Movable assets law to spur jobs, boost Dira 2050

DODOMA: MEMBERS of Parliament have expressed optimism that the Movable Asset Bill, 2026 will expand private-sector growth, create jobs and support the implementation of the National Development Vision 2050 (Dira 2050).

Debating the Bill in Dodoma yesterday, lawmakers said once assented to by President Samia Suluhu Hassan, the law will also fast-track the implementation of the CCM Election Manifesto 2025–2030, which targets eight million new jobs.

Ali Hassan King (Jang’ombe, CCM) said the legislation will remove barriers to credit access, enabling citizens to improve incomes and grow businesses.

“We are going to heal our country in the financial and private sectors,” he said, urging the government to ensure effective regulations for smooth implementation.

He also stressed the need for public education so that loans are used for productive activities in line with the 2030 employment and income targets.

Devota Mburarugaba (Special Seats, CCM) said with only three per cent of Tanzanians owning land commonly used as collateral, the law will ease access to credit.

She noted that the system will curb exploitative lending practices and introduce registration of movable assets, reducing cases where borrowers use the same asset to secure multiple loans.

Ms Mburarugaba said the law would lower lending risks, widen access to credit especially for youth, women, farmers and livestock keepers and support economic growth.

She urged the government to keep registration and insurance costs affordable and intensify public awareness from grassroots to school level.

Joseph Kamonga (Ludewa, CCM) said the law would enable many capable Tanzanians, especially in rural areas, to access capital.

He called on the Bank of Tanzania (BoT) to ensure rural inclusion through digital systems and outreach mechanisms.

“The eight million jobs cannot be created by the government alone. People must be enabled to use assets such as livestock as collateral,” he said.

Mr Kamonga added that simplified systems would accelerate implementation of Dira 2050, noting that the private sector is expected to contribute 70 per cent of the required capital.

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Lucy Mwakyembe (Special Seats, CCM) said the law will empower women, youth and people with disabilities by easing access to finance.

Mwanahamisi Munkunda (Special Seats, CCM) said it will also protect borrowers from exploitative lending practices, particularly in microfinance institutions.

“The law introduces safeguards and an appeals mechanism to protect both borrowers and lenders,” she said.

Dr Pindi Chana (Special Seats, CCM) urged banks to embrace the law and make financial services more accessible.

“This is a good Bill, let us pass it into law,” she said.

Thomas Kitima (Ikungi East, CCM) said the legislation was long overdue and will enable wider use of assets such as machinery, livestock and warehouse receipts as collateral.

He, however, urged the ministry to simplify asset registration procedures to make the system accessible to more citizens.