Insurance Premium Finance

Running a small business while worrying about protecting the operations, assets and individuals within your can stressful. Lets Finance your comprehensive  insurance by 100% so you can go on growing your business

This is primarily a short term financing facility that is designed to enable individuals and companies to meet their pressing requirements for Insurance Cover policy at beginning/end of their cover policies. 

• Borrowers must be Tanzanians /foreigners firms operating in Tanzania. 

• Exceptions will be considered for professionals, joint borrowers or individuals with verified incomes  


• Completed Application Form

• Personal Reference Form (This is in the application package)

• Bank Statements for the last 12 months

• Most recent six (6) month salary slips

• Company Profile

• Business License/TIN/Certificate of inc/Registration

• Tax clearance certificate

• Bank Statement for the last 12 months of the company.

• Certificate of Incorporation/Registration

• Audited Accounts for the last 3 years.

  • Branch network
Renewable Energy & Energy Efficiency Loan

Because we care about green world we provide affordable  interest rates business investing in clean energy and energy efficiency projects and companies. Our Renewable  energy investment expert  will guide you all the way. We have invested $12 million to drive clean energy initiatives

a framework for the financing of renewable energy in Tanzania.  To Purchase, commissioning and installation of renewable energy solutions in Tanzania.

Lending terms/requirements 

• Loan application letter

• Energy/power purchase agreements (Project Financing)

• Project finance proposal (Project Financing)

• Project feasibility report (Project Financing)

• Energy audit reports

• Insurance policy 


Other documents: (Corporate and SME)

• Certificate of registration/Certificate of Incorporation



• Board resolution to borrow 

• Recent filed returns with registrar of companies 

• Security of the loan upon the discretion of the bank on a case by case basis. 

• 3 years audited accounts

• Recent management accounts

Other documents: – (Individuals)

• 12 months’ bank statement

• Employers letter of commitment

• 3 months’ salary slip

  • Branch network
Scheme Loan

Scheme loan is an employer guaranteed or supported loan scheme tailored to meet personal incidental expenses for full time employees of reputable companies who the bank has dealings with. The scheme is administered after a written undertaking by the company and the bank. The customer does not have to maintain an account at BANK OF AFRICA -TANZANIA, rather the employer should provide an undertaking to remit a single cheque to pay for all monthly repayments of their staff and to immediately notify the bank in case of any termination of employment.

  • The product setting is for both customers and non-customers of BANK OF AFRICA-TANZANIA.
  • One does not need to maintain an account with the bank.
  • The employer organization/ company has to sign a scheme agreement with the bank.
  • Must be employed by a reputable employer that demonstrates a strong financial background.
  • Applicant must be permanently employed by the employer who BANK OF AFRICA – TANZANIA have a signed scheme agreement.
  • The applicant must have completed his/her probationary period.
  • Employee must be older than 18yrs of age.
  • Monthly income/salary must show employee’s capacity to pay back without strain.
  • The employer should provide an undertaking to remit a single cheque to pay for all monthly repayments of their staff.


  • Enhanced purchasing power
  • Easily resolving unforeseen financial demands
  • Enhanced liquidity position
  • Affordable and well planned monthly installments giving customers flexibility of managing their cash flow throughout the month
  • Improves employee productivity through financial peace of mind
  • Strengthens employer/employee relationship
  • Employer loan administration burden now relinquished to the bank thereby letting the employer focus on their core business.
  • Saves company cash outlay on company administered staff loans.

I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 

  • Branch network
SME Loan

“Our banking solutions could help make your small business a lot bigger. Our SME Financing experts will guide you towards the best solution, Quick and easy to access funds up to 500 million”

This is a comprehensive package of services offered to support the growth and sustainability of businesses that have graduated from SME Spark i.e. evidence of business growth and credibility are visible.


• Maximum loan amount – TZS 500 million. 

• Maximum tenor is 36 months. 

• Owner of an individual business, companies and partnerships

• At least 2 years’ experience in existing business

• Existing customers who have been operating accounts with us for a minimum of 3 months

• Customers with good account history from other banks


• Proforma Invoices (with breakdown goods list) for proof of importation 

• All shipping documents to be consigned directly to the Bank

• A proof of reasonable demand for the goods/established operations (orders/contracts)

• Collateral documents (like Car registration cards, title deeds & Offer letters)

• Any other relevant document.

  • Branch network
Term Loan

BOA offers you the ability to grow your business and invest in your future. We offer flexibility of long and short term loans to help our clients’ business.

Financing offered to businesses that are already in operation to support their business needs such as business expansion and asset acquisition.


• Minimum loan amount – TZS 10 million

• As per the borrowers’ needs and ability to pay

• Tenor – up to 18 months (short term); up to 36 months (medium term); up to 60 months (long term)

• Open an account at BANK OF AFRICA

• Turnover of not less than 4 times of requested amount

• Demonstrate ability to repay 

• Have a valid trading license and statutory registration documents 

• Collateral – legal mortgage (preferably), cash cover, corporate guarantee (for very structured companies)

• Already in the same business for at least 2 years 

• Any other additional documents as requested by the bank. 


Physical Evidence:

• Loan application form 

• Letter of offer 

• Repayment schedule 

• Copies of security documents 

  • Branch network
Invoice Discounting

A special type of overdraft which mainly targets fuel transporters and suppliers to Large Local and Multinational Corporates. (Suppliers). The Bank ensures that cash flow is constantly available by establishing a special line of credit to finance the gap when the invoice payment is delayed by the other party.



