Tanzania instructs financial institutions to develop services for economic sectors

DAR ES SALAAM: THE Tanzanian government, through the Ministry of Finance, has directed financial institutions and service providers in the country to design and develop financial products and services that align with the needs of various economic sectors, while also strengthening financial literacy and entrepreneurship education among citizens and business operators.

The directives were issued by the Deputy Minister of Finance, Mshamu Ali Munde, as he closed the Second Financial Sector Stakeholders Forum 2026, held at the PSSF Commercial Complex in Dar es Salaam.

Munde said the government will continue ensuring active participation of the private sector in key areas, including finance and insurance, in order to achieve the goals of the National Development Vision 2050. He emphasized the importance of expanding private capital investments such as venture capital and private equity through public–private collaboration, while also encouraging the development of financial products targeting low-income citizens.

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On her part, the Acting Commissioner for the Financial Sector Development Department at the Ministry of Finance, Dionisia Mjema, called on financial sector stakeholders, including banks, insurance companies, and pension funds, to continue designing affordable financial products and services to improve access to capital for citizens engaged in social and economic activities.

She further noted that the financial sector plays a critical role in driving the implementation of the National Development Vision 2050 through the provision of affordable financing that supports economic growth and expands participation in the formal economy.

During the second day of the forum, participants received training through presentations delivered by experts from the Tanzania Insurance Regulatory Authority, the Capital Markets and Securities Authority, and the Financial Sector Development Department. Participants pledged to implement the recommendations provided by senior officials from the Ministry of Finance during the forum.