Dar es Salaam. Tanzania’s banking sector has recorded a major regional milestone, with leading lenders ranking ahead of some of their East African peers in the latest East and Central Africa corporate performance survey — a development officials say reflects the impact of ongoing economic reforms.
Speaking during the National Dividend Day (Gawio Day) ceremony held at State House in Dar es Salaam, Minister of State in the President’s Office for Planning and Investment, Prof Kitila Mkumbo, said the results demonstrate the widening impact of President Samia Suluhu Hassan’s economic transformation agenda and her 4Rs philosophy — Reconciliation, Resilience, Reforms and Rebuilding.
He said the reforms have strengthened public institutions while also boosting the competitiveness of the private sector, particularly in banking and key productive industries.
“Through the economic reform agenda and the opening up of the country under the 4Rs philosophy, the results are not only visible in public institutions. We are also seeing them in the private sector, where our companies are beginning to gain international recognition,” he said.
Prof Mkumbo referred to the May 12, 2026 edition of African Business magazine, which published its annual ranking of top-performing companies in East and Central Africa based on market value and corporate performance, covering firms valued at over $1 billion.
According to the report, Tanzania’s leading banks — CRDB Bank and NMB Bank — ranked third and fourth respectively, placing them ahead of several major regional competitors.
Other Tanzanian firms also featured in the top 20, including Tanzania Breweries Limited (14th), Tanzania Portland Cement Company (16th), Vodacom Tanzania (17th) and Tanzania Cigarette Company (20th).
Prof Mkumbo said the performance marks a sharp shift compared to 2020, when Tanzanian firms were largely absent from regional top-tier rankings.
“These achievements are not a matter of geography. They are the result of deliberate policies and strategic planning,” he said.
He said that continued reforms are expected to further strengthen the position of Tanzanian firms across the East African region and beyond, with more public institutions and state-owned enterprises likely to join the list of top performers.
Treasury Registrar Nehemiah Mchechu said the banking sector has also recorded strong financial growth alongside improved stability.
He said banking sector profits have risen from about Sh666 billion to Sh2.5 trillion, representing nearly a fourfold increase, while the sector continues to grow at more than 20 per cent.
Mr Mchechu added that non-performing loans have dropped significantly from about 8–9 per cent in the early phase of President Hassan’s administration to around 2.8 per cent, reflecting improved credit discipline and stronger regulation.