• Financing of up to 80% of the amount discounted on the invoice

• Tenor – 12 months for the facility (maximum of 90 days for discounted invoices)                                                                    

Benefits- Customer 

• Release funds to improve cash-flow

• Quick finance solution 

• Reduces Corporates’ level of accounts receivable, making you able to present a healthier balance sheet.

• No need to chase payments.        

• Open a current account with BANK OF AFRICA-TANZANIA 

• Present invoices and/or delivery orders that have been accepted by the buyer for payment indicating due date for payment and confirming that those goods have been received in good condition

  • Branch network
Lease Financing

Buying new Equipment can cost an arm and a leg. We are willing to cover that expense and let you lease ours. If you like it, our Lease experts can make arrangements for you to purchase at a rock bottom price.

Ownership of the Asset is transferred to the lessee at the end of the lease term, or at the end of the lease tenor, you can have the option to become owner of the Financed Asset, or you can return the asset to us. 

All Corporate Customers who have a healthy business can get the service Product 


• Signed Loan Application Letter. 

• Signed Board Resolution to Borrow. 

• Audited Financial Statements of Applicant and Its Related entities at least for the past two years. 

• Draft/Management Accounts the respect year. 

• Bank Statement of perspective year with Bank of Africa or other Banks 

• Details of Present banking relationship of the client i.e. facilities secured, securities pledged, tenor of the facilities, etc. if any. 

• Monthly Cash flow statements for the entire credit period. 

• Debtors/Creditors aging Analysis. 

• Recent Annual return filed with the Registrar of Companies. 

  • Branch network
Letters of Credit

Paying your Foreign suppliers has never been easier. Our  trade experts will guide you through the process of paying a foreign supplier only after receiving a shipping in good order

Letter of credit is an agreement between the buyer/importer and the seller/exporter that when the buyer receives the goods will be able to remit the funds to the seller. This form of payment is used to give protection to exporters/seller and importers/importer against buyer/sellers’ risk and country risk. 

legal mortgage, cash cover(preferably), corporate guarantee (for very structured companies)

  • Branch network
SME Bundle

SME bundle benefits is a customized product to enable Small and Medium Enterprises to meet their Working and Investment Capital, Guarantees, invoice discounting and Insurance premium needs. The same will position the bank as the one stop center solutions for SMEs.

  • Dedicated Relationship managers at all BANK OF AFRICA Branches to assist with banking needs
  • Free training in business and loan management
  • Free business advisory services
  • Free business reference book (Toolkit)
  • Unsecured Bid Bond of up to 2 Billion within 24 hours.
  • Enables the customer tender for more bids
  • Release funds to improve cash flow                            Quick finance solution
  • No need to chase payments
  • Protect cash flow for other business development purposes
  • Flexibility in terms of payment

• Applicants must be at least 18 years of age
• At least two years’ experience in operating same or similar business
• The business must be located within a location served by BANK OF AFRICA-TANZANIA branch
• Business must have a steady cash flow
• Applicants must have proper recording system and shows the capability of operating business profitably
• Applicants must have a premise (owned or rented)
• The borrower must have business license/permit from local authorities in his or her own name
• Applicants must have a good reputation in the community
• Client must have an account with Bank of Africa operating for at least 6 months
• Acceptable collateral to the bank. For households and stocks of goods the Loan officer shall be responsible to verify their existence during loan monitoring in case of default to realize the same for pay the outstanding unpaid loan amount.
• The combined value of the securities for each loan application should cover 125% of the loan amount

  • Branch network
Bills for Collection

A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange

  • Provider a degree of security to our client (the importer)
  • Easy and speedy to setup, making it particularly suitable for transactions that need to take place quickly.
  • Useful for trading situations that require more security than open account but which do not warrant the expense of a documentary credit.
  • Cost of service is competitive and flexible.


Lending terms/requirements

  • Loan application letter
  • Energy/power purchase agreements (Project Financing)
  • Project finance proposal (Project Financing)
  • Project feasibility report (Project Financing) 
  • Energy audit reports
  • Insurance policy

Other documents: 

  • Certificate of registration/Certificate of Incorporation
  • Board resolution to borrow
  • Recent filed returns with registrar of companies
  • Security of the loan upon the discretion of the bank on a case by case basis.
  • 3 years audited accounts
  • Recent management accounts
  • Branch network

Traders can do this undertaking to be accountable to the payment or performance of another person’s debt or obligation in the event of a default by the person primarily responsible for it.

  • Enables the customer tender for more bids

  • Enables the customer make necessary preparations for initial start- up of project.
  • Fill BANK OF AFRICA-T Bid application form
  • Board resolution (Headed paper with company stamp on it)
  • Tender notice & Bid Format
  • KYC Documents (For Non Account Holders)
  • Board Resolution (Headed paper with company stamp on it)
  • Application letter (Stating amount of guarantee and type of guarantee and tender details)
  • Certified Copy of Registration Certificate (Includes CRB, TIN, Current Business license, & Certificate of incorporation)
  • Current Annual Returns
  • Financial statements (3 Fiscal Years)
  • Bank statements (12 Month)
  • Copy of the Contract of the Project
  • Securities (Cash cover/legal Mortgage/Assets like machines, trucks etc. With exclusion of specialized equipment and trucks beyond 10 years old.
  • Branch network