UNIVERSITY OF DAR ES SALAAM
BUSINESS SCHOOL
DEPARTMENT OF FINANCE
PRACTICAL TRAINING REPORT
OTHER NAMES: LAILAT SALIM KIMARO
REG NO: 2021-04-04122
PROGRAMME OF STUDY: BACHELOR OF COMMERCE IN FINANCE
NAME OF THE ORGANIZATION: TANZANIA COMMERCIAL BANK
LOCATION: KIJITONYAMA
DEPARTMENT: FINANCE
INTERNAL SUPERVISOR: MR. OJJO AJALI
UDSM SUPERVISOR: MR. SAID
PRACTICAL TRAINING PERIOD: 23rd July, 2023 TO 15th September 2023
REPORT SUBMISSION DATE: 17th October 2023
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ACKNOWLEDGEMENT:
I would like to express my deepest appreciation to all who provided me the opportunity, guidance
and counsel upon the successful completion of my academic practical training.
First and foremost, I am thankful to the Almighty for giving me life and enabling me to do what I
have done so far.
My sincere thank you to my academic institution, The University of Dar es Salaam for providing
me with the opportunity to undertake this practical training in which I applied the theoretical
knowledge I gained during sessions that laid the groundwork for my performance during this
practical training.
I would like to deeply thank my supervisor, Mr. Ojjo Ajali for his guidance, mentorship and
support throughout my training that is going to assist me further in my finance career path.
An extended appreciation to the entire Tanzania Commercial Bank Executive Branch team
especially Md. Upendo Nyakachara who is the Branch Operation Manager, Md. Lulutila
(Customer Service Operator), Md. Lilian, Md. Stelladerata, Md. Rosemary Shija, Sir. Iddy
Khalfan, Sir. Ricco Bakari and Md. Mary for their willingness to cooperate with me and share
their knowledge with me during this whole period who inspite of their duties, got time to listen,
guide and keep me on the correct path the entire time I have been in the organization.
To my Udsm Supervisor, Mr. Said for his full-time support in my entire practical training period.
Furthermore, special appreciation also goes to the management of University of Dar es Salaam
Business School and all others involved in making practical training part of the academic
assessment to enable students gain the aspiring work experience before finishing the University.
Lastly, I would like to acknowledge the support provided by my family and friends for their
understanding throughout this period and I wouldn’t reach this point today without them.
Thank you all for being a part of this knowledgeable experience.
LAILAT SALIM KIMARO, October 17, 2023
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LIST OF ABBREVIATION:
TCB
Tanzania Commercial Bank
ATM
Automatic Teller Machine
WADU
Weka Akiba Daima Upatavyo
TISS
Recording Tanzania inter banking settlement system
TPB
Tanzania postal bank.
TIB
TIB Corporate bank limited
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CONTENTS:
COVER PAGE………………………………………………………………………… 1
ACKNOWLEDGEMENT………………………………………………………………2
LIST OF ABBREVIATION…………………………………………………………….3
LIST OF CONTENTS………………………………………………………………. …4
1.CHAPTER ONE: INTRODUCTION…………………………………………………5
1.1 Type of business/ Organization…………………………………………......5
1.2 Background of the Organization…………………………………………....5
1.3 Major Product/ service………………………………………………….......6
1.4 Organization Structure……………………………………………………...8
1.5 Number of employees……………………………………………………....8
1.6 Activities…………………………………………………………………....8
1.7 Level of Technology……………………………………………………......9
1.8 Customers………………………………………………………………......9
1.9 Strategic Direction………..…………………………………………….…..9
2. CHAPTER TWO: ACTIVITIES PERFORMED………………………………...…10
2.1 Placement in the Organization…………………………………………..…10
2.2 Description of Task and Duties Performed…………………………….….10
2.3 Work Environment………………………………………………………...12
2.4 Level of Interest in the task performed…………………………………....12
2.5 Measuring demands of the assigned duties…………………………….….13
2.6 Problem faced in executing tasks……………………………………….…13
2.7 Solution and recommendation to the problem…………………………….14
2.8 Expectations before going to the practical training…………………….…14
2.9 New things learnt during my practical training…………………………...14
2.10 Gaps in teaching between theory and practical………………………….15
2.11 Employment prospects…………………………………………………..15
2.12 Relevance of the attachments……………………………………………15
3. CHAPTER THREE: CONCLUSION AND RECOMMENDATION……………..16
3.1 Conclusion………………………………………………………………..16
3.2 Recommendation concerning improving the gap
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in teaching and practical………………………………………………16
3.4 Recommendation on handling gaps in placement process………………16
References…………………………………………………………………………...18
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1. CHAPTER ONE: INTRODUCTION
1.1 Type of Business Organization
Tanzania Commercial Bank (TCB) is a financial commercial bank that engages in banking and
financial activities that provides services to individuals, businesses and other financial entities in
Tanzania. Its is a public limited company hence it is publicly traded and its ownership is by
shareholders. It is geared towards identifying customer needs and expectations and providing value
added solutions for those needs since the overriding goal is to be the leading bank, at the forefront
of banking innovation, transformation of the socio-economic landscape and creating value for all
our stakeholders.
