Tanzania removed from financial risk list, boosting global confidence

He said a report released recently by the FATF — an international body that sets global standards on combating money laundering and terrorism financing — confirmed that Tanzania is no longer classified among jurisdictions under increased monitoring.

“The removal of Tanzania from the grey list is encouraging. It shows that the country has strengthened its financial systems and can now be trusted by international financial institutions,” Mr Luswetula said.

Countries placed on the FATF grey list are considered to have weaknesses in their financial regulatory frameworks. While not subject to sanctions, such countries often face stricter scrutiny from international banks, higher transaction costs and delays in accessing foreign financing.

Being removed from the list signals improved compliance with international standards, making it easier for a country to attract investment, access development financing and facilitate international trade.

Mr Luswetula, who was officiating on behalf of the Minister for Finance, Ambassador Hamis Omari Juma, directed the Bank of Tanzania to further strengthen supervision of the financial sector to protect consumers and the informal economy, including small traders.

He said the improved status opens new opportunities for Tanzania’s financial sector to deepen its integration with the global financial system and support the implementation of development projects.

The Treasury’s Deputy Permanent Secretary, Ms Dionisa Mjema, said the National Financial Services Week aims to improve financial literacy through public exhibitions and outreach programmes.

She said 53 per cent of Tanzanians currently use financial services and that the government has set 12 key targets under the Financial Sector Master Plan to expand access nationwide. Tanga is the fifth region to host the event after Dar es Salaam, Mwanza, Arusha and Mbeya.

The Bank of Tanzania Governor’s representative, Mr Kenned Komba, said the economy grew by 5.9 per cent in 2025 on the Mainland, while Zanzibar recorded growth of 6.8 per cent.

He said the exhibitions provide education on bank loans, repayment procedures, financial discipline and insurance services.

Acting Tanga Regional Commissioner, Mr Dadi Kolimba, said the expansion of Tanga Port has increased the number of vessels handled from 118 to 458, reduced cargo offloading time from eight days to two, and created 17,871 casual jobs, up from 6,630 previously.

Meanwhile, Tanzania Investment Bank (TIB) managing director Mr Deogratius Kwiyukwa said development banks play a key role in achieving Vision 2050 by providing long-term financing to priority sectors.