I&M Bank Tanzania: A Financial Powerhouse Redefining Banking
Ishaango News
Summary
I&M Bank Tanzania is emerging as a powerful force in the country's banking sector, marked by significant growth and innovation. In 2024, the bank's pre-tax profit soared by 242%, with total assets and shareholders’ equity also experiencing substantial growth. The first quarter of 2025 continued this trend, showing increases in profit, customer deposits, and shareholders’ funds. Key to I&M Bank's success is its embrace of digital solutions, such as the Kamilisha lending product and Rafiki WhatsApp Banking, alongside a focus on supporting SMEs with tailored financial products like the Zaidi Biashara Account. CEO Zahid Mustafa emphasized the bank's commitment to building trust and fostering shared prosperity. With a strategic vision to achieve Tier 1 status by 2026, I&M Bank is heavily investing in technology and customer-centric services, positioning itself as a leader in Tanzania's financial future.
I&M Bank Tanzania is rapidly solidifying its position as a key player in the nation's banking sector, driven by a robust vision, digital innovation, and a relentless focus on customer satisfaction. The bank's exceptional performance in 2024 and the first quarter of 2025 demonstrates its ability not only to compete with but also to redefine the standards for mid-tier banks.
In 2024, I&M Bank Tanzania reported a pre-tax profit of Sh18.3 billion, a staggering 242% year-on-year increase. Total assets climbed to Sh804 billion, up by 9%, while shareholders’ equity experienced a triple-digit growth of 14%, reaching Sh119 billion. Net interest income also saw a remarkable 35% increase, totaling Sh97 billion. The bank significantly improved its credit management by reducing Non-Performing Loans (NPLs) to 8.4%, a 51% improvement.
“Our 2024 performance is a bold statement of intent,” stated 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.”
This momentum continued into the first quarter of 2025, with pre-tax profits reaching approximately Sh6.3 billion, a 151% increase over the same period in 2024. Customer deposits surged to Sh668 billion, an increase of 14%, while net loans and advances doubled to Sh521 billion, growing by 12%. Shareholders’ funds rose dramatically to Sh124 billion, a 17% increase.
I&M Bank's digital-first strategy, exemplified by its digital lending product Kamilisha in partnership with Airtel Tanzania, plays a crucial role in its growth. The bank's focus on corporate banking, along with a renewed emphasis on retail and SME segments, has led to unique offerings such as free bank-to-mobile payments, a redesigned mobile banking app and Internet Banking platform, and Rafiki WhatsApp Banking.
The bank has also launched the Zaidi Biashara Account, a new business current account targeting SMEs and offering interest on customer balances. “SMEs are the backbone of Tanzania’s economy... At I&M Bank Tanzania, we champion these businesses with innovative financial solutions, fostering growth and driving inclusive prosperity," the bank stated.
With ambitions to achieve Tier 1 status by 2026, I&M Bank Tanzania is strategically investing in technology, human capital, and customer-centric innovation. By promoting financial inclusion, empowering SMEs, and embracing digital advancements, the bank is poised to lead the industry into a new era of prosperity.