BANKERS

MAGAZINE
MARCH, 2024

SUSTAINABLE
FINANCE - 1
www.tanzaniabankers.org
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March 2024

Inside this Issue

04
04

02 05
Article: Sustainable Finance:
Word from the Editor Emergence of sustainable
finance in Tanzania

03 & 04
Word from Chairman &
11
Word from Executive Director Article: Financial Inclusion:
(Women’s Proposition)

09 14
Article:
Banking News &
Financial Inclusion Takes a
Green Leap
27 Highlight

Funny Jokes

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March 2024

Word from the

Editor
Dear Esteemed Reader,

I welcome you once again to our Newsletter which is now named

TBA Bankers Magazine. The theme of this new edition is
Sustainable Finance. The theme is timely, given the increasing
focus on securing sustainability of the earth by ensuring that the
practices of individuals, businesses, and governments across the
World are socially and environmentally responsible while Dan Sora Tandasi
maintaining economic stability. Sustainable Finance which refers
Director of Research, Policy Advocacy
to integrating socially and environmentally responsible practices
& Lobbying
and policies into business decisions and investment strategies, is
championed as a conduit towards a sustainable and safer future.

This Magazine begins with an article written by the TBA Secretariat

Team that highlights the basic overview of sustainable finance.
The article also touches on pro-sustainability initiatives that have
been conducted so far, challenges, opportunities, and
recommendations or focus areas that will promote the uptake of
sustainable finance in the country.

This issue further focuses on the development of sustainable

finance frameworks in the country such as the recent launch of
Sustainable Finance Frameworks (SFPs). Other notable highlights
covered include various sustainable finance initiatives
implemented by several banks.

These include the issuance of sustainability-related bonds (the

Jasiri Bond and Jamii Bond - NMB and Kijani Bond by CRDB) Other
initiatives pursued by banks include the Stanbic Biashara
Incubator (a capacity-building program for entrepreneurs and
start-ups), the provision of women-centric products such as the
Johari Product by NBC, Malikia proposition by CRDB, Fanikiwa
Account by NMB, Tabasamu Account by TCB and Mafanikio
Account provided by Equity Bank to mention a few.

This edition is the first of three upcoming issues that will

significantly focus on sustainable finance and banking. TBA
congratulates all banks that have embarked on various
sustainable finance initiatives.

TBA hopes that other banks and financial institutions will initiate
interventions geared towards achieving sustainability.

We hope that this newsletter will add value to you!

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March 2024

Statement from
the Chairman
Dear Readers,

I am pleased to extend a warm invitation to you to explore the

latest edition of our publication, now rebranded as the TBA
Bankers Magazine. Formerly known as the TBA Quarterly
Newsletter, this magazine continues a rich tradition of keeping our
audience informed about developments in the banking sector.
Theobald M. Sabi
As of customary, our magazine is committed to shedding light on
Chairman
trending issues, providing updates on banks' activities, regulatory
reforms, new products, technology, innovation, and interventions Tanzania Bankers Association
initiated by TBA. In this edition, we turn our focus towards
Sustainable Finance, a topic of immense relevance in our current
era, where global and local communities are increasingly
dedicated to environmental preservation and societal well-being.

Tanzania, as a member of the international community, has

pledged to implement initiatives aimed at environmental
protection, societal welfare, and the establishment of robust
governance frameworks conducive to sustainability.

The banking sector plays a crucial role in supporting these

endeavors, ensuring that financial services contribute to the
creation of a more sustainable economy. The articles and
narratives within this magazine aim to encourage the adoption of
Sustainable Finance practices within Tanzania's banking sector.

We highlight notable milestones achieved by banks that have

introduced sustainable financial products, such as the Jasiri Bond
and Jamii-Bond by NMB, the Kijani Bond by CRDB Bank, and NBC
Bank's facilitation of the Green Water Bond for the Tanga Urban
Water Supply and Sanitation Authority (Tanga-UWASA),among
others.

I urge fellow banks and financial institutions to join us in

advancing sustainable finance by developing and offering
financing and investment products aligned with sustainable
finance principles. This endeavor must be coupled with the
implementation of sustainable finance practices across the board.