1.2 Background of the Organization
Tanzania Commercial Bank is one of the oldest banks in the country tracing its history to 1925
when the Tanganyika Post Office Savings Bank Ordinance was passed by the British Colonial
Government that established the Tanganyika Post Office Savings Bank. After the Government of
Tanzania began financial sector reform following the end of Ujamaa policies in the country, the
Tanzania Post Office Savings Bank was transformed into a separate entity through the Tanzania
Postal Bank Act No. 11 of 1991 (as amended by Act No.12 of 1992), formally establishing
Tanzania Postal Bank. In June 2015, the Parliament of the United Republic of Tanzania repealed
this Act and in March 2016 the bank was incorporated under the Companies Act (Cap 212) as TPB
Bank PLC. In January 2017, the bank unveiled its new name TPB Bank PLC to the public as well
as its new logo and tagline (Grow with us). In May 2018, the Bank of Tanzania announced the
merger between Twiga Bancorp and TPB Bank PLC and three months later in August 2018,
announced another merger between Tanzania Womens Bank and TPB Bank PLC, as part of a
wider plan to improve financial stability and to consolidate state owned banks. In June 2020, the
Government of Tanzania through the Treasury Registrar announced the merger between TIB
Corporate Bank with TPB Bank PLC and on the 14th July 2021 the bank changed its name to
Tanzania Commercial Bank with a tagline Growing stronger Together.
1.3 Major Product/ Services
TCB bank provides a wide range of services to its customers in regards to their needs such as;
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Loan provision
TCB bank under the loan department provides loans to their customers depending on what
category they are in. It offers a variety of loans such as;
Wastaafu Loan which is provided to retired people who receive pension from the government.
The loan is dependent on the amount that the customer receives as pension on policy kept by the
institution providing pension including but not limited to NSSF, PSSSF and HAZINA where by
each institution has their own specific percentage that should not be exceeded from customer’s
pension amount to be used in debt repayment.
Lean loans are provided to customers with fixed deposit accounts at the bank. This type of loan
is beneficial to the bank because the amount of interest that the customer receives in the form of
profit or interest will be divided equally between the bank and the customer. The current interest
rate for the fixed accounts is 11%.
Payroll processing; the bank is also responsible for allocating monthly salaries to companies
such as UBX limited and Flamingo Company workers from the company account. The company
is responsible for providing a list of workers’ names and their respective account numbers as
well as amount to be paid per each worker in a specific month.
