Zanzibar government receives Sh7 billion in dividend from PBZ Bank

The Zanzibar Minister of State- President's Office (Finance and Planning) Dr Saada Mkuya Salum (second right) receives a mock check worth Sh7 billion from the People's Bank of Zanzibar (PBZ)  Managing Director Mr. Arafat Haji (left) as a dividend for the year 2023 to the Revolutionary Government of Zanzibar. Witnessing the handover are the Registrar of Treasury - Zanzibar, Mr. Waheed Sanya (third left), the Permanent Secretary of the President's Office-Finance and Planning, Zanzibar, Dr Juma Malik Akil (second left). The brief handover ceremony took place yesterday at the PBZ headquarters in Mpirani, Zanzibar. PHOTO | COURTESY

What you need to know:

  • In 2023, PBZ Bank successfully raised its pre-tax profits to Sh74 billion, with its asset base reaching Sh2.05 trillion. As part of its strategic plan, the bank aims to open more branches in various regions of the country, with recent expansions in Morogoro and Mbeya.

Zanzibar. The Revolutionary Government of Zanzibar has recently received a dividend of Sh7 billion from the People’s Bank of Zanzibar (PBZ).

This noteworthy payout is a result of PBZ's impressive performance throughout the year 2023.

The official ceremony to hand over the dividend took place at PBZ headquarters in Mpirani, Zanzibar.

The government's representative, Dr. Saada Mkuya Salum, the Zanzibar Minister of State-President's Office (Finance and Planning), attended the event along with other high-ranking officials including Dr. Juma Malik Akil, the Permanent Secretary of the President's Office-Finance and Planning, Zanzibar, Mr. Waheed Sanya, the Registrar of Treasury-Zanzibar, Mr. Joseph Meza, the Chairman of the PBZ Board of Directors, and Mr. Arafat Haji, the bank's Managing Director.

During the ceremony, Dr. Mkuya expressed praise and congratulations on behalf of the President Hussein Ali Mwinyi, commending PBZ for its significant accomplishments and urging all public institutions to fulfill their obligation of remitting dividends to the government.

"The government is delighted with the continued success of PBZ, and we strongly encourage you to maintain your efficient and professional operations. As shareholders, we are pleased to see our investment bear fruit. The Sh 7 billion dividend received by the government today will further enhance our revenue pool, which will be directed towards various developmental projects, particularly strategic ones," stated Dr Mkuya.

The Chairman of the PBZ Board of Directors, Mr Joseph Meza, expressed the bank's satisfaction in delivering this substantial dividend, emphasizing that success and positive trajectory underline the trust customers have vested in the institution.

"We are pleased to remain committed to our key objectives of expanding our presence and investing in technology to improve the customer experience. We look forward to a future full of promise while continuing to provide superior services to our customers," affirmed Mr. Meza.

Acknowledging the government's role in creating a favorable environment for financial institutions to thrive, the Managing Director of PBZ, Mr. Arafat Haji, commended the efforts of the bank's board and employees in driving this remarkable performance.

"The bank's performance is indicative of a conducive business environment that has enabled us to cater to our customers effectively. We will continue to invest in technology, expand our presence, and enhance our services to meet and exceed our customers' expectations," said Mr Haji.

In 2023, PBZ Bank successfully raised its pre-tax profits to Sh74 billion, with its asset base reaching Sh2.05 trillion. As part of its strategic plan, the bank aims to open more branches in various regions of the country, with recent expansions in Morogoro and Mbeya.

"This substantial dividend payout to the government demonstrates our unwavering commitment to supporting the nation's development agenda. As the bank continues to expand its reach and improve its digital capabilities, it is poised to play an increasingly pivotal role in the financial growth and prosperity of Zanzibar and Tanzania as a whole," he said.