Tanzania pledges to support the TCB Bank’s move to finance purchase of plots for home construction

DAR ES SALAAM: MAKAZI Solution Limited and TCB Bank have entered into a partnership aimed to enable  Tanzanians to acquire surveyed plots through instalment payments, in a move expected to address land ownership challenges and improve access to decent housing.

Speaking in Dar es Salaam, the Deputy Minister for Finance, Engineer Msham Munde, commended Makazi Solution Limited for partnering with the bank, describing the initiative as an important opportunity for citizens to access land developed in accordance with proper planning and infrastructure requirements.

He said the partnership aligns with the government’s commitment to strengthening private sector participation in development projects, particularly in the housing sector, which plays a significant role in improving people’s living standards.

“The government continues to promote access to decent housing, given the challenges citizens face when building in unplanned areas and issues related to land use and ownership,” he said.

Munde pledged that the government, through the Ministry of Finance, would continue working with the private sector to find solutions to these challenges.

Makazi Solution Limited Director Suleiman Pazi said the company, which has more than 15 years of experience, faces significant costs in preparing and developing residential areas, making partnerships with financial institutions essential to improving access to plots.

He said the agreement with TCB was an important step towards establishing a system that would allow citizens to purchase plots without having to pay the entire cost upfront.

Pazi added that the company was continuing to promote land investment opportunities in various areas, including Tanga, Pangani and Kipumbwi, where geographical advantages and anticipated infrastructure improvements offer potential for development.

He urged TCB to consider expanding the partnership beyond providing loans to plot buyers by also participating in financing the acquisition and purchase of land earmarked for planned residential development.

According to Pazi, such an arrangement could help reduce land preparation costs and increase the availability of officially surveyed plots.

He further noted that developing planned residential areas could increase revenue for the government and local authorities through land taxes, building permits and other fees associated with formal land use. He said the initiative could therefore link improved access to housing with investment opportunities and a broader public revenue base.

Acting Director of Small and Medium Customer Business at TCB, Francis Kaaya, said the bank was ready to work with Makazi Solution Limited to help citizens acquire land and achieve their housing aspirations.

Kaaya encouraged individuals and businesses interested in purchasing plots to visit TCB branches across the country for information about the available services and financing options.

The partnership establishes a framework for cooperation between the private sector and a financial institution to expand land ownership and home construction opportunities.

The partners expressed optimism that the initiative would encourage the development of planned residential areas, reduce unplanned construction and enable more Tanzanians to realise their dream of owning plots and homes.