I&M Bank Tanzania: The rise of a financial powerhouse redefining banking
I&M Bank launches campaign “Ni Bure Kabisa” a campaign offering zero charges on transactions from bank to mobile free of charge for both personal and Business accounts.
What you need to know:
- Backed by a bold vision, cutting-edge digital innovation, and an unrelenting focus on customer value, I&M Bank Tanzania is cementing its place as a formidable force in the country’s banking sector.
In Tanzania’s dynamic financial landscape, where competition is fierce and economic challenges abound, one bank is emerging as a beacon of resilience, innovation, and transformative growth: I&M Bank Tanzania.
With a stellar performance in 2024 and a blistering start to 2025, I&M Bank is not just keeping pace with industry giants—it’s rewriting the playbook for what a mid-tier bank can achieve.
Backed by a bold vision, cutting-edge digital innovation, and an unrelenting focus on customer value, I&M Bank Tanzania is cementing its place as a formidable force in the country’s banking sector.
A Stellar 2024: Redefining success
The numbers tell a compelling story. In 2024, I&M Bank Tanzania delivered a financial performance that sent shockwaves through the industry where profit before tax stood at Sh18.3 billion, soaring 242% year-on-year and total assets aggressively climbed up to Sh804 billion, upping by 9%.
All the more, shareholders’ equity earned a triple-digit growth of a staggering Sh119 billion, reflecting a robust 14% growth. Net interest income grew to Sh97 billion, signalling a remarkable 35% increase.
On Non-Performing Loans (NPLs), they were slashed to 8.4%, a 51% improvement, signalling disciplined credit management. These results are not just milestones—they are a testament to I&M Bank’s strategic clarity and operational excellence.
These results are not just milestones—they are a testament to I&M Bank’s strategic clarity and operational excellence. “Our 2024 performance is a bold statement of intent,” said Mr. Zahid Mustafa, CEO and Managing Director of I&M Bank Tanzania. “We’re not just growing; we’re building a legacy of trust, innovation, and shared prosperity with our customers and stakeholders.”
I&M Bank Tanzania celebrates 50 years of the group’s inauguration and the launch of its new HQ offices in Masaki.
Q1 2025: Accelerating the ascent
The momentum has only intensified in 2025. In the first quarter alone, I&M Bank Tanzania posted profit before tax hovering around Sh 6.3 billion, an exponential 151% growth over Q1 2024.
Customer deposits just skyrocketed to Sh668 billion, an increment of 14%%. Net loans and advances doubled up to Sh521 billion, growing by 12% and shareholders’ fund dramatically rose to Sh124 billion, a 17% increase.
Even in the face of residual economic headwinds, I&M Bank’s proactive approach—through loan restructuring, risk mitigation, and recovery efforts—has kept its credit portfolio strong.
This relentless drive positions the bank as a standout performer among Kenyan bank subsidiaries in Tanzania and a rising star in the broader market.
I&M Bank Tanzania staff serves a customer at Posta, Kinondoni, in Dar es Salaam during the Customer’s Service Week.
Digital Innovation: Powering inclusive growth
At the heart of I&M Bank’s meteoric growth is its bold embrace of a digital led strategy through its digital lending product Kamilisha in partnership with Airtel Tanzania.
Additionally, the bank’s eye on corporate banking coupled with a renewed focus on retail and SME segments continue to be the key drivers of growth with some unique offerings such as:
- Launch of Free Bank to Mobile Payments: The bank, in a bold move recently launched a permanent waiver of its Bank to Wallet Fees for its Retail and SME customers through the ‘Ni Bure Kabisaaa’ campaign making it the only bank offering the service for free in Tanzania. This will enable salaried customers and businesses save on the high transactions costs for bank to mobile payments across all networks.
- A Redesigned mobile banking appandInternet Banking: The platforms offer seamless navigation and robust features to its Corporate and Retail Banking customers. The revamp enables end to end self service eliminating the need for customers to visit branches for their transactional needs.
- Rafiki WhatsApp Banking: The bank has a unique digital proposition that allows customers to do all Bank transactions including Mobile money, Bill payments, Transfers etc, via the WhatsApp Channel. This technology has seen a lot of its customers enjoy its convenience making it a unique feature for the bank.
- Launch of Zaidi Biashara Account: A new Business current account targeting SMEs and offering interest on customers’ balances.
“We’re not just a bank—we’re a digital ecosystem that meets customers’ needs where they are,” said Simon Gachahi, the Head of Retail and Digital Banking.
“Our innovations are targeted at being a Digital led bank through breaking barriers, bringing financial services to millions and supporting Tanzania’s economic growth.”
Empowering SMEs and corporate giants alike
I&M Bank’s commitment to Tanzania’s economic backbone—Small and Medium Enterprises (SMEs)—is unwavering. The bank is betting big in Supporting SMES.
In Q1 2025, the bank launched two SME products ZAIDI Biashara Accounts and Moja Biashara account based on extensive customer research conducted in the design stages of the product.
"SMEs are the backbone of Tanzania’s economy, with over 3 million enterprises contributing 27-35% to GDP and employing more than 5 million people. At I&M Bank Tanzania, we champion these businesses with innovative financial solutions, fostering growth and driving inclusive prosperity."
I&M Bank Tanzania staff serves a customer at Posta, Kinondoni, in Dar es Salaam during the Customer’s Service Week.
A vision for the future: Tier 1 by 2026
I&M Bank Tanzania’s ambitions extend far beyond its current achievements. With its sights set on achieving Tier 1 status by 2026, the bank is investing heavily in technology, human capital, and customer-centric innovation.
“Our team’s passion and dedication are the driving force behind our success,” Mr. Mustafa said. “Together with our customers and stakeholders, we’re building a bank that doesn’t just compete—it leads.”
More than a bank: A catalyst for progress
I&M Bank Tanzania’s rise is a story of ambition, resilience, and impact. By championing financial inclusion, empowering SMEs, and embracing digital innovation, the bank is not just thriving—it’s shaping the future of banking in Tanzania.
As it continues to outperform expectations and redefine what’s possible, one thing is clear: I&M Bank Tanzania is no longer an emerging player—it’s a powerhouse poised to lead the industry into a new era of prosperity.
For more information on I&M Bank Tanzania’s innovative products and services, visit www.imbank.com/tz.
