efficiency and strengthening the banking industry. Exim Bank’s strategic acquisitions have played a pivotal role in facilitating the organized exit of smaller or less efficient banks, creating larger and more competitive banks with enhanced balance sheets, expanding into new markets, diversifying products, improving industry resilience to capital shocks, and reducing compliance and technology costs. This acquisition aligns with Exim Bank’s vision of becoming a regional financial powerhouse while contributing to the consolidation and stability of Tanzania’s banking sector.
On the other hand, Sumit Shekhar, Exim Bank’s Head of Strategic Initiatives, said “We are committed to not just being a part of Tanzania’s economic growth but actively driving it. Whether it’s supporting SMEs, fostering financial inclusion, or leveraging technology to reach underserved communities, we are here to make a difference.”
The integration of Canara Bank Tanzania’s customers into Exim Bank’s ecosystem promises significant benefits, including access to cutting-edge banking technologies such as online banking and payment solutions, a wider range of financial products like credit cards, debit cards, and prepaid cards, a broader ATM network, and expanded branch presence nationwide. Enhanced financial capabilities, including larger single-borrower limits, further amplify customer benefits.
Tanzania’s banking sector, despite its smaller economy compared to South Africa and Nigeria, hosts a higher number of banks. This has prompted necessary consolidation to ensure resilience, inclusivity, and sustainable credit flow. Exim Bank remains committed to supporting government efforts in fostering an efficient and inclusive financial ecosystem that catalyzes economic growth.
Shani Kinswaga, Exim Bank’s Chief Finance Officer, added, “At Exim Bank, we take pride in our strong financial foundation, which has allowed us to pursue strategic opportunities like this one. As of December 31, 2024, our total assets stood at TZS 3.1 trillion”
“Our net loan book reflects the trust and confidence our customers place in us, amounting to TZS 1.8 trillion. Meanwhile, our deposit base remains robust at TZS 2.5 trillion, a figure that underscores the loyalty of our customers and our role as a reliable financial partner.” Shani concluded.