TCB bank also provides other products apart from loan services which include;
i) QUICK ACCOUNT, this is an account provided to customers to facilitate it transaction like
deposit money, cash withdraw as well as performing various payment in daily activities of
customer. To open such amount in TCB cost 20000/= for UMOJA CARD and 25000/= for VISA
CARD
ii) KIVULINI ACCOUNT, this account is special to retired people those whom their monthly
payment or pension is passing through TCB, this account has no monthly charges and if customer
apply for WASTAAFU LOAN in this account is where all the payments will be done.
iii) WADU ACCOUNT (WEKA AKIBA DAIMA UTADUMU), This account performed the
role of saving, where the customer will have a contract with bank on the amount to be deducted
from his or her salary over the agreed period of time. Such accounts are advantageous for
customers who have specific goals for a certain period of time.
iv) FIXED ACCOUNT: This account is opened as a contract between the bank and the customer
in which the customer undertakes to keep a certain amount of money in the bank account with a
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certain interest rate for an agreed period of time. The interest rate on fixed deposits is 11%. The
requirements for opening an account with TCB are:
- National ID card/driving license/voter Identification card/passport
- 2 passport photos
- Current home address
1.4 Organizational Structure
TCB BRANCH ORGANIZATION CHART – EXECUTIVE BRANCH
BRANCH MANAGER
BRANCH OPERATION
MANAGER
CUSTOMER SERVICE
CHIEF TELLER
OFFICERS
CREDIT OFFICERS
TELLERS
1.5 Number of employees
As of September 2023, The Tanzania Commercial Bank has more than 1000 employees country
wise with branches being 52 in number.
1.6 Activities
TCB as an organization serve as financial intermediaries that facilitate various function such as
the following
i) Providing loans, TCB bank lend money to individual and business for various purposes such as
buying home, starting business or financial project
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ii) Investment services, TCB bank offer investment option like saving accounts, certificate of
deposit and brokerage services
iii) Safekeeping and custody, TCB bank provide secure storage for valuable items and financial
assets.
iv) Financial advice, TCB bank offers financial advocatory services to help customers manage
their finances and make investment decisions.
v) Currency exchange, TCB bank enable currency exchange for international trade and travel
vi) Payment service, TCB bank offer payment and transaction service like checking accounts, debit
and credit cards and electronic funds transfer.
1.7 Level of Technology
The level of technology used was highly advanced. Most things were done digitally through the
RUBIKON system which was the bank’s system software that enabled the bank to perform most
of its tasks such as account opening, issuance of cards, registering customers, loan application for
customers and many other more functions. The system was integrated with everything which
simplified and made it easier for the staff to operate.
1.8 Customers
Tanzania Commercial bank operates in many regions across Tanzania, both in urban and rural
areas. Its clientele spans individuals, businesses and various entities engaging in financial activities
in the country. It offers personal banking services to individuals and extends its services further to
businesses operating in Tanzania such as providing business accounts, loans and other financial
services tailored around their customer.
1.9 Strategic Direction
Tanzania Commercial Bank has a clear and concise vision of becoming the leading bank in the
provision of affordable financial services and promoting financial inclusion in Tanzania. To
achieve that they made a customer focus that showcases that all their activities are primarily
focused on customer needs and their fulfillment where as they invest to enhance customers’
experience banking with them.
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Also, quality is the focus of everything they do. Their continuous innovation, spirit of integration
and high standards improve and guarantees good quality products to the customers.
They also aspire to conduct their business to the highest standard and compliance with the best
banking practices and regulations.
2. CHAPTER TWO: ACTIVITIES PERFORMED
2.1 Placement in the Organization
The practical training took place at Makumbusho at the Executive Branch located at TCB’s main
office. I was placed at the executive branch in the Back office where I performed a range of tasks
and duties including but not limited to helping tellers to customers and adhering to their needs.
