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Observes that since the 1980s, many African countries have embarked on macroeconomic policy adjustments aimed at setting their economies on the path to a market orientation. In almost all national contexts, financial sector reforms have been at the core of the broader programme of structural adjustment. The east African country of Tanzania is one of the exemplar countries in the continent acknowledged by the World Bank to have achieved relative success with its reform programme. Accordingly, this article examines the market‐driven transformation of the banking sector in Tanzania. It does this by providing a historical perspective on the reform process, describing the institutional environment in which marketing took place and identifying the facilitative factors and barriers to the development and adoption of a market orientation culture.