It is governed by a board of directors consisting of ten people, four of whom are ex officio members which have three advisory committees that can assist them.

[2][3] The bank commenced operations on June 14, 1966, and was inaugurated by the first president of Tanzania, Mwalimu Julius Kambarage Nyerere.

[4] Immediately after its formation, the Arusha declaration was proclaimed, and the traditional roles of the bank was modified to accommodate for the changes in the economic system.

The Ministry of Finance and the Principal Secretary to the Treasury of the Revolutionary Government of Zanzibar also appoint a member each to the board.

It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration[11] during the 2011 Global Policy Forum held in Mexico.