2.2 Description of Task and Duties performed
a) INTRODUCTION TO BANK OPERATIONS
We were introduced to main link used in performing daily bank activities in TCB bank this link
contained Rubicon, item, cheque point, phonebook, email, helpdesk. The main link in bank
operations is Rubicon which classify work to be performed depending on role / position of the
employee on a particular day for example if a teller log in Rubicon will be provided with tellers’
option as well as when Branch manager logs into Rubicon will be provided with managers options
Helpdesk, here is where bank officials are being approved or allowed to have a specific role of a
specific day or bank officials can use helpdesk to ask assistance in a certain situation.
b) TELLER PROOF
This refers to the process of proving out all transaction made by the teller by looking throughout
the vouchers and checking out their respective balances. This helps to sort out any problem such
as shorts or imbalances when the teller is closing. This may be due to outstanding cheque or
misinterpreting of the teller to the customer slip nag the cash given.
c) AGENT SERVICES
Because TCB's goal is to reach customers easily, TCB has put a lot of effort into finding as many
agents as possible from many parts of the country, with each branch setting a specific agent target
each year. During the training we were able to visit 12 dealers in the following areas UBUNGO
KIBO, KINONDONI B, MAKUMBUSHO MARKET, MPIJI MAGOLE, SINZA MORI SINZA
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MAPAMBANO, GOBA CENTER, SKANSKA, NAKIETE PHARMACY MIKOCHENI B,
VICTORIA BUS STAND, NAKIETE PHARMACY MWENGE and MAKUMBUSHO COM
OIL. We have helped agents expand their focus and collect the information banks require for
customers to become agents, specifically:
-Identification card
- 3 ID card photos
- TIN number
- Business license
- Coordinates of the operating area
- Take photos of activity areas inside and outside the office
- TCB account
d) OFFICE WORKS/SERVICE
These are the daily tasks that are normally carried out in the office that included;
File arrangements/sorting; This involved the arrangement of the files according to their respective
places and name and numbers of the files. Taking offices requirements which were equipment
such as transaction slips, opening accounts forms, files, A4 white papers, pen, staples and computer
accessories such as keyboard and mouse from supplies room.
e) CHANGE OF ACCOUNTS FROM QUICK TO KIVULINI
This service is especially aimed at retires who have quick accounts and cannot accommodate the
charges in it hence change it from a quick account to Kivulini. I was tasked with filling out the
necessary forms for the elders who opted this service and submitting them to the required official
for further processing.
f) RECORDING TISS (TANZANIA INTERBANK SETTLEMENT SYSTEM)
This involved recording of transactions which transfers money from one bank to another. The
customer must fill out the TISS form at the bank which contains details such as the money to be
transferred, the receiver’s bank name, account number and name of the account. I was responsible
for recording the transactions that were completed via TISS into the books of records.
g) ARRANGING MONEY
In here, we classified ad distinguished the cleanest and dirtiest money from huge bundles. The
clean notes are used for banking transactions such as teller transactions and in Automated Telle
Machines (ATM). While the dirty notes are returned to the Bot to be exchanged and renewed.
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h) MOBILE RECONCILIATION
This was to reconcile the accounts by comparing bank balance shown in mobile company account
record or transaction made to mobile companies such as TIGOPESA, AIRTELMONEY, M-PESA,
HALOPESA and SELCOM with the balance shown on bank statement, this process aims to
identify if there is any differences or errors that occurred while recording this information.
i) OPENING BANK ACCOUNTS
TCB provides various services to their customers whereby each account has its own specific roles
in regards to the customer needs. Accounts like Quick account, Kivulini account, WADU account,
Minor account, Group account, Tabasamu account, Group Account and Fixed account were among
the products provided by the bank. I was tasked with helping customers fill out account opening
forms which included the account opening form, NIDA verification form and the signatories from,
if needed. Also, guide the customers towards the necessary steps to take when opening an account
from depositing money to changing PINs of their accounts.
2.3 Work Environment
The executive office is located at Millennium Towers II where the TCB bank headquarters is also
at. The Executive branch is at the ground floor making it easier for all customers to access. The
branch had two sections where one was the credit department and the other one was mainly for all
other customer banking related activities. The main office had a communal area which had seats
for customers waiting for to be attended to. A help desk where the customer service was situated
was at the for front of the office so it would be easier to help customers when they have any
questions or require any help. The tellers were in cubicles that allowed them to attend to customer
needs. I was introduced to the back office where most of the back-end work was done that customer
were not able to see. the back office had a separate office for the Branch’s Operations Manager as
she was the one who handles the authorization of the most of the operations in the branch. The
work environment was team oriented and everyone worked with utmost cooperation and harmony.
