NIC Bank Tanzania
|Headquarters||Dar es Salaam, Tanzania|
|Key people||Abdulsultan Hasham Jamal
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Total assets||US$110.3 million (2013)|
National Industrial and Commercial Bank Tanzania Limited, commonly known as NIC Bank Tanzania (NICBT), and formerly known as Savings and Finance Commercial Bank (SFCB), is a commercial bank in Tanzania. It is one of the commercial banks in the country, licensed by Bank of Tanzania, the central bank and national banking regulator.
NIC Bank Tanzania is a medium-sized financial services provider in Tanzania. Its total asset valuation at the end of 2013 was approximately US$110.3 million. The bank is a subsidiary of NIC Bank of Kenya, which owns a 68.9% controlling shareholding. The East African Development Bank is also a shareholder in NIC Bank Tanzania.
NICBT started as a non-bank financial institution (NBFI) in 1994. In 2004, following the issuance of a banking license by the Bank of Tanzania, the country's banking regulator, the institution converted into a fully fledged commercial bank, under the name Savings and Finance Commercial Bank (SFCB).
In May 2009, NIC Bank of Kenya, a large financial services provider, based in Nairobi, and traded on the Nairobi Stock Exchange, took a 51% shareholding position in SFCB. During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania.