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Banking / Investment in Tanzania

  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Tanzania: Bill Gates Donates Sh777 Billion to Tanzania

    TANZANIA, 2017/08/12 Bill and Melinda Gates Foundation has set aside Sh777 billion to finance development projects in Agriculture, Health and Data Communication Technology (ICT) sectors in the country. This was said on Thursday by the co-chair of the foundation Mr Bill Gates at the National Home in a little while next his conference with President John Magufuli.
  • NMB bank lists over $18m on Dar es Salaam bourse

    TANZANIA, 2016/07/25 The National Microfinance Bank Plc has listed a $18.8 million (Tsh.41.4billion) three year bond on the Dar es Salaam Stock Exchange (DSE) for the purposes of mounting the local capital markets inclunding endorsing financial inclusion. Speaking during the listing ceremony held in Dar es Salaam last week, Permanent Secretary Ministry of Industry, Trade and Investment , Dr.Adelhelm Meru hailed the listing and urged other investors in the private sector to follow suit. He explained that the retail bond is expected to facilitate development of a vibrant retail bond market and open doors for other private sector companies, government institutions and municipal bodies to explore new methods to meet financing needs.
  • Tanzania: Govt Pledges Action As 91 Bank Customers Are Slain

    TANZANIA, 2016/02/08 Over 3,000 cases of armed robbery targeting people coming from banks which led to 91 fatalities have been reported across the country in the last two years. The Deputy Minister for Home Affairs, Mr Hamad Masauni, told Parliament yesterday that from 2013 to 2015, a total of 3,036 incidents of armed robbery targeting such customers were recorded, and left 189 people injured. According to police records, Dar es Salaam is topping the inventory with 733 cases, 65 deaths and 43 injuries, followed by Mara Region which recorded 375 cases, 11 deaths and six injuries. Two regions, Unguja South and Pemba North, recorded no case of armed robbery during the period.
  • East Africa: Regional Microfinance Institutions Advised to Apply for Observer Status

    DJIBOUTI CITY, 2015/01/04 Regional microfinance institutions are poised to benefit from regional integration, if they apply for an observer status at the East African community secretariat, Innocent Safari, the permanent secretary, Ministry of East Africa community affairs has said. The advice follows plans by sector players to move towards integrating legal and regulatory frameworks during the recently concluded microfinance CEO's summit in Kigali. During the summit, top micro finance managers resolved to explore ways in which laws, regulations and supervisory frameworks governing the sector can be harmonised to enhance cross-border business.
  • THE Export Processing Zones Authority (EPZA) has entered into an agreement with the TIB Development Bank

    TANZANIA, 2014/06/15 THE Export Processing Zones Authority (EPZA) has entered into an agreement with the TIB Development Bank with a purpose of getting loans to develop infrastructure in areas owned by the Authority. EPZA officials say loans from TIB will help in development of infrastructure for purposes of attracting additional investment in the country. EPZA Director General, Dr Adelhelm Meru, hailed the move, saying it is an significant step towards realisation of the institution's vision and mission.
  • Banks have continued to improve their ability in Tanzania

    TANZANIA, 2013/12/06 Banks have continued to improve their ability to withstand adverse economical shocks and are collectively in a much stronger capital position. The Bank of Tanzania (BoT) says in a recently statement that the stress test results for the year ended December 2012, indicates that the banking sector was 'generally resilient to applied shocks. The statement conducted by the Directorate of Banking Supervision, covers credit, foreign exchange, interest rate and liquidity risks. It involved top ten banks which account for about 75 % of total assets of the sector. 'The Stress Test Results indicate that the sector is generally resilient to applied shocks and there will be no significant impact to the sector should the applied shocks materialize,' reads part of the statement.
  • IMF Mission to Tanzania

    TANZANIA, 2013/11/19 A mission from the International Monetary Fund, led by Paolo Mauro, visited Dar es Salaam from October 23 to November 5, 2013; it conducted the biennial Article IV discussions, assessed performance under the Standby Credit Facility (SCF), and began discussions on a possible new Policy Support Instrument (PSI) program.1 The mission met with Hon. Dr. William Mgimwa, Minister of Finance, Professor Benno Ndulu, Governor of the Bank of Tanzania, and other senior government officials.
  • New UTT firms seek to boost investors' returns in Tanzania

    TANZANIA, 2013/08/28 The number of Unit Trust of Tanzania (UTT) unitholders has gone to over 100,000, and currently getting best returns than anywhere in the money markets. UTT says its Collective Investment Funds are offering over three % returns on a quarterly basis and a double digit, annually. The UTT Chief Executive Officer, Dr Hamis Kibola, says the return of investment per unit was largely for the funds that provide a consistent inflow of earnings to the investor on a quarterly basis. "We have not lost a cent of unitholders since inception," Dr Kibola says.
  • Banking Tanzania plans Islamic Banking window

    TANZANIA, 2013/08/02 The bank's Director of Human Resources and Government, Mr Bernard Haule, speaking at an Iftar that the bank hosted its Muslim clients in Dar es Salaam on Monday evening, said preparations for Islamic banking window were well underway. "Our focus is to give our clients tailormade products that suit their interests... we believe the product will offer great relief to our Muslim clients," he said, noting that the bank has been organising Iftar events for its clients in Dar es Salaam and other regions as part of the bank's strategy to network and socialize.