Our Mission

Powering the prosperity of three million families by 2027

Our Core Values

  • Speed

    Respond quickly and deliver reliably. Get it done!

  • Elekea

    Go further together and win with grit. Pamoja tufike kibo!

  • Leadership

    Take the lead to integrate and innovate. Inatosha!

  • Clarity

    Communicate clearly and often. Sync Up

  • Ownership

    Be ethical and accountable, from start to end. Own it and stay on it!

  • Moyoni

    Respect and care for customers and each other. Tunakujali!

Bank with us

  • RAHISI is the primary product for individuals and groups to meet their transactional needs, such as making or receiving payments from friends, family, and businesses. With a minimum opening balance of TZS 10,000, the Rahisi account offers features like an ATM card, mobile banking connectivity, funds transfer, utility payments, balance checks, mini statements, airtime top-ups, government payments, and access to Selcom Huduma Wakala CICO services.

  • The Mikakati Account is a savings plan designed for individuals, groups, or businesses to accumulate money and achieve their financial goals. With a minimum opening balance of TZS 20,000 (or 20 USD/20 EUR for foreign accounts) and a minimum operating balance of TZS 20,000, the account offers benefits such as one free withdrawal per month, an attractive interest rate of up to 5%, no monthly service fee, and a customizable target saving plan. Deposits are free across all channels, including branches, Selcom Mobile, and Selcom Huduma Wakala services.

  • The Baraka Junior Account is designed to help you save for your child's future, catering to children aged 0-18 years. It offers several benefits, including no account opening balance, free cash withdrawals over the counter, no monthly service fee, an interest rate of 4%, and one free bank statement per month.

  • The Nufaika Transactional Account offers clients money transfer services, including bank-to-bank, account-to-account, and both national and international transfers. Available in TZS or USD, it is tailored for SMEs, clubs, and associations such as NGOs. With a minimum opening and operating balance of TZS 50,000 or USD 50, the account provides lower monthly maintenance fees, free SMFB account-to-account transfers, a free monthly bank statement, and free deposits across all channels, including branches, Selcom Mobile, and Selcom Huduma Wakala services.

  • The Kikundi Account is a savings account tailored for informal group savings, loan associations (VSLAs), VICOBA, and SACCOS, providing a secure platform for managing funds and enabling members to transact remotely. With a minimum opening and operating balance of TZS 10,000, the account offers features such as SMFB to mobile banking transactions, a monthly interest rate of up to 4%, instant account activation at branches, free deposits, a group withdrawal ledger book, free monthly bank statements, and the ability to withdraw at any Selcom Huduma Wakala.

  • The Term Deposit allows customers to deposit their savings for a fixed period and earn attractive interest rates, with flexible maturity options based on their preferences. Interest is calculated daily and can be credited to another account either monthly or at the end of the maturity. The account also offers automatic renewals. Benefits of the Fixed Deposit include early interest payment upon deposit, flexible interest payment options (monthly or at maturity), an interest rate of up to 14%, no account opening or closure fees, and the ability to use the fixed deposit as collateral for a loan.

  • Selcom Microfinance Bank (SMFB) offers international and national money transfer services at all its branches. Transfers between accounts within the SMFB branch network are free of charge and executed instantly, thanks to the bank's wireless connectivity across branches. For national money transfers to other banks within Tanzania, a flat fee of TZS 2,000 is charged per transfer, regardless of the amount. Transfers in USD or international transfers via the SWIFT system incur higher fees, and customers are encouraged to consult their nearest branch for further details.

Trade finance

  • A guarantee is an irrevocable undertaking issued by the bank to a buyer or contractor, ensuring compliance with contract obligations. If the buyer or contractor fails to comply, the bank assumes liability.

    Types of Guarantees Issued by Selcom Microfinance Bank

    • Bid/Tender Guarantee (Bond): Issued to contractors for tendering work, requiring 2-5% of the contract amount.

      • Condition: Must be fully secured by either a mortgage or cash.

      • Pricing: Issuing fee is 0.5% of the guaranteed amount, with a minimum fee of 20,000 TZS.

    • Performance Guarantee (Bond): Issued to contractors to execute awarded contracts, requiring 2-10% of the contract sum.

      • Condition: Must be fully secured by either a mortgage or cash cover.

      • Pricing: Issuing fee is 0.5% of the guaranteed amount, with a minimum fee of 50,000 TZS.

