NBC ignites women’s enterprise power in Dar

DAR ES SALAAM: The National Bank of Commerce (NBC) convened a high-impact forum in Dar es Salaam, bringing together women traders and entrepreneurs to strengthen their economic potential through innovation, financial inclusion, and risk awareness. The event, held over the weekend under the banner of “NBC Women’s Month,” formed part of activities marking International Women’s Day, celebrated annually on March 8.

Here, more than a ceremonial gathering, the forum served as a practical platform for knowledge-sharing, skills development, and peer learning. Participants engaged in open discussions about the realities of running businesses, exchanging experiences on challenges faced and opportunities seized in an increasingly competitive economic environment.

The forum was led by NBC’s Director of Compliance, Ms. Sarah Laiser-Sumaye, and featured a diverse lineup of experts addressing economic, financial, health, and strategic business topics. Through presentations and interactive sessions, participants explored ways to build resilience, improve operations, and position their businesses for long-term growth.

A central theme emerged early in the discussions: starting a business is no longer the primary challenge for many women—sustaining and scaling it is. Ms. Laiser-Sumaye emphasized that while entrepreneurial participation among women has grown significantly, many businesses fail due to weak management practices.

She pointed out that poor financial discipline remains a persistent obstacle. Many women entrepreneurs do not maintain proper financial records, often mixing personal and business expenses. This lack of clarity undermines decision-making, limits access to financing, and ultimately threatens business survival.

The forum sought to address these gaps by reinforcing the importance of structured business management. Participants were encouraged to adopt basic but critical practices such as record-keeping, budgeting, and strategic marketing. These tools, while simple, are essential for building credibility and ensuring sustainability.

Another key issue highlighted was the reluctance among many women to formalize their businesses. Concerns over taxation and regulatory compliance often discourage entrepreneurs from entering the formal economy. However, Ms. Laiser-Sumaye warned that operating informally restricts access to major growth opportunities, including government tenders, partnerships, and formal financial services.

She urged participants to shift their perspective and view compliance not as a burden, but as a gateway to expansion. Formalization, she noted, enhances legitimacy, builds trust with stakeholders, and opens doors to larger markets.

The conversation also underscored the importance of professional support. Women entrepreneurs were encouraged to engage accountants, legal advisors, and business consultants to strengthen their operations. Leveraging expertise, the forum stressed, is not a luxury but a strategic investment.

Financial literacy formed another cornerstone of the discussions. Dr. Amina Baamary, a financial expert, addressed the concept of financial freedom, urging women to approach borrowing with caution and discipline. She emphasized that loans should be used strictly for productive business activities that generate returns.

Misuse of credit, she warned, can quickly destabilize a business. However, when applied strategically, financing can accelerate growth, expand operations, and improve competitiveness. The key lies in understanding loan terms, planning repayments, and aligning borrowing with clear business goals.

Risk management also featured prominently, with insurance experts highlighting the importance of protecting both business and personal assets. Participants were advised to prioritize insurance coverage, including business, health, and property insurance, as a safeguard against unexpected disruptions.

Unforeseen events whether health-related or operational can derail even the most promising ventures. By investing in protection, entrepreneurs can build resilience and ensure continuity in the face of uncertainty.

NBC’s Liability Products and Sales Manager, Ms. Dorothea Mabonye, outlined the role of financial institutions in supporting women’s economic empowerment. She highlighted tailored banking solutions designed to meet the specific needs of women entrepreneurs, including savings and loan products.

She encouraged participants to adopt a savings culture, noting that structured financial planning is essential for stability and growth. Specialized products, such as women-focused accounts, were presented as tools to help entrepreneurs manage their finances more effectively.

Addressing one of the most common barriers to financing collateral, she explained that the bank has introduced more flexible options. Movable assets, such as motor vehicles, can now be used to secure loans, expanding access to credit for women who may lack traditional forms of collateral.

In addition, the bank has invested in digital platforms to improve accessibility and convenience. These innovations aim to bring financial services closer to women, particularly those managing businesses alongside other responsibilities.

Beyond finance and operations, the forum took a holistic approach by addressing mental health. Dr. Roselight Ringo emphasized that entrepreneurial success is closely linked to personal well-being. The demands of running a business financial pressure, uncertainty, and long working hours can take a significant toll.

She encouraged participants to prioritize mental balance, noting that resilience begins at the individual level. Without emotional stability, even well-managed businesses can struggle.

The importance of identity and branding added another dimension to the discussions. Strategic communications expert Ms. Carol Ndosi guided participants on how to position themselves and their businesses effectively in the market. She highlighted that perception plays a powerful role in shaping opportunities.

A strong personal and business brand, she explained, builds credibility, attracts customers, and differentiates a business in crowded markets. Women were encouraged to be intentional about how they present their products, services, and professional image.

While expert insights provided valuable frameworks, the forum’s most compelling moments came from the lived experiences shared by participants. Entrepreneur and investor Ms. Haika Lawere offered a candid account of her journey in the hospitality sector, blending inspiration with practical lessons.

Her message challenged conventional thinking about growth. While acknowledging the importance of saving, she emphasized that strategic financing can significantly accelerate business expansion when used wisely.

She underscored the importance of financial discipline, reminding participants that access to resources alone does not guarantee success. Effective management, clear goals, and accountability are what ultimately drive results.

Her insights resonated strongly with the audience, reinforcing the idea that growth requires both courage and careful planning.

The forum concluded with reflections from NBC’s Marketing Manager and Coordinator, Ms. Janeth Mbelwa, who reiterated the bank’s long-term commitment to empowering women economically. She described the event as part of a broader strategy to equip women with the tools, knowledge, and confidence needed to thrive.

Rather than a one-time initiative, the forum represents an ongoing effort to support women not only as participants in the economy, but as leaders shaping its future.

Participants left the event with more than just information. They gained practical strategies, renewed motivation, and a stronger sense of community. Equipped with new insights and connections, they are better positioned to navigate challenges, seize opportunities, and build sustainable businesses.

In a rapidly evolving economic landscape, the message was clear: empowering women is not just a social imperative it is a business necessity.