By Chedaiwe Msuya and Eva Ngowi, Tanga
As global economies are reshaped by rapid technological change and shifting financial systems, the government is stepping up efforts to strengthen its financial sector and bring formal financial services closer to citizens as a catalyst for social welfare and national development.
This commitment was underscored on January 21, 2026 during the official opening of the National Financial Services Week at the Usagara Grounds in Tanga City, an annual event that has become a key platform for promoting financial literacy, inclusion and consumer protection across the country.
Opening the celebrations on behalf of the Minister for Finance, Ambassador Khamis Mussa Omar, the Deputy Minister for Finance, Laurent Luswetula, said the government has deliberately created an enabling environment through policies, laws and long-term programmes aimed at accelerating the growth and resilience of the financial sector.
“These efforts include the Financial Sector Development Master Plan, the National Financial Education Programme and the National Financial Inclusion Framework, all of which have significantly contributed to the expansion and stability of the financial sector,” he said.
A growing and more inclusive financial sector
Mr. Luswetula revealed that as of September 2025, Tanzania had 35 commercial banks, two development banks, three community and microfinance banks, and more than 2,800 microfinance institutions operating across the country. The banking agent network has also expanded rapidly, with over 145,000 agents now serving urban and rural communities.
Key financial indicators point to a strengthening economy. Total banking sector assets have reached TSh71.8 trillion, deposits stand at TSh50.2 trillion, while credit to the private sector has climbed to TSh42 trillion – figures that reflect growing investor confidence, improved access to finance and increased economic activity.
Beyond banking, the Deputy Minister noted continued growth in the insurance sector and capital markets, reinforcing the role of finance in supporting industrialisation and private sector development under Tanzania’s long-term development vision.
In a major boost to investor confidence, Tanzania has recently been removed from the European Union’s list of high-risk jurisdictions for money laundering and from the Financial Action Task Force (FATF) grey list.
According to Mr Luswetula, the move – effective from 29 January 2026 – is expected to ease international financial transactions, lower compliance costs and make the country more attractive to foreign investors.
Financial literacy at the centre of development
Speaking on behalf of the Permanent Secretary in the Ministry of Finance, Dr Natu El-maamry Mwamba, the Acting Commissioner for Financial Sector Development, Dionisia Mjema, described National Financial Services Week as a critical tool for empowering citizens with practical financial knowledge.
She explained that the initiative is part of the implementation of the Financial Sector Development Master Plan (2020/21–2029/30) and the National Financial Education Programme, both designed to equip citizens with skills in personal financial management, savings, borrowing, investment, insurance and taxation.
“The ultimate goal is to improve financial decision-making, support small and medium-sized enterprises, strengthen a savings culture, encourage timely loan repayment and increase the contribution of the financial sector to economic growth,” Ms Mjema said, stressing that all financial education activities offered during the week are free of charge.
Tanga’s development story
Representing Tanga Regional Commissioner Ambassador Dr Batilda Burian, Tanga District Commissioner Dadi Kolimba highlighted the region’s strong development trajectory and the critical role of finance in driving local economic transformation.
He said Tanga has received more than TSh3.1 trillion in development funding during the first phase of President Samia Suluhu Hassan’s administration, much of it directed towards upgrading the Port of Tanga – an investment that has increased cargo throughput, government revenue and employment.
As a result, the region’s gross regional product rose to Sh9.5 trillion in 2024, placing Tanga sixth nationally in poverty reduction efforts.
Financial services, he added, are a pillar of the regional economy. Tanga is home to 10 major banks and 355 microfinance institutions, which have collectively extended more than TSh6.8 billion in loans to women, youth and people with disabilities – groups prioritised under the government’s inclusive growth agenda.
However, Mr Kolimba acknowledged that limited financial literacy remains a challenge for some citizens, often leading to poor financial choices or exclusion from formal services. He expressed optimism that National Financial Services Week would help bridge this gap by improving awareness and encouraging responsible use of financial products.
Building a financially resilient society
Held from 19 to 26 January 2026, National Financial Services Week brings together banks, microfinance institutions, insurers, pension funds, regulators and development partners to engage directly with the public.
As Tanzania pushes ahead with digital finance, regulatory reforms and inclusion strategies, officials say sustained financial education will be essential to ensuring that growth translates into shared prosperity. For policymakers, the message from Tanga is clear: a well-informed, financially empowered population is not just a social goal, but a foundation for long-term economic resilience and national development.
