International Commercial Bank Tanzania

What International Commercial Bank Tanzania does

International Commercial Bank Tanzania (ICB Tanzania) is a private commercial bank incorporated in Tanzania in 1997, operating as a member of the ICB Banking Group. The bank provides retail, SME, and corporate banking services through a multi-channel platform spanning physical branches, 700+ ATMs on the Umoja Switch network, agency banking via Selcom Wakala partners, internet banking, and the ICB Digital mobile application. Its product set spans current and savings accounts (with interest rates from 3% to 6% p.a.), fixed deposit and recurring deposit schemes, a broad retail loan book (personal, housing, car, salary advance, insurance financing), and an SME and corporate credit suite (term loans, revolving short-term loans, overdrafts). Trade finance capabilities include documentary collections, letters of credit, bank guarantees, performance guarantees, and bid bonds, with payment services covering domestic transfers, SWIFT cross-border transfers, utility bill payments, and GePG government and TRA tax payments.

The bank's technology stack centers on the ICB Digital platform, which delivers mobile and internet banking with biometric authentication on iOS and Android, alongside integration with national and international payment rails including GePG, SWIFT, Umoja Switch, and Mastercard. Card products include the domestic ICB Umoja Debit Card and the international ICB Mastercard Debit Card issued in partnership with Selcom Paytech, extending reach into cross-border POS, online, and ATM transactions. The bank holds customer data in compliance with Tanzania's Personal Data Protection Act 2022 and GDPR where applicable.

ICB's business model is a standard commercial bank spread plus fee model. Revenue is generated through net interest income on personal, SME, corporate, and trade-finance lending (including asset-based products such as housing and car loans); transaction and account fees on current accounts, deposits, and digital channels; trade finance fees and commissions on LCs, guarantees, and documentary collections; foreign exchange services for business customers; and card-related interchange and usage fees on Umoja and Mastercard debit cards. Distribution relies on a horizontal segmentation strategy addressing individuals, SMEs, and corporates through both physical touchpoints (branches, ATMs, agents) and self-serve digital channels.

Name

International Commercial Bank Tanzania

Legal name

International Commercial Bank (Tanzania) Limited

Website

https://icbank.co.tz

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

International Commercial Bank Tanzania is a private commercial bank in Dar es Salaam serving individuals, SMEs, and corporates across Tanzania via branches, 700+ ATMs, agency banking, and the ICB Digital mobile and internet banking platform, offering accounts, loans, cards, trade finance, and cross-border payments.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• Commercial banking
• Trade finance services
• Digital banking
• SME lending

Headquarters

HQ city

Dar Es Salaam

HQ country

Tanzania

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Revenue generated from lending activities including personal loans, housing loans, car loans, SME loans, term loans, and overdraft facilities. Interest rates applied on various credit products.
2. Account Fees and Charges: Monthly maintenance fees, transaction charges, and account-related fees for current accounts, savings accounts, and fixed deposits. Low monthly maintenance fees and affordable transaction charges mentioned.
3. Trade Finance Services: Fees and commissions from documentary collections, letters of credit (LCs), bank guarantees, performance guarantees, and bid bonds for import/export transactions.
4. Foreign Exchange Services: Revenue from foreign exchange transactions including competitive pricing on imports, exports, and forex services for business customers.
5. Digital Banking Services: Fees from internet banking, mobile banking, and other digital channel services including maker-checker facilities.
6. Card Services: Revenue from debit card services including ICB Umoja Debit Card and ICB Mastercard Debit Card for local and international transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels3 records

Core offering

International Commercial Bank Tanzania is a commercial bank that accepts retail and corporate deposits and extends credit in the form of personal, housing, car, salary advance, SME, term, revolving, and overdraft loans. It provides trade finance instruments (documentary collections, letters of credit, bank and performance guarantees, bid bonds), local and international debit cards, domestic and cross-border payment services, and 24/7 digital banking through its ICB Digital platform supported by branches, 700+ ATMs, and a Selcom Wakala agency network.

Product overview

International Commercial Bank Tanzania operates as a diversified financial services institution offering a comprehensive banking platform with multiple delivery channels. The core digital platform, ICB Digital, encompasses Internet Banking and Mobile Banking for 24/7 account access. The product portfolio spans personal and business banking segments, including various current and savings accounts with differentiated interest rates (from 3% to 6% p.a.), fixed deposit products, and loan offerings (personal, housing, car, salary advance, SME, term loans, revolving facilities, and overdrafts). Card services include ICB Umoja (local) and ICB Mastercard (international) debit cards. Payment services cover domestic transfers, SWIFT international transfers, bill payments, and GePG government payments. Trade finance solutions include documentary collections, letters of credit, bank guarantees, performance guarantees, and bid bonds. Alternative delivery channels include agency banking (via Selcom Wakala network), branch banking, and ATM banking (700+ locations).