Bancassurance

  • Fire & Allied perils insurance

    This coverage protects against loss or damage caused by various events, including fire, lightning, explosion or implosion, aircraft damage, riots, strikes, malicious damage, earthquakes (both shock and fire), storms, cyclones, typhoons, tempests, hurricanes, tornadoes, floods, and inundation. It also includes impact damage, subsidence, landslides (including rockslides), as well as bursting or overflowing of water tanks, apparatus, pipe leakage from automatic sprinkler installations, and bushfires.

  • Domestic package

    Section A: Covers buildings and structures against fire and allied perils.

    Section B: Covers household contents against burglary, theft, and fire and allied perils.

    Section C: Covers portable items, eg. phones, laptops and jewelry against accidental damage, robbery, theft, fire and allied perils.

    Section D: Provides liability coverage for domestic workers.

    Sections E & F: Cover any third-party liability arising to owners or occupiers.

    Section G: Covers electronics eg. TVs, ACs and refrigerators, against accidental damage, fire and allied perils, burglary and losses due to electrical short circuits or power surges.

  • Burglary/theft

    This coverage protects against loss or damage resulting from a forcible and violent entry into or exit from premises, leading to financial loss.

  • Motor insurance

    Third Party Only: This policy covers third-party liability for losses such as death, bodily injury, and property damage.

    Third Party Fire & Theft: This coverage includes losses due to fire and allied perils, theft, and third-party liability, including death, bodily injury, and property damage.

    Comprehensive: This all-risks policy covers accidental collisions, fire and allied perils, theft, and third-party liability for death, bodily injury, and property damage.

  • Medical/Health insurance

    This coverage includes treatment costs and expenses incurred by individuals or companies due to illness or injury. It encompasses benefits such as outpatient and inpatient care, surgery, dental and optical services, maternity coverage, and a small amount of funeral benefits. We offer both individual and group medical insurance options.

  • Life insurance

    Life insurance is a contract in which an insurer guarantees payment to the beneficiaries of the insured in exchange for a premium, covering instances such as the insured's death, permanent disability, or critical illness. We offer various types of life insurance, including individual life with savings plans, group life, credit life for borrowers, and group funeral benefits for both official and unofficial groups.

  • Liability policies

    We offer various types of liability policies, including public liability, which covers the insured for death, bodily injury, or property damage liabilities to third parties; product liability; and professional indemnity, which addresses the financial consequences of neglect, error, or omission by the professional or firm taking out the policy.

  • Engineering insurance

    We offer engineering policies that cover a wide range of engineering-related risks, including Erection All Risks policies, Contractor All Risks policies for the construction and installation of plants, roads, bridges, premises, and dams, as well as Plant All Risks policies, Machinery Breakdown policies, and Electronic Equipment policies.

  • Pecuniary insurance

    We offer pecuniary insurance policies that provide coverage for monetary loss due to a wide range of external and internal factors. These policies include the Fidelity Guarantee Policy, which protects the insured against financial loss resulting from the fraud or dishonesty of employees, and the Money Policy, which covers any unforeseen loss of money while in premises or in transit, carried by the insured or authorized employees.

Treasury

  • Selcom Microfinance Bank Tanzania invites both individuals and institutions to experience quick and efficient customer service from our dedicated treasury team. We offer foreign exchange transactions, money markets, and other treasury services. For more information, please contact our treasury team at +255 658 370 684 or visit one of our branches.

Business Loans

  • Micro Loans

    Selcom Microfinance Bank offers micro loans ranging from TZS 500,000 to TZS 35,000,000, with higher amounts available for repeat clients who demonstrate a strong repayment history.

    WhySMFB Micro Loans?

    Minimal documentation requirements (no audited financial statements needed).

    No prior bank relationship with Selcom Microfinance Bank required.

    No hidden costs, such as additional fees and commissions.

    Long-standing clients with impressive repayment records qualify for successive interest rate discounts.

    Faster loan processing for loyal clients.

    Borrowers are responsible only for their own loans, with no requirement for borrower groups.

  • Agro Loans

    Selcom Microfinance Bank offers Agro loans to individual farmers ranging from 500,000/- to 50, 000,000/- TZS aimed to offer adequate and timely financial support to farmers to enhance their agricultural activities (Inputs supply, Labor, Farm Equipment, Investments etc.

    Why SMFB Agro Loans?

    Loan amounts range from TZS 500,000 to TZS 50,000,000, providing adequate financial support for various agricultural activities.

    Loans are processed within 3 days, ensuring timely assistance.

