Tanzania to establish international financial centre

DAR ES SALAAM: THE government, through the Executive Committee of the Tanzania National Business Council (TNBC), has resolved to establish an International Financial Centre (IFC) aimed at attracting local and foreign investment, increasing access to capital, stimulating economic growth and creating employment opportunities for Tanzanians.

Speaking after the 38th Executive Committee meeting of TNBC held at the State House in Dar es Salaam yesterday, Chief Secretary and Committee Chairman, Ambassador Dr Moses Kusiluka, said the decision was driven by the need to further improve the country’s business and investment environment.

He noted that the government has been listening to concerns raised by the private sector, and remains committed to finding sustainable solutions that enable investors to operate more efficiently.

“Based on the challenges identified by the private sector, we have agreed to establish an International Financial Centre that will help address some of the obstacles facing investors and enhance Tanzania’s competitiveness in attracting international capital,” Amb Kusiluka said.

He added that the government will continue creating a conducive environment for investment to boost national revenue, support economic growth and generate employment opportunities through various development projects.

Earlier, the Governor of the Bank of Tanzania (BoT), Mr Emmanuel Tutuba, presented recommendations from TNBC’s Finance Working Group, saying Tanzania has reached a stage of economic development that positions it well to establish and operate an international financial centre.

He noted that six African countries, including Kenya and Rwanda, already host similar centres, adding that Tanzania would become the seventh on the continent.

According to Mr Tutuba, Dar es Salaam has been identified as the most suitable location for the centre due to its favourable business environment and existing infrastructure.

“The establishment of an IFC will enhance the country’s ability to attract capital from within and outside Africa, facilitate financing for large-scale development projects and strengthen international financial activities,” he said.

He added that the centre will provide financial institutions, investors and companies with easier access to capital, thereby stimulating economic activity and improving Tanzania’s competitiveness in the global marketplace.

Mr Tutuba further said the centre will promote knowledge and technology transfer by attracting international financial experts, helping to develop a highly skilled workforce in Tanzania’s financial and business sectors.

“This presents an important opportunity for Tanzanians to learn from international experts and strengthen their professional capabilities in various financial fields,” he said.

He also encouraged major businesses and international investors to prepare to utilise the facility once it becomes operational, noting that existing Information and Communication Technology (ICT) infrastructure will enable many services and transactions to be conducted efficiently, including by users outside the country.

The BoT Governor stressed that Tanzania already meets key requirements for hosting an IFC, including political stability, national security and a strong banking sector operating in line with international standards.

According to him, investors using the centre will gain access to a market of more than 1.4 billion people across Africa through Tanzania’s membership in the East African Community (EAC), the Southern African Development Community (SADC) and the African Continental Free Trade Area (AfCFTA).

“We believe that once the government formally approves the establishment of this centre, an appropriate legal framework will be enacted to promote investment and safeguard investors’ capital,” he said.

For his part, TNBC Executive Secretary, Dr Godwill Wanga, described the initiative as a major milestone that has long been anticipated by both local and international business communities.

He said the centre will help increase capital inflows, strengthen trade and investment activities and create significant employment opportunities for Tanzanians.

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“One of our responsibilities is to build the capacity of the private sector and create an environment that accelerates economic growth in line with the objectives of Tanzania Development Vision 2050,” Dr Wanga said.

He also revealed that the meeting agreed to establish an awards system to recognise public and private sector institutions that have made outstanding contributions to national development and the achievement of economic goals.

The decision to establish the International Financial Centre follows recommendations made by TNBC’s Finance Working Group during its March 2026 meeting, which highlighted the need for a specialised financial framework capable of attracting greater investment capital and addressing challenges faced by investors