Zanzibar — ZANZIBAR government has received a record of 10.5bn/- as a year-end dividend from the People's Bank of Zanzibar (PBZ) for the financial year ending December 2024.

The announcement was made on Monday by the Minister of State, President's Office (Finance and Planning), Dr Saada Mkuya Salum, during PBZ's Annual General Meeting held at the bank's Mperani headquarters in Zanzibar.

She said the dividend reflects profits generated from PBZ's various business operations. According to Dr Mkuya, PBZ remains Zanzibar's top taxpayer, contributing more than 44.3bn/- in taxes during the 2024 financial year.

"The government's dividend from PBZ has grown significantly, rising from just 7bn/- in 2023 to 10.5bn/- in 2024," she stated.

She attributed this impressive performance to improved management, enhanced operational efficiency and strategic policy direction under the eighth phase government, led by President Dr Hussein Ali Mwinyi.

Dr Mkuya also said that PBZ continues to rank among Tanzania's top ten performing banks, maintaining a competitive and reliable presence in both Zanzibar and mainland Tanzania.

She revealed that in 2025, PBZ plans to expand its network by opening new branches in Morogoro and Mwanza, while also upgrading services through new ATMs and major refurbishments.