Stanbic Bank, ZEEA sign deal to boost Zanzibar businesses
Stanbic Bank Tanzania’s Head of Business and Commercial Banking, Fredrick Max, (left) and Executive Director of the Zanzibar Economic Empowerment Agency (ZEEA), Juma Burhan Mohamed, display copies of a signed agreement. Zanzibar Second Vice President Hemed Suleiman Abdullah (seated centre in the background) witnesses the signing during the Fahari ya Zanzibar 2026 Festival. PHOTO | JESSE MIKOFU
Zanzibar. Stanbic Bank Tanzania and the Zanzibar Economic Empowerment Agency (ZEEA) have signed a five-year partnership to help businesses in Zanzibar improve their capacity, access finance and expand into new markets.
The memorandum of understanding (MoU), signed at the weekend during the launch of Fahari ya Zanzibar 2026 at Mnazi Mmoja Grounds, focuses on entrepreneurship, financial inclusion and the growth of micro, small and medium-sized enterprises (MSMEs) in Unguja and Pemba.
The signing was witnessed by Second Vice President of Zanzibar Hemed Suleiman Abdullah.
Under the agreement, Stanbic and ZEEA will work on programmes covering financial literacy, business formalisation, access to finance, digital financial services, enterprise development and market linkages.
The partnership is expected to help local businesses strengthen financial management and operations while improving their ability to access funding and markets.
Fahari ya Zanzibar provides a platform for businesses to showcase their products and connect with customers, buyers, financial institutions and investors. This year’s event is expected to attract more than 15,000 visitors and 300 exhibitors from sectors including agriculture, fisheries, tourism, manufacturing, food processing, innovation and the creative economy.
Stanbic Head of Business and Commercial Banking Fredrick Max said finance alone was not enough to support sustainable business growth.
“Zanzibar has no shortage of enterprise, ideas or ambition. The opportunity now is to help more businesses turn that potential into scale. That requires finance, but it also requires knowledge, stronger business systems, digital capability, market access and connections,” he said. Eligible entrepreneurs will also have opportunities to access Stanbic’s Biashara Incubator, which provides business development support, mentorship, tools and networks.
During Fahari ya Zanzibar, Stanbic teams will engage businesses on solutions covering trade, agribusiness, digital transactions, and vehicle and asset finance.
Stanbic has committed Sh200 million to Fahari ya Zanzibar 2026 as a Platinum Sponsor.
Mr Max said the bank’s presence in Zanzibar, established a year ago, was now shifting towards deeper engagement with local businesses.
“We want to help businesses become stronger here at home while connecting those with the ambition and capability to opportunities across Tanzania, Africa and international markets,” he said.
ZEEA Executive Director Juma Burhan Mohamed said the partnership would give entrepreneurs access to business development support, financial services and market linkages.
“Economic empowerment requires collaboration that gives entrepreneurs practical pathways to grow,” he said.
The two institutions will also organise business forums, exhibitions and capacity-building programmes as part of the agreement.