Communication flow was easy where whenever there was a concern, it would first be attended by
the required department and if it is out of their scope then the branch operations manager would
assist and if it was also beyond her area of operation then the Branch Manager would gladly aid.
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2.4 Level of interest in the task performed
The TCB staff treated us more like colleagues, partners and part of the team where we were
actively tasked with duties to help them. They offered help to us whenever we were unable to
understand something or we had come across an obstacle that required their assistance. I personally
felt very welcomed. We were placed under Md. Upendo Nyakachara’s mentorship who was readily
available to provide us with her guidance. Asking questions was highly encouraged where
whenever we had none he would ask us random questions about the tasks we had performed on
that particular day.
Working with the team enabled me to gain insight on banking systems and how they operate. It
helped me gain knowledge on the know-how and workings or procedures of banks. Overall, I
found the tasks and duties interesting, knowledge enriching and fun at times given the friendly
environment.
2.5 Measuring up to the demand of the assigned duties
Most of the duties I performed were done on routine basis which increases the efficiency and
effectiveness in carrying them. Despite that they were pretty demanding, for instance tasks such
as voucher reconciliation had to be done with utmost efficiency without any mild error. Also some
tasks had to be done in a specific time frame such as adjusting the foreign exchange figures that
had to be done daily in the morning right before the bank was open for customers.
Regardless of the high demand required for these tasks, I was able to measure up to them. With
the correct guidance and supervision, I was able to navigate and perform the duties as required
within the necessary time.
2.6 Problem faced in executing the tasks
There were no major problems that I faced wen executing my tasks since most were solved by
mentoring and my willingness to learn and adapt to the work environment. Few challenges that
were solved with the assistance of the staff were understanding how to deal with complex financial
products and services, regulatory compliance which involved knowing all of the bank regulations
and rules. This was solved with the assistance of the staff together with the branch manager where
they held a daily morning meeting to discuss, remind and learn about the bank’s regulations.
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2.7 Solution and recommendation of the problem
With most of the problems I faced I got assistance from the staff members that willingly explained
to me what to do and how to do it. My go to person was usually the Branch Operations Manager
who was familiar with a lot of things there.
2.8 Expectation before going to the practical training
My expectations before going to do my practical training at the bank were high. I was curious
about how the Tanzania Commercial Bank as one of the oldest banks in Tanzania that was formed
after the merger of various banks had thrived till date. Moreover, they managed to exceed my
expectations with how they taught me the ins and out and how they operated overall.
2.9 New things learnt during my practical training
My time at the Tanzania Commercial Bank had enabled me to gain a lot of new insight and skills
that included social skills which made be able to perform effective oral and written communication
skills which are very important in banking especially when dealing with customers. I also learned
the importance of punctuality and how it is very important to arrive on time and do tasks and duties
within the given time-frame, example the TISS application in the system has a closing time which
is 3:00pm daily and there for all transactions that were to different banks had to be done before
that time.
Other than social skills I also gained operational skills which included learning how to operate the
RUBIKON which was the bank’s main system that they use for most of their tasks from checking
customers details to checking their credit history. I also learnt how to issue POPOTE cards to
customers using a POS machine. They had specific bank machines that were used to generate cards
for customers with quick accounts and did not want a VISA card. I had mostly done reconciliation
in theory therefore voucher and mobile reconciliation in practical training was a new skill I learned.
CILANTRO and Credit Union were new concepts to me. I learned how they assess a customer
who applies to get a loan. I also leaned how they determine the level of risk that a customer has on
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repayment and lastly how they figure out the amount to give to a customer depending on the loan
the customer applied for and the collateral they provided.
2.10 Gaps in teaching between theory and practical
In my learning journey, theory provides the basic foundation and practice is where to put that
knowledge in use. Theory emphasizes the importance of indulging into practice after grasping the
theoretical concepts which I did during my practical training. There were some aspects that I
learned in my course that appeared during performing the assigned tasks and duties.