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Current Account Non-interest bearing current account for everyday banking with unlimited withdrawals, reduced remittance charges, and low monthly fees. Available in TZS and USD for individual customers.
• Individual Premier Current Account Interest-bearing premier current account offering flexible transactions, secure digital banking access, and preferential charges for enhanced everyday banking needs of individual customers.
• Corporate Premier Current Account Corporate interest-bearing premier current account with flexible transactions, preferential charges, secure digital banking access, and enhanced service designed for high-volume businesses.
• Regular Savings Account Flexible personal savings account offering 3% p.a. interest calculated daily and paid monthly, with digital banking, agency banking access, and debit card convenience. Zero maintenance charges.
• Premier Savings Account Premium savings account offering 4% p.a. interest calculated daily and paid monthly, with secure digital banking, agency banking access, and Mastercard debit card convenience.
• Senior Citizen Savings Account Senior citizen savings account offering 4% p.a. interest with zero maintenance charges, secure digital banking, and agency banking access.
• Student Savings Account Student savings account offering 3% p.a. interest with zero maintenance charges, secure digital banking, and debit card convenience for students.
• Salary Savings Account Salary savings account offering 3% p.a. interest with zero maintenance charges, designed for salaried individuals with digital and agency banking access.
• Lenga (Goal) Savings Account Goal-based savings account offering 6% p.a. interest (highest tier) with zero maintenance charges, designed to help customers save toward specific financial goals.
• Regular Fixed Deposit Account Fixed deposit account with competitive interest rates, flexible tenures, and tailored interest payout options for secure savings growth.
• Double Your Money Scheme Long-term fixed deposit scheme designed to double the principal over a 7.5-year tenure, providing structured savings growth.
• Recurring Deposit Account Recurring deposit account allowing monthly contributions toward fixed tenures with competitive returns, helping customers set goals and save steadily.
• Personal Loan Flexible personal loan with competitive rates, manageable monthly repayments, and convenient top-up or loan transfer options to support personal financial needs.
• Housing Loan Flexible housing loan with competitive rates, long repayment periods, and affordable monthly installments for purchasing, building, or renovating homes.
• Car Loan Vehicle financing with low interest rates, minimal paperwork, speedy processing, and tailored financing plans designed to suit lifestyle and budget.
• Salary Advance Loan Short-term salary advance loan providing quick access to funds with simple repayment over a short tenure and transparent terms for urgent expenses.
• Insurance Premium Financing Loan Financing solution allowing individuals and businesses to spread insurance premium payments over time, helping manage cash flow while keeping assets covered.
• SME Loan Flexible SME financing solution offering competitive rates and tailored repayment options to support working capital and business growth for small and medium enterprises.
• Term Loan Flexible term loan with tailored financing and repayment options supporting personal needs, business expansion, and long-term growth.
• Revolving Short Term Loan Revolving short-term credit facility for businesses to manage short-term working capital requirements and day-to-day operations.
• Overdraft Facility Flexible overdraft facility providing instant access to funds beyond account balance to support short-term working capital and day-to-day business operations.
• ICB Umoja Debit Card Local debit card for everyday banking with secure transactions and nationwide ATM access through the Umoja Switch network.
• ICB Mastercard Debit Card International debit card for local and international transactions, secure payments at POS, online shopping, and ATM access worldwide. Issued in partnership with Selcom Paytech.
• Documentary Collections Trade finance service providing a safe, cost-effective, internationally recognized method for handling import and export payments.
• Letters of Credit (LCs) Trade finance solution providing payment assurance for international transactions against compliant documents.
• Bank Guarantees Bank guarantees supporting tenders, contracts, and performance obligations to strengthen business credibility.
• Performance Guarantees Performance guarantee supporting contractual commitments and project delivery confidence.
• Bid Bonds Bid bond service to assure project owners of commitment and financial credibility in tender bids.
• ICB Digital (Internet Banking) Secure internet banking platform for individuals and businesses to manage accounts, make payments, and perform transactions anytime, anywhere via web browser.
• ICB Digital (Mobile Banking) Secure mobile banking app enabling account management, payments, and transactions on smartphones and tablets with 24/7 accessibility and biometric authentication.
• Domestic Payments Domestic fund transfer services enabling customers to send money to other banks within Tanzania.
• Cross Border Funds Transfer (SWIFT) International money transfer services using the SWIFT network for secure cross-border transactions.
• Bill Payments and Recharges Utility bill payment and recharge services for various service providers accessible through ICB Digital.
• Government Electronic Payment Gateway (GePG) Payment gateway for government payments and Tanzania Revenue Authority (TRA) tax payments.
• Agency Banking Banking services delivered through authorized Wakala agents enabling cash deposits, withdrawals, fund transfers, balance enquiries, and mini statements at convenient neighborhood locations.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability1 record

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Selcom PaytechcoreTechnology or Integration · 1 July 2022ICB partnered with Selcom Paytech to issue the ICB Mastercard Debit Card. This strategic partnership enables ICB to offer internationally accepted debit card services, expanding payment capabilities for customers for local and international transactions, POS payments, online shopping, and ATM access worldwide.
• Selcom WakalacoreChannel Partner/ Reseller/ Distributor · 1 July 2022ICB's agency banking services are offered in partnership with Selcom Wakala. The partnership brings essential banking services closer to customers through authorized agents providing cash deposits, withdrawals, fund transfers within ICB, balance enquiries, and mini statements. With 10 active agents already available through the Selcom network and more being added, ICB is expanding its reach to serve customers wherever they are.

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• NMB Bank (National Microfinance Bank):
• CRDB Bank: Tanzania's largest commercial bank by assets and branch network, offering retail, SME, corporate, and digital banking plus trade finance. Direct competitor to ICB across all customer segments but with substantially greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/international-commercial-bank-tanzania-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about International Commercial Bank Tanzania