    Flexible repayment plans tailored to individual farming activities and monthly cash flow.

    No need to have an account with Selcom Microfinance Bank to apply for the loan.

    Full transparency throughout the loan process.

  • SME Loans

    SME Loans starts from TZS 35,000,001. There is no defined upper limit for loan amounts as the size and term of financing depends mainly on the strength and debt capacity of your business.

    Why SMFB SME Loans?

    Loan amounts start from TZS 35,000,001, with no defined upper limit, allowing for financing based on your business's strength and debt capacity.

    Flexible collateral arrangements based on loan size, including household goods, business equipment, stock, vehicles, and real estate property.

    No audited financial statements required.

    No need to operate an account with Selcom Microfinance Bank, although demonstrating previous borrowing or banking experience is beneficial.

    No hidden costs, such as additional fees and commissions; borrowers only pay interest.

    Long-standing clients with impressive repayment records may qualify for successive interest rate discounts and faster loan processing.

    Borrowers are responsible only for their own loans, with no requirement for borrower groups.

Acquiring

Acquiring

Agent and Merchant Acquiring

Join the Selcom network today and transform your business with the new Selcom QwikChap POS! Simplify collections and unlock a new revenue stream with access to over 60 billers.

Accept card payments, mobile payments (Lipa kwa Simu), agency banking, government payments, and more—all from one device with one float!

With competitive commissions and tools to grow, Selcom QwikChap POS is the ultimate solution for seamless collections and enhanced earning potential.

Selcom Microfinance Bank Branches

  • Kijitonyama Branch

    Derm House, New Bagamoyo Rd, Kijitonyama (Opposite Makumbusho Village Museum)

  • Temeke Branch

    Temeke (Nearby Temeke District Hospital), Temeke Street, Dar es Salaam

  • Lumumba Branch

    Summit Tower, (Opposite Mnazi Mmoja), Lumumba Road, Dar Es Salaam

  • Kahama Branch

    Isaka Road, Near Soko la Wakulima

  • Tabora Branch

    Tabora Branch, Jamhuri Road, NSSF Building

  • Mwanza Branch

    Pamba Rd Branch - Mwanza at Kishimba Building

  • Mbeya Branch

    Mbeya (Mafiati) opposite TIA

  • Iringa Branch

    Iringa Branch - Mjimwema

Our Management

  • Julius Ruwaichi

    Chief Executive Officer

  • Tunu Lwoga

    Chief Risk Officer

  • Isaya Mwenisongole

    Chief Business Officer

  • Tajinder Singh Bachu

    Chief Finance Officer

Whistleblowing

In summary, "Whistleblowing" is about raising concerns about poor or unacceptable practices, irregularities, corruption, fraud or misconduct, without fear of retribution, and through clear channels made available to concerned staff and customers which are secure and provide a confidential way to voice your concerns without being known unless if you decide to disclose your identity.

Our Core Values launch in photos

Contact us

Head Office:
4th Floor - Uhuru Heights,
11102 Bibi Titi Mohamed Road,
P.O. Box 95068,
Dar es Salaam, Tanzania.

Phone:
+255 659 074 000
+255 746 985 840

Email:
customersupport@smfb.co.tz

WhatsApp:
+255 677 600 200

Customer Support Hours:
Monday - Friday: 08:00hrs - 19:00hrs
Saturday: 08:00hrs - 15:00hrs

Selcom Microfinance Bank is a financial institution in Tanzania, renowned for its innovative approach to delivering accessible and inclusive banking services. As part of the Selcom, a pioneer in digital financial services in the region, the bank has leveraged technology to create financial solutions that cater to both individuals and businesses. By integrating mobile payments, digital wallets, and financial management tools into its offerings, Selcom Microfinance Bank ensures that even the unbanked and underbanked populations can access essential financial services. This commitment to inclusion has made it a vital player in Tanzania's financial landscape.
The goal of Selcom Microfinance Bank is to revolutionize financial services in Tanzania by bridging the gap between traditional banking and modern financial technology. The bank aims to empower underserved communities, small and medium-sized enterprises (SMEs), and other marginalized groups by offering them tailored financial products that are both affordable and easy to use. Through a combination of digital innovation, customer-centric services, and strategic partnerships, Selcom Microfinance Bank is transforming how Tanzanians interact with financial services, fostering economic growth, and promoting financial literacy across the country.

© Selcom Microfinance Bank Tanzania Limited 2024