Dar es Salaam. The government has identified eight priority areas in the financial sector that, if effectively harnessed with private sector collaboration, could accelerate economic growth and support national development goals.
Finance Minister, Khamis Mussa, made the remarks on Wednesday at the Second Financial Sector Forum 2026, held under the theme Innovation and a Responsible Financial Sector for Sustainable and Inclusive Socio-Economic Development. The event also marked the launch of the National Inclusive Insurance Strategy (NIIS) and the Research, Innovation and Development Strategy.
Mr Mussa highlighted climate finance, Islamic financial services, regulation of digital financial assets, access to capital for start-ups and small businesses, financial literacy, consumer protection, and risk reduction in lending as critical areas for priority focus.
“Climate finance and green financing offer significant opportunities. We must position ourselves to benefit from them,” he said, stressing the growing importance of non-interest financial services, including Islamic banking, takaful insurance and Sharia-compliant capital market instruments.
He noted the rapid growth of digital financial systems, including cryptocurrencies and online platforms, which underscores the need for strengthened regulatory frameworks. He said the government is preparing legislation to govern virtual assets. Access to finance, particularly for youth and women entrepreneurs, remains a key concern. Mr Mussa called for the expansion of venture capital, private equity and other financing mechanisms to support start-ups and small businesses. He also emphasised the need to improve financial literacy and inclusion, pointing out persistent gaps in public understanding of financial matters.
“Enhancing financial education, promoting entrepreneurship and developing products for low-income groups are vital to reduce reliance on informal and often exploitative lending practices,” he said.
Mr Mussa commended regulators, including the central bank, insurance and capital market authorities, for efforts in strengthening the sector. He said Tanzania’s financial system, comprising banking, insurance, capital markets, microfinance, fintech firms and mobile operators, plays a central role in economic development. The minister pointed to notable achievements, including increased bank deposits, expanded private sector credit and growth in digital financial transactions. Tanzania’s economy is estimated to have grown by 5.9 percent in 2025, up from 5.5 percent in 2024, with the financial and insurance sub-sector recording 14.8 percent growth, second only to electricity generation.
Meanwhile, Bahayo Saquare said TIRA has completed two strategic plans to strengthen insurance coverage, promote economic and social development, and expand data-driven decision-making.
He added that the strategies aim to increase insurance uptake, particularly in business, infrastructure and motor vehicles, and raise the sector’s contribution to GDP from 22 percent to 30 percent.
