Africa must invest in Africa if it wants to shape its own future

The conference made another point clear. Without strong small and medium businesses, there will be no inclusive growth. About 90 percent of businesses in Tanzania are classified as SMEs and we are happy to see a number of initiatives taken by the Government of Tanzania to improve the operating environment for SMEs. This includes allocation of Sh130Bio through the National Five-Year Development Plan (FYDP III, 2021-25) for capacity building, soft loans and subsidised capital. However, the private sector, especially financial services providers, have an important role to play through innovative products that ease stringent borrowing requirements. Stanbic Bank Tanzania has numerous offerings aligned to this theme and continues to innovate internally and externally through various partners. Our Business Incubator Division is a testament to our commitment to empowering SMEs.

Africa must invest in Africa if it wants to shape its own future

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