Although certain learned theories have limited relevance in specific organizational contexts due to
development of the outdated programs and adaptation to predefined procedures, the gap between
theoretical learning and practical reality is not that huge but very significant. There is a need for
periodic revision in theory that will go hand in had with the practical reality. This gap provides
room for improvement in aligning theory teachings to go hand in hand with practical needs.
2.11 Employment Prospect
I would certainly like to be employed by this organization. Their commitment, value, mission and
work environment align well with my aspirations and it would benefit me with the opportunities
for growth and learning within the dynamic environment.
I can confidently say I thin they would lie to have me as an employee. I kept getting positive
feedback and comments from both the stuff and customers about my performance of duties and
cooperation with my colleagues.
Whilst I didn’t get any formal promises of employment, the branch manager had relayed
information that an anonymous person had recommended me for employment. I was also
encouraged to reach out when I finish my university studies.
2.12 Relevance of the attachments
The attachment of my practical training at Tanzania Commercial Bank was very relevant since I
gained a wide range of knowledge and it enabled me to gain on-field experience and cope with the
work environment I was in.
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Furthermore, my field experience helped me evaluate on what qualities of my own I should work
on such as communication and effective interaction with people. The training was of greater
advantage in all aspects in terms of knowledge, skills and even attitude towards the notions I had
about the occupation.
3. CHAPTER THREE: CONCLUSION AND RECOMMENDATIONS
3.1 Conclusion
Overall, the practical training was immensely beneficial. It offered me a set of unique opportunities
to learn the difference between theoretical teachings and practical real-world experiences. It
allowed me to gain insight on the various aspects of banking including but not limited to customer
service, financial transactions, risk assessment and management and also regulatory compliance.
The experience showed me a glimpse into the dynamic and evolving nature of the financial
industry and therefore this practical training acted as a pivotal stepping stone for me to succeed in
my future career.
3.2 Recommendation concerning improving the gap in teaching theory and practical
Theoretical knowledge must be supported by practice so as to improve the understanding of the
material facts learned in class. Therefore, practical training helps a lot in applying theoretical
knowledge gained. In order to bridge the gap between teaching theory and practice I recommend
the following actions to be taken;
Improving the computer studies, this is because of the rapid change of technology. I suggest that
in those computer classes the students should be given knowledge on software systems used in
different offices to allow them to be able to operate when exposed to on-field trainings.
Restructuring of the practical training session, this means the practical training and theory should
be given equal chances. The duration of doing practical training should be extended mainly for the
aim of having better experience. This will automatically tune the students to be fit practically,
hence increase in skills and knowledge
3.3 Recommendations on handling the gaps in placement process
The only recommendation I would have is to make the document signing process digital. A lot of
businesses, especially the large ones like banks and telecommunication companies are making it a
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point to become paperless. This is due to green initiatives and environmental goals that they have
taken on. Additionally, flexible hours and working remotely have become normalized these days.
As such, a lot of supervisors requested students to send their documents via email for a digital
signature. Because of this, a lot of students (including myself) expressed concern because getting
their documents signed was quite difficult. Hopefully, this problem will be minimized by
integrating a digital platform where students can record their daily tasks, get signatures, and submit
their documents.
Overall, I think the placement was done thoroughly allowing students to choose an organization
of their choice and if a student was not able to get one then the university would assist them in
getting recruited in other organizations.
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REFERENCES
1. Tanzania Commercial Bank (2023) About TCB, Retrieved November 16, 2023, from
https://www.tcbbank.co.tz
2. Tanzania Commercial Bank (2023) Accounts, Retrieved November 16, 2023, from
https://www.tcbbank.co.tz
3. Tanzania Commercial Bank (2023) Policies, Retrieved November 16, 02023, from
https://www.tcbbank.co.tz
4. Student’s log book (2023), Lailat Salim Kimaro, July 2023, Retrieved November 16, 2023
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