On behalf of the TBA leadership, I extend heartfelt appreciation to

the dedicated team responsible for creating this magazine. Their
tireless efforts have made this publication possible.

Warm regards,

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March 2024

Word from the

Executive Director
Dear Readers,

Banks in Tanzania are keen on effectively financing economic

activities in the country. They are also at the frontline in
spearheading the sustainability of the economy, environment, and
society. These banks majority of whom are TBA members continue
to improve the value proposition for their customers while striving
to promote sustainability in the country. Tuse M. Joune
In the same vein, TBA is currently implementing its Strategic Executive Director
Business Plan that runs for five years from 2022 to 2027 within Tanzania Bankers Association
which sustainable finance is well featured. In the recent past, the
organization has collaborated with diverse partners to implement
various activities that have revolved around research, advocacy,
and capacity building on sustainable finance in the market.

Specifically, TBA introduced a periodic digital policy advocacy

platform named Beyond the Banking Hall programme which
among other topics provides an opportunity for experts in the
industry, to discuss various market issues that are related to
sustainable finance.

This Newsletter provides highlights of sustainable-related activities

that TBA member banks have implemented These activities
include the introduction of new sustainable finance products (e.g.
loans and bonds), capacity building through training and
incubation programmes for SMEs, projects and execution of
empowerment programmes to enhance the usage of financial
services (particularly banking) by underserved social groups such
as women, Youths and people with Disabilities (PWDs)

I hope you will find the Magazine valuable, inspiring, and

informative.

Warm regards,

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EMERGENCE OF SUSTAINABLE FINANCE IN TANZANIA

By TBA Team

Overview Regional Initiatives and Milestones

Sustainable Finance refers to the incorporation There have been notable initiatives in the EAC
of sustainability matters in the processes of region, for example in Kenya the Kenya Bankers
making decisions by various financial market Association (KBA) which is an umbrella body
players that contribute to the achievement of for the banking sector launched the
growth that is strong, sustainable, and Sustainability Finance Initiative (SFI) to promote
balanced. In the same vein sustainable finance best practices in sustainable finance during a
involvesthe pursuit of environmental, social, and CEO roundtable in 2013, during which the UN
governance (ESG)considerations when making Environment Program Finance Initiative (UNEP
financing and investment decisions in the FI) participated in facilitating the discussions.
financial sector.
In 2015, the KBA memberbanks' CEOs formally
These environmental considerations might adopted the SFI Guiding Principles and best
include climate change mitigation and practices. The industry-wide e-learning
adaptation, as well as environmental platform has been developed as a part of in line
interventions such as the preservation of with the SFI Guidelines a capacity-building
biodiversity, prevention of pollution, and the programme for SFI was developed which was
circular economy. Social considerations could developed aiming to promote the uptake of the
imply addressing inequality matters, social principles.
inclusion, employment, and labour matters
among many others. This capacity-building program is provided
through an e-platform that aims to equip and
In light of the above, Sustainable finance is enhance the general knowledge of banks’
becoming more important to financial sector employees on sustainability practices within the
players that include banks, asset managers, sector and will connect the industry to the
investment funds, social security funds, and resources that have been put in place for
insurance companies. These players are sustainable finance, including that of UNEP FI.
increasingly integrating ESG considerations in
their financing decisions and they have Other notable initiatives in the region are in
developed various instruments to achieve the Uganda, where Uganda Green Enterprise
same. Finance Accelerator (UGEFA), Uganda Bankers’
Association (UBA), SEED Practitioner Labs
These financial instruments include specialized Climate Finance, and GO4SDGs established the
bonds such as green, social, blue, and other Green Finance Academy Trainings and
SDG-related bonds. There has also been the Innovation Lab which provides Ugandan banks
introduction and rollout of sustainable lending with a pool of experts and resources to boost
products that are bound to have positive social the capacity of the banks and financial
and environmental impacts. institutions to provide sustainable financing to
Small and Medium-sized Enterprises.
It should be mentioned that the main objective
of sustainable finance is to achieve economic In the same vein, since Uganda has a Green
growth while reducing environmental impacts, Growth Development Strategy then institutions
minimizing waste, and reducing greenhouse such as Green Finance contribute a great deal
gas emissions. This objective builds on global towards achieving the same. The academy
political commitments such as those made provides training on sustainable finance and
under the Paris Agreement and the UN investment to lenders and investors in the
Sustainable Development Goals. economy.

