Finance minister highlights banks’ role in national development, Vision 2050

Dar es Salaam. The Minister for Finance, Mr Khamis Mussa Omar, has urged financial institutions to take a more proactive role in supporting the implementation of Tanzania Development Vision 2050, saying the sector will be pivotal in driving the country’s long-term economic transformation.

Mr Omar made the call during a special iftar event hosted by the National Bank of Commerce (NBC) for its customers and stakeholders in Dar es Salaam.

The gathering, held at Johari Rotana, brought together NBC clients, government officials and religious leaders. The bank’s leadership was also present, including board chairman Dr Elirehema Doriye, managing director Mr Theobald Sabi, and other senior executives.

Speaking at the event, the minister said the government’s development blueprint aims to build a modern and competitive economy driven by investment, industrialisation, trade and digital innovation.

He said financial institutions, particularly banks, must play a central role in supporting the realisation of the vision by facilitating investment and expanding access to financial services.

“Achieving the vision objectives requires the financial sector—especially banks—to play a central role, not only by providing financial services but also by enabling major economic transformation,” he said.

Mr Omar added that the government will continue to create a supportive environment to enable financial institutions to thrive and contribute effectively to the country’s development goals.

The minister commended NBC for organising the faith-based gathering, noting that such engagements help to strengthen relations between financial institutions and their customers while fostering social cohesion.

For his part, Dr Doriye said the bank remains committed to maintaining such engagements as part of efforts to strengthen relationships with its stakeholders.

He noted that NBC highly values the role played by key partners, including the government and customers, in supporting the bank’s growth and operations.

“We also recognise the role of the Almighty God in enabling us to run institutions that directly impact people’s livelihoods. That is why we encourage citizens to continue praying for our national leaders, as their effectiveness depends greatly on divine guidance and blessings,” he said.

Mr Sabi thanked stakeholders—including the government, religious leaders and customers—for their continued cooperation with the bank.

Mr Sabi also highlighted the bank’s Islamic window and other services designed to support small traders, alongside financial solutions tailored for both individual and corporate clients.

“Through the Sharia-compliant services, more than 43,000 customers are currently served under this window, with deposits exceeding Sh80 billion, while financing provided through the same window has surpassed Sh46 billion,” he said.