InstinctBusiness CEO of the Week: Arafat Haji,Chief Executive Officer People’s Bank of Zanzibar

Arafat Haji brings a wealth of experience and a proven track record in financial leadership to drive the institution’s strategic vision and growth. Since assuming the role, Haji has leveraged his extensive background in treasury, global markets, and executive management to steer the bank toward operational excellence and sectoral innovation in Zanzibar.

A Career Rooted in Financial Expertise
Haji’s journey in the financial sector spans over 15 years, with significant roles across banking and insurance in Tanzania and Uganda. Before his current position, he served as CEO of Zanzibar Insurance Corporation , where he shaped the company’s strategic direction and fostered growth in a competitive market. His leadership was instrumental in aligning the organization with industry demands, drawing on his strong analytical and business analysis skills.

Before his CEO roles, Haji held pivotal positions at Exim Bank (Tanzania) Limited for over six years. As Head of Treasury and Global Markets, he managed treasury operations, ensured compliance in a highly regulated environment, and restructured the department to meet modern market needs. His earlier role as Head of FX, MM & FI Trading saw him implement robust controls and build high-performing teams, cementing his reputation for operational integrity. Haji was seconded to Exim Bank Uganda as Acting Country Treasurer, where he coached senior staff, enhanced treasury performance, and supported the subsidiary’s integration into the group.

Haji’s earlier career included roles as Senior Treasury Dealer at NIC Bank (T) Ltd, where he introduced a fixed-income trading book and maintained strict compliance, and as Treasury Sales Dealer at Ecobank Transnational Incorporated, where he established a profitable treasury sales desk and pioneered new products for the group. Starting as a Junior Treasury Dealer at Exim Bank (Tanzania), he honed his skills in FX and money market operations, laying the foundation for his future leadership roles.

His career began at KCB Bank Group as a Customer Service and Trade Finance Officer, where he played a key role in launching the bank’s first Islamic Banking Branch, achieving breakeven within six months. He also briefly served as a Sales Agent at Barclays Africa Group Limited , promoting new financial products and closing deals

Driving Transformation at People’s Bank of Zanzibar
As CEO, Haji is focused on advancing People’s Bank of Zanzibar’s mission to deliver innovative financial solutions while maintaining operational excellence. His leadership emphasizes strategic growth, leveraging his deep expertise in treasury management, compliance, and market analysis to position the bank as a leader in Zanzibar’s financial sector.

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Under the leadership of Haji, the bank reported a 27.77 per cent rise in net profit, reaching Sh65.53 billion ($507 million) in 2024, while total assets surged to Sh2.5 trillion ($19.3 billion)—an increase of 22 percent from Sh2 trillion recorded at the end of December 2023.

Haji led PBZ into a landmark agreement with Stanbic Bank Tanzania as Co-Mandated Lead Arrangers for a Sh185 billion syndicated loan to fund Zanzibar’s socio-economic projects.He spearheaded the launch of an upgraded mobile banking app and improved internet banking services. He introduced PBZ’s bancassurance services, offered through partnerships with insurers like Zanzibar Insurance Corporation and Jubilee Insurance.He oversaw PBZ’s expansion into underserved areas, opening new branches in Morogoro, Mbeya, Mwanza, and Kinyasini in Unguja.

Haji’s ability to navigate complex regulatory environments and implement transformative strategies has been a hallmark of his career. His vision for People’s Bank of Zanzibar includes enhancing customer-centric services, optimizing operational efficiency, and fostering sustainable growth to meet the evolving needs of the region’s economy.

InstinctBusiness Magazine’s recognition celebrates top-performing executives globally, honouring exceptional leadership, innovation, and transformative impact across diverse industries.