Tanzania: Merger Lifts Azania Bank to Top Mortgage Lender

Jan 21, 2019 | The Citizen: All Africa

The recent merger with Bank M Tanzania has enabled Azania Bank to become the leading mortgage lender in terms of market share.

The recent merger with Bank M Tanzania has enabled Azania Bank to become the leading mortgage lender in terms of market share.

The report by Bank of Tanzania (BoT) has shown that after the merger, Azania Bank now accounts for 22 per cent of mortgage market share, higher than any other lender with a combined portfolio of Sh78 billion.

Before the merger, Azania Bank was the fourth with eight per cent market share valued at Sh59 billion, behind CRDB with 12 per cent (Sh39 billion), Bank M with 14 and Stanbic Bank, which leads the pack with 17 per cent. As in the first quarter of last year, Tanzania has a total of 31 mortgage lending banks with 4,902 mortgage accounts valued at Sh340.92 billion.

DCB has the highest number of accounts amounting to 805 valued at Sh8.9 billion, which indicates that the bank was serving low income earners and low costs housing projects.Other banks with the highest number of mortgage accounts include Azania Bank, Akiba Commercial Bank (ACB), Yetu Microfinance and CRDB Bank. Read more from All Africa.

 

Source: All Africa