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March 2024

In the same vein, the bank has other social

Recent Initiatives in Tanzania and environmental sustainability initiatives
In 2019 the CEO Round Table Tanzania that include the SHE initiative for supporting
(CEOrt) in partnership with the International women's development and has a dedicated
Union for Conservation of Nature (IUCN), Sustainable Finance Unit.
through its SUSTAIN-Africa Initiative worked
out a financing model that would give priority On the other hand, StandardChartered Bank
to projects that will not have negative Tanzania provided financing to clean
impacts on the environment while at the transportation in Tanzania by funding the
same time helping Tanzania’s financial Standard Gauge Railway (“SGR”) connecting
inclusion endeavors. The result of the work Dar-Es Salaam to Makutupora located in
led to the development of the draft Tanzania among many other initiatives. (For
Sustainable Finance Principals (SFPs) which more highlights on initiatives implemented by
was done in collaboration with other two banks, kindly review the detailed summary
organizations which are the Tanzania Bankers included in this magazine)
Association (TBA) and the World Wild Fund
(WWF). The SFPs are expected to be adopted The government is currently implementing
by the regulator of the industry (Bank of the Alternative Project Financing (APF)
Tanzania) and embraced by banksand Strategy for the national Five-Year
Financial Institutions in Tanzania. Development Plan (FYDP) III 2021-2026. This
strategy is expected to spearhead the
The IFC’s Finance2Equal program is another emergence of more sustainable financing
initiative focusing on sustainability. The models in the economy.
programme lasted for two years between
October 2019 and June 2022. The Despite several positivestrides, the uptake of
interventions conducted under it focused on sustainable finance remains low in Tanzania.
enhancing access to financial services and There are both challenges and opportunities
career opportunities for women in financial as follows:
institutions. It involved seven partners There is limitedcapacity in terms of requisite
including NMB Bank, Standard Chartered expertise and experience in sustainable
Bank Tanzania, NBC Bank, CRDB Bank, TCB finance. This is because the uptake of
Bank, AAR Insurance Tanzania, and Sanlam sustainable finance is still low and there
Life Tanzania. haven’t been many financial institutions that
are engaged/provide sustainable financial
Moreover, the CMSA has recently provided a products or services.
framework for regulating sustainable bonds
and other forms of sustainable securities. As There is no regulatory framework or guideline
a result, the National Microfinance Bank for banks to engage in some sustainable
introduced the Jasiri Bond to mobilize finance loans or other facilities in the market-
resources that will fund businesses run by a framework is necessary to help
women. implementation of the sustainable finance
agenda, through boosting investment in
This bond is the first social bond in the sustainable finance products, guiding
country and sub-Saharan Africa that is interventions to be implemented by various
focused on gender equality and economic partners in the market, and reporting and
empowerment for women. Following its disclosures.
issuance, the bond was oversubscribed by
197 percent, and it attracted capital from Limited Data on sustainable financing and
both local and foreign investors. activities that have been made, makes it
relatively harder for the country to monitor
CRDB on the other hand, is accredited by the policies and evaluate progress. This makes it
UN Green Climate Fund (GCF) as a financial difficult for interested funding organizations
intermediary and executing entity for green to allocate capital, document capital flow
projects in Tanzania. These green-funded proportionately, and understand where
projects help in responding to the challenges capital is being utilized. For the country, to
of Climate Change by reducing or limiting attract sustainable financial resources and
greenhouse gas emissions and adapting to compete against other investment interests,
its impacts. data is key.
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March 2024

Opportunities for Sustainable Finance Forge partnerships with other like-minded

partners in the country such as
There are low-hanging fruits that can be Development Partners (respective UN
undertaken to promote sustainable finance in Agencies, Diplomatic Missions, and
Tanzania. These include the International NGOs such as WWF), Private
operationalization of Green, Social, and Sector Organizations (CTI, TPSF, and CEO
Sustainable (GSS) bonds, and the issuance of Round Table), and Civil Society
sustainable bonds is an area that banks and Organisations (CSOs) in order promote
other financial players in the market can start sustainable finance in the country.
exploringto generate capital for their Initiate a sustainable finance working
businesses. Again, developing and or group or forum that will champion the
strengthening the regulatory frameworks for agenda and provide bank employees
Sustainable finance is another opportunity. with the necessary information on
sustainability practices in the banking
Challenges that may hinder the uptake of sector.
sustainable financeinclude, the importance of Establish a mechanism to incentivize the
customization of bond issuance to local issuance of bonds – these initiatives
contexts; the need for strategies focused on might involve both expansionary
risk mitigation; the capacity needs of experts monetary and Fiscal policies (taxes,
working in the financial sector on sustainable charges, and fees).
finance, limiteddepth of financial markets,
and limited information on environmental, Disclaimer: The view expressed here do not
Social and Governance (ESG) in most necessarily represent those of TBA
developing countries.

To address the foregoing challenges and

maximize the benefits of sustainable finance
in the country, the following measures have to
be implemented;

Develop and operationalize a regulatory

framework to facilitate sustainable
financing
Adopt the draft sustainable principles that
prioritize environmental and social
sustainability to strengthen and expand
sustainable business opportunities in
Tanzania
Build technical capacity on sustainable
financing for bankingprofessionals working
in the industry since sustainable finance
and its modalities are relatively new in the
country. This can be implemented through
various awareness creation and
sensitization initiatives.
Mobilise and strengthen collaboration
between key playersin the industry, these
are the Tanzania Bankers Association, Bank
of Tanzania, and the banks.

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March 2024

Summary of Sustainable Finance and sustainability-related

Initiatives recently implemented in Tanzania
The following are specific highlights of Sustainable Finance Milestones recently achieved in
the country
BOT issued Guidelines on Climate-Related Financial Risks Management, 2022
The issuance of a gender-themed Bond dubbed Jasiri Bond by NMB Bank Plc that
became oversubscribed by 197%
The Kijani (Green) Bond was issued by CRDB Bank Plc in 2023
The Jamii Bond issued by NMB Bank in 2023
Tanzania Mortgage Refinance Company (TMRC) Bond proceeds went to increase
access to longer-term affordable and sustainable housing
The Capital Markets and Security Authority (CMSA) has put in place a framework that
supports sustainable themed debt financing opportunities based on International
Capital Markets Association (ICMA) principles
The launch of Sustainable finance Principles – which were jointly developed by multiple
stakeholders such as TBA, and CEO Round Table

The table below summarizes sustainability activities implemented by banks in the country:

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March 2024

Financial Inclusion Takes a Green Leap as TBA Unveils

Sustainable Finance Principles with BOT Endorsement

Tanzania Bankers Association (TBA) Launches Sustainable Finance

Principles in Collaboration with WWF, CEO Roundtable, and IUCN
Endorsed by The Bank of Tanzania.

In recent years, the global financial
landscape has witnessed a paradigm shift
towards sustainability and responsible
investing. As economies evolve, so do the
expectations of financial institutions to
prioritize environmental, social, and
governance (ESG) factors in their decision-
making processes. For a while, Tanzania did
not have a specific sustainable finance
framework that would guide players in the
financial sector on their operations and
business practices.
However, there have been different legal
provisions incorporated in other sector-
specific laws related to the environment,
labour, employment, and social welfare
among others.
This necessitated the development of
Sustainable Finance Principles (SFPs) that
were recently launched. The development
and the adoption of Sustainable Finance
Principles not only align with global trends
but also catalyze inclusive economic growth
and environmental stewardship.
The launch of the SFPs was held as part of
the opening ceremony of the 2nd Tanzania
Bankers Association (TBA) Conference on
Financial Inclusion that was held on 9th
February 2023 at Serena Hotel. The Guest of
Honor at this event was the Governor of the
Bank of Tanzania, Mr. Emmanuel M. Tutuba.
The launch marked a significant milestone
for the financial sector and Tanzania at
large. The SFPs are expected to influence
new thought leadership and best practices.
These Sustainable Finance principles
underscore the imperative for Tanzanian
banks and Financial Institutions to prioritize
sustainability in their day-to-day operations.
This will promote inclusive economic growth
that incorporates the adoption of ESG
principles in the private sector particularly in
the banking industry.
The SFPs were developed through
acollaboration between the Tanzania
Bankers Association (TBA), the International
Union for Conservation of Nature (IUCN), the
World-Wide Fund for Nature (WWF), and the
CEO roundtable (CEOrt).
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IIn line with this initiative taken by non-
governmental stakeholders, the Government
has been pursuing several efforts including
the implementation of the Alternative Project
Financing Strategy (APF Strategy) through
the Ministry of Finance, which aims at
exploring alternative long-term financing
mechanisms ensuring sustainability.
The Ministry of Finance in collaboration with
other stakeholders implements a national
financial literacy education to promote
financial inclusion. Other efforts include the
implementation of National Financial
Inclusion Framework III (2023-2028), Dar Es
Salaam Stock Exchange Plc Rules, 2022, the
development of a national switch for
reducing transaction costs in digital
financial services, and Climate-Related
Financial Risks Management Guidelines
issued by Bank of Tanzania in 2023.
Tanzania Bankers Association itself is not
behind in ensuring sustainability, particularly
in the banking industry. This is manifested
through interventions such as the
collaboration with other stakeholders to
develop the SFPs and the development of a
Sustainable Finance Booklet to guide
financial practitioners.
In the same vein, TBA recently joined the
Sustainable Banking and Finance Network
(SBFN), a network of institutions dedicated
to fostering sustainable practices within the
banking and financial sector.
Speaking during the launch on the advantages
of the Principles the Chairman of TBA, Mr
Theobald Sabi noted that implementation of
the principles would boost efforts that are
currently made to ensure a sustainable
economy.
“Once these principles become effective and
well implemented, we expect banks to develop
robust risk management frameworks that
account for environmental and social factors,
thereby minimizing risks and maximizing long-
term value. Moreover, promote financial
inclusion by ensuring that access to financial
products and services is extended to
marginalized communities, fostering economic
empowerment and resilience”, he said.
In conclusion, the formulation and launch of
Sustainable Principles for Tanzania's financial
sector mark a significant step towards building
a more sustainable and resilient economy.
As financial institutions embrace these
principles, they not only mitigate risks and
enhance transparency but also contribute to
the well-being of communities and
ecosystems.
To get the principles please visit:
www.tanzaniabankers.org or click below link
https://drive.google.com/file/d/1zh-
Suh_0K5cQ5EPgmAjPvzsl00IcFGFF/view

As noted above these initiatives conducted :

by both the government and other non-
governmental players will lead to diverse
benefits. It is expected that this effort will
contribute to the national move to promote
a greener and more inclusive economy.

Moreover, The SFPs developed will inspire the

uptake of sustainable finance policies and
practices, raise financial sector awareness
of environmental and social risks, increase
transparency and consistency, and promote
confidence in the financial sector. The
adoption of the SFPs will also lead to
increased collaboration between different
stakeholders for sustainable development.
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March 2024

Financial Inclusion: (Women’s Proposition)

by TCB Bank
As a member of the East African Community In Tanzania, women account for more than
and the Southern African Development 50% of the total population and according to
Community, Tanzania has made great the World Bank, the female labor-force
strides toward enhancing fiscal participation rate rose from 67 percent in
transparency and promoting the financial the year 2000 to 80 percent by 2019, well
inclusion of its citizens throughout the region above the average of 63 percent for
Through the implementation of aggressive SubSaharan Africa, and among the highest
frameworks such as the National Financial on the continent.
Inclusion Framework (NFIF) 2014-2016 and
National Financial Inclusion Framework 2017- Despite the favourable statistics, women still
2022, the country has been able to see the lack access to formal financial services, and
percentage of adults with a bank account about one in ten rely on informal sources of
rise from 58 percent to 65 percent between finance in the country.
2013 to 2017 and as well as a reduction of
adults solely reliant on informal financial This gender disparity in access and
services from 16% to 7% in the same period participation is consistent in many countries
in the regionwith key constraints to financial
The embedment of such frameworks into inclusion including;
the National Development Vision 2025 has Insufficient income, ii.Limited financial
set the stage for the Financial Inclusion literacy,
vision based on the concrete improvements Limited access to digital financial
to the Tanzanian households, and micro, facilities such as smartphones and
small, and medium enterprises (MSMEs). Rigorous banking requirements
Access to financial services is an important procedures that slow access to finance
tool in the empowerment of individuals and
for them to fulfill and achieve their needs by The success of Mobile Money since its
participating in business and therefore inception in the country in 2008 has
generating economic activity. spawned greater interest in issues of
financial inclusion with key government
Access to financial services is even further policies prioritizing its contribution to their
marginalized in the African household when financial inclusion strategies as a key driver
it comes to Youth and Women. Increasing of development and the Sustainable
access to the use of quality financial Development Goals.
products and services is essential to
inclusive economic growth and poverty Mobile Network Operators (MNOs) have
reduction. become a pillar in driving financial inclusion
to the masses with; i. Financial Institutions
Tanzania, women account for more than seeking partnerships to scale up their efforts
50% of the total population and according to in providing financial products and services
the World Bank, the female labor-force and ii.Government entities seeking to make
participation rate rose from 67 percent in these services an integral part of national
the year 2000 to 80 percent by 2019, well payment infrastructure
above the average of 63 percent for
SubSaharan Africa, and among the highest
on the continent.

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March 2024
Tanzania Commercial Bank (TCB) has come
a long way as one of the first banks to be
established in the country tracingits roots to
1925 when the Tanganyika Post Office
Savings Bank Ordinance was passed by the
British Colonial government that established
the Tanganyika Post Office Savings Bank.
TCB, throughout its long and storied history,
has been at the forefront of championing
and driving the financial inclusion agenda
and bridging the financial gap that is
currently skewed toward male-led MSME
businesses in the country.
Embedded to the TCB brand and built into
our DNA is our strategic focus to offer a
whole array of products and services to suit
all Tanzanians leveraging our Branch
Network as one of the largest in the country
and actively promoting financial inclusion.
Furthermore, TCB is supporting the national
agenda to increase women’s access to
finance by creating customized products for
women and offering services that according
to the International Finance Corporation
(IFC) position TCB as the bank of choice for
women customers.
As a bank, our strategy has always been to
focus on the unbanked and under-banked
and is underpinned by our values, so the
average Tanzanian as our customer can
enjoy world-class banking services. The
bank strongly believesthat women represent
a significant opportunity for the growth of
the nation and the banking sector and TCB
has seen success aggressively signing up
village community banks (VICOBA) to bring
them into the mainstream financial system.
In 2019, TCB launched Tabasamu, a savings
product just for women, which they can
access either individually or as part of a
formal or informal group by easing some
KYC requirements of the accounts and
waiving some fees, this product is tailor-
made for the Tanzanian women who are
pillars of many households and form the
bulk of the MSME’s in the country.
Furthermore, account holders also benefit
from more attractive loans with an interest
rate that is two percent lower than
traditional loans, and some of our Branches
enjoy premium services through a
dedicated financing window just for women
inall our branches. in the face of the COVID
19 pandemic, our commitment to the
community did not waiver and through
Strategic Partnerships with mobile money
operators, the bank was able to give birth to
proprietary industry-leading digital offerings
services such as M-KOBA, a group saving
product, whereby customers can easily
access the product through mobile phones.
Post-pandemic, the bank has continued to
champion the financial inclusionagenda
with a focus on bridging the gender gap by
catering to women who form part of the
MSMEs by establishing a networking
business forum with the theme being The
Role of Women in Growing the Economy.
The rationale behind the platform is to
recognize and appreciate the transformative
power of women and their role in economic
development and TCB has invited successful
businesswomen to speak about their
experiences to inspire our women
participants and build confidence and also
bestow the bank the opportunity to engage
and to educate participants on the suite of
the financial options TCB offers and is
available to them.
To date, we have hosted the Women’s
Business Forums in three regions and
Zanzibar and we plan to host similar events
in more regions in the future. TCB is a proud
and equal opportunity employer, with more
than half of its staff consisting of women
(51:49 as at 202), with a strong female
presence at the executive (36% female) and
board level, and various policies internally
and externally promoting gender
mainstreaming, diversity, and inclusion.
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STANBIC BIASHARA INCUBATOR PROGRAMME

To amplify our position as a bank for Business and Economic growth and go beyond banking, Stanbic
Bank Tanzania Limited established The Stanbic Biashara Incubator in 2022. To empower, and nurture
entrepreneurship and innovativeness in SMEs, The Stanbic Biashara Incubator is a space for SMEs to
come in and share on innovative ideas for theirexisting or upcomingbusinesses and gain expert advice.
The incubator has programs that exist to capacitate and upskill existingentrepreneurs and start-ups.

Our Mission is to develop strong and resilient SMEs and business leaders through custom-tailored
programs for their businessprogression.

Progress and Impact include being able to conduct an MSME capacity-building program (Supplier
Development Program) in partnership with NEEC (National Economic Empowerment Council) geared to
promote localbusinesses' access to knowledge and business acumenas well as finance.

The objective of the partnership and the program is to partly address the goal of the Tanzania
Development Vision, 2025 which includes among others achieving a quality and good life for all and
building a more robust and efficient economy to face global competition.

The overall objectiveof the measure is to implement trainingprograms and supportSMEs in Tanzania to
effectively manage, sustain, and grow their enterprises, increase local employment opportunities, and
employee incomes,and improve workingconditions. This was to be achieved throughproviding business
development services, conducting training, and implementing post-training interventions to help the
SMEs meet their pressing challenges.

So far, we have been able to train 93 SMEs grouped in four (4) different cohorts with different training
timelines. The program has so far had a very positive impact in terms of new projectsand employment.
The main target was for the companies to be able to tap into the opportunities coming in with strategic
projects. Through the program, a total number of 12 tenders have been won with a total value of 18.59
Tanzania Billion Shillings with 24 new employments made so far.

Our Partner is NEEC (National Economic Empowerment Council) and Funguo Program by UNDP

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BANKING SECTOR NEWS AND HIGHLIGHTS

2nd TBA Conference on Financial Inclusion

Early in February, TBA held the 2nd TBA Conference on

FinancialInclusion held at Serena Hotel, Dar es Salaam. During
the Event, TBA launched the Sustainable FinancePrinciples for
Tanzania's financial sector marking a significant milestone
towards a greener and more inclusive economy.

The event exploring Cutting-Edge Solutions for

Financial Inclusion, Innovative strategies to
insightful panels, it was an enriching experience
indeed.

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 March 2024

2nd TBA Conference on Financial Inclusion

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 March 2024

TBA Meeting with the Governor of the Bank of Tanzania

The Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, on November 29 2023, met with the Tanzania
Bankers Union (TBA) under the Chairman, Mr. Theobald Sabi, at the Small Headquarters of the Central Bank in
Dar es Salaam and discussed, various issues concerning the banking sector in the country.

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 March 2024

TBA LAUNCHES VIDEOCAST

PROGRAMME: BEYOND THE
BANKING HALL
The Association introduced a digital advocacy platform
dubbed TBA Videocast. TBA Videocastis a digital advocacy
platform for bankers and other relevant stakeholders
through thought leadership, experience sharing, and
exchange of best practices on matters related to the
financial sector and the economyat large. The program will
be shared across TBA digital platforms.

Two sessions with three episodes have already been

published via the social mediaplatforms of the Association.
The first episode involved a discussion with the Executive
Director of TBA, Ms Tuse Joune. The ExecutiveDirector had
an opportunity to share the background of TBA and its
current roles in the banking sector and the economy at
large. Moreover, during the digital program, the ED talked
about the current situation in the market and the
opportunities available for TBA as an advocacy body

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 March 2024

TBA Visits Kenya Bankers Association (KBA) in Nairobi, Kenya

Tanzania Bankers Association paid Kenya Bankers Association a courtesy call to exchange information,
experiences, and discuss areas of further collaborations. We are grateful for the cooperation that we
continue to have with our regional partners

TBA validation workshop on the assessment of the uptake

and compliance ESG framework

Tanzania Bankers Association (TBA) in

collaboration with World Wild Fund (WWF)
conducted a validation workshop on the
assessment of the “uptake and compliance
of ESG framework in the banking sector in
Tanzania.” Insightful meeting where industry
leaders discuss sustainable practices and
regulatory compliance. Let's pave the way for
a sustainable banking future. #ESG #Banking
#Sustainability”

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 March 2024

TBA members at the Launch of Interest Rate Based Monetary Policy

Tanzania Bankers Association (TBA) at the launch of the Interest Rate Based Monetary Policy,
officiated by the Governor of the Bank of Tanzania (BOT), Mr. Emmanuel M. Tutuba. This marks a
significant milestone in the financial sector, as BOT shifts from using the quantity of money
(monetary targeting) to the interest rate, improving the effectiveness of monetary policy.

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 March 2024

SADC Delegation meets TBA Leadership

Earlier February 2024, SADC delegation met with TBA leadership as one of key stakeholders to
engage during their ongoing country economic performance review. The SADC team was led by the
Director of Economic Research and Policy from the Reserve Bank of Zimbabwe.

LAUNCH OF THE CURRICULUM FOR CERTIFIED FINANCIAL EDUCATORS

The Bank of Tanzania as the secretariat of

National Financial Inclusion Council launched
on 18th December the Curriculum for Certified
Financial Educators .

Tanzania Bankers Association being a key

stakeholder in the implementation of financial
literacy initiatives was invited and represented
by our Chairman, Mr. Theobald Sabi.

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 March 2024

ABSA BANK (T) LTD BECOMES THE NEW SHAREHOLDER OF THE

TANZANIA MORTGAGE REFINANCE COMPANY LIMITED

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March 2024

NMB bank announces success of the Jamii bond.

NMB Bank announces receiving a total of TZS 400 billion from dual-tranche
sustainability bond, dubbed 'NMB Jamii Bond’, which has been listed on the Dar es
Salaam Stock Exchange (DSE) for trading.

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 March 2024

Launch of the Tanga Water Green Bond

NBC Bank announces it’s pivotal role as the Lead Transaction Advisor in facilitating the creation
and listing of the Tanga Water Green Bond—an innovative sustainability initiative by the Tanga
Urban Water Authority (Tanga Uwasa) and UNCDF seeking to raise TZS53.12 billion to bolster
water infrastructure and production in the Tanga region..

CRDB Bank plc Launches the sale of Kijani Bond

CRDB announces official launch of the sale of the CRDB Bank Plc KijaniBond, offering a unique
investment opportunity with a 10.25% interest rate. The Honorable Minister of Investment and
Planning, President's Office, Prof Kitilia Mkumbo, officiated the launching of the first Sub-
Saharan Africa Green Bond.

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 March 2024

MAENDELEO BANK CELEBRATES 10 YEARS WITH A MARATHON TO HELP

CHILDREN WITH DISABILITIES

The goal of the race was to raise funds for

the renovation of the buildings of the
"Mtoni Maalum" center in Dar es Salaam,
which caters to children with intellectual
disabilities, commonly known as Down
Syndrome and Autism, also to purchase
equipment for premature babies at KCMC
Hospital in Moshi, Kilimanjaro.

KCB Bank Launches The First Public Islamic Bond ‘Fursa Sukuk’

KCB Bank launched its first public bond dubbed ‘Fursa Sukuk’ offering an
advantageous investment opportunity to Tanzanians with a minimum capital of
TSh 500,000. Fursa Sukuk is a Shariah compliant bond with three years maturity
period that offer profit return of 8.75 percent per year.

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 March 2024

PBZ SPONSORS ZANZIBAR INTERNATIONAL MARATHON TO HELP WOMEN’S

PBZ BANK, in collaboration with the Zanzibar International Marathon, has handed over cash funds
to the Mwanamke Initiative Foundation, which will be used for various assistance and activities
related to women.

Exim Bank launches product to uplift women

EXIM Bank introduced women-based product ‘Supa Woman’ account aimed at

drawing the services closer to those at grassroots. The accountholder stands a
chance to take 90 per cent of her deposits as loan at an affordable rate.
The account also comes with a free life insurance service and loan payments, and
depends with the customer choice of when to start repay the loan.

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 March 2024

TBA meeting with Personal Data Protection Commission (PDPC)

An insightful meeting between TBA and Personal Data Protection Commission

(