Local incorporation is required for undertaking banking activities. Foreign bank branches are not allowed.
"PART IV - ORGANISATION, OWNERSHIP AND MINIMUM CAPITAL
Legal form of a bank or financial institution
17.-(1) A bank or financial institution shall be organized in the form of a company limited by shares and incorporated under the laws of the United Republic.
[...]
21.-(1) A bank or financial institution shall not employ a non-Tanzanian or renew any contract of such a person unless it seeks and obtains prior approval of the Bank.
(2) The number of non-Tanzanians in the institution shall not exceed five at any time.
(3) Subject to sub-regulation (2), any application for an extra person shall be submitted to the Bank which may authorise any additional person, taking into consideration the following- (a) availability of qualified Tanzanians for the proposed position; (b) complexity of the functions and roles to be undertaken; (c) approval granted by Tanzania Investment Centre; (d) emergency situation which may warrant extra person; and (e) the timeframe the extra person is expected to stay in the bank or financial institution and impart knowledge to Tanzanians. [...]" (The Banking and Financial Institutions (Licensing) Regulations, 2014)

The Banking and Financial Institutions (Licensing) Regulations, 2014
[<a href="https://www.bot.go.tz/Publications/Acts,%20Regulations,%20Circulars,%20Guidelines/Regulations/en/2020021122491016565.pdf">Reg</a>]