History

The People's Bank of Zanzibar Limited was established on 30th June 1966 in accordance with the Zanzibar companies Decree (Cap 153). Wholly owned by the Government of Zanzibar, PBZ is one of the oldest commercial Banks in Tanzania. The bank served as both commercial Bank and a central Bank of the Revolutionary Government of Zanzibar until 2001 when the later function was transferred to the Bank of Tanzania.

PBZ has a branch network of 9 branches and 4 service centers in Tanzania. The Bank provides services to both corporate and retail customers and commands about 50% of the market share in Zanzibar.

The Bank's vision is to be a leading provider of high quality and innovative products and services in Tanzania and beyond  and to this has developed a strategy to leverage technology, product innovation, business process re-engineering, and superior customer services and people development to stay ahead of an increasing competitive business environment.

The Bank was established with an authorized share capital of TZS 2.5 billion and paid up share of TZS 16 million. The Bank's core stood AT TZS 16,789.60 million as at December 31st, 2011 while shareholders equity amounted to TZS 20,402.01 million.
Currently, the Bank has 7 branches in Zanzibar and 2 branches in Dar es Salaam. The plan of the Bank is to enhance its services and extend its branches to as many regions as possible in the country. The Bank also has 4 service centers in various areas side of town of Unguja and Pemba to make its service easily reachable by those people leaving out of the cities where the Bank branches are available. These centers are at Wete and Mkoani in Pemba, Malindi and Mazizini in Unguja. Next is East coast and North coast of Unguja.