Minister urges banks to back Vision 2050

DAR ES SALAAM: Minister of Finance, Ambassador Khamis Mussa Omar, has urged financial institutions across Tanzania to play a stronger and more active role in supporting the implementation of the Tanzania Development Vision 2050, noting that the financial sector is critical to the country’s long-term economic transformation.

The minister made the remarks in Dar es Salaam during a special Iftar event hosted by the National Bank of Commerce (NBC) for its customers and stakeholders that brought together government officials, religious leaders, and NBC clients.

Among those present were NBC Board Chairman Dr. Elirehema Doriye, Managing Director Theobald Sabi, and other senior bank officials.

Ambassador Omar explained that the Tanzania Development Vision 2050 seeks to build a modern economy driven by investment, industrialization, trade, and digital innovation. He stressed that achieving these ambitions will require strong participation from the financial sector.

According to the minister, banks and other financial institutions must go beyond providing traditional financial services and actively support the country’s broader economic transformation.

“As you all know, the objective of Tanzania Development Vision 2050 is to build a modern economy driven by investment, industry, trade and digital innovation. To achieve these goals, the financial sector, especially banks must play a central role in enabling economic transformation,” he said.

He added that the government will continue creating a supportive environment to help financial institutions grow and effectively contribute to the country’s development agenda.

Ambassador Omar also encouraged citizens to maintain peace, unity and cooperation in order to achieve shared national development goals.

The minister commended NBC for organizing the Iftar gathering, noting that such faith-based events help strengthen relationships between financial institutions, their customers and the wider community.

He emphasized that a strong and stable financial system is essential for national economic growth and that trust between financial institutions and customers remains the foundation of a healthy financial sector.

Dr. Doriye, speaking at the event, reaffirmed NBC’s commitment to maintaining the tradition of hosting similar engagements as part of strengthening partnerships with stakeholders.

He said the bank values the contribution of its partners, including the government and its customers, in supporting its operations and growth. According to him, NBC customers also serve as ambassadors who help promote the bank’s services within the community.

Dr. Doriye further acknowledged the role of faith in guiding institutions that directly affect people’s livelihoods and encouraged continued prayers for national leaders.

NBC Managing Director Theobald Sabi also expressed appreciation for the continued cooperation between the bank, government, religious leaders and customers.

He noted that this partnership has enabled NBC to develop and expand Sharia-compliant financial services, including savings and business accounts, Fixed Investment Accounts and Murabaha-based financial facilitation services. The bank also offers the Rariba service aimed at supporting small traders.

Mr. Sabi revealed that more than 43,000 customers currently use NBC’s Sharia-compliant banking window, with deposits exceeding TSh 80 billion and financing surpassing TSh 46 billion.

He thanked the government, the Ministry of Finance and the Bank of Tanzania for maintaining strong oversight that supports the growth and stability of the financial sector.

Mr. Sabi reaffirmed NBC’s commitment to working with stakeholders to expand financial inclusion, support businesses of all sizes and promote economic growth through digital and faith-based financial services.