Tanzania has raised the insured deposit limit for bank savers to Tsh7.5 million ($3,027.54) to protect more depositors from bank failures and boost confidence in the banking sector, as the government extends coverage to beneficiaries of trust accounts.
Latest disclosures by the Bank of Tanzania (BoT) show Tanzania’s Deposit Insurance Board (DIB) has adjusted upwards the amount of insured deposits to Tsh7.5 million ($3,027.54) from Tsh1.5 million ($605.5), joining its Kenyan counterpart—Kenya Deposit Insurance Corporation—which is seeking to raise its own threshold from Ksh500,000 ($3,875.96) for the second time in four years.
