AMBASSADOR OMAR COMMENDS EFFORTS TO PROTECT CUSTOMERS' DEPOSITS



The Minister of Finance, Ambassador Khamis Mussa Omar, on July 2, 2026, visited the booth of the Deposit Insurance Board (DIB) at the 50th Dar es Salaam International Trade Fair (Sabasaba), currently taking place in Dar es Salaam.

During the visit, Ambassador Omar was received by DIB management and staff, who briefed him on the Board's mandate, the services it provides, and the ongoing initiatives to educate the public about the Deposit Insurance System.

While at the booth, the Minister was also informed about DIB's role in safeguarding deposits held by customers in banks and financial institutions, a responsibility that strengthens public confidence and enhances the stability of the country's financial sector. He commended the Board for its commitment to serving the public effectively.

Speaking at the exhibition, DIB Senior Officer Joyce Shala said the Board has expanded its mandate to include minimizing losses during the resolution of disputes or challenges that may arise in the operations of financial institutions, as part of broader reforms to strengthen financial sector supervision.

Shala noted that DIB has continued to fulfill its responsibilities effectively, including successfully compensating customers of the former FBME Bank, with approximately 85 percent of eligible deposits paid through several phases. She explained that the phased payments were intended to ensure that customers recovered a substantial portion of their deposits in accordance with established procedures.

She added that DIB's participation in the Sabasaba exhibition aims to continue educating the public on the importance of deposit insurance, the rights of depositors, and the Board's role in safeguarding the country's financial system.

The 50th Dar es Salaam International Trade Fair has brought together public and private institutions from Tanzania and abroad, providing a platform to showcase services, products, and innovations that contribute to the country's economic and commercial development.

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