Information system auditor at Selcom August 2025

Selcom Microfinance Bank Tanzania (SMBT) has a recent history as a rebranded and re-structured financial institution. Here’s a summary of its background:

• Origin: The bank was initially known as Access Microfinance Bank Tanzania (AMBT). It was part of the AccessBank Group, a network of microfinance institutions in various countries.
• Acquisition and Rebranding: In late 2023 and early 2024, Selcom Paytech Limited, a major Tanzanian financial technology (fintech) company, acquired a majority stake in Access Microfinance Bank. The Bank of Tanzania (BOT) officially granted approval for the change of ownership and name.
• New Identity: Effective from April 22, 2024, Access Microfinance Bank officially became Selcom Microfinance Bank Tanzania. This move was a strategic blend of Selcom’s extensive fintech expertise and the existing microfinance banking foundation.
• Vision: As Selcom Microfinance Bank, the institution’s mission is to provide inclusive and affordable financial solutions, leveraging its parent company’s digital infrastructure. It focuses on serving micro, small, and medium-sized enterprises (MSMEs) and aims to be one of the first digital banks in the country.
• Ownership: The main shareholder is Selcom Paytech Limited. Other shareholders include the African Development Bank and a few minority investors.
• Key Services: The bank leverages Selcom’s payment ecosystem, offering products like:
  • Selcom Pesa: A financial service platform with low transaction fees for money transfers, utility bill payments, and merchant payments.
  • Loans and Savings: It continues to offer microfinance products, including loans and various savings accounts.
  • Card Services: Customers can use plastic and virtual cards (Mastercard) linked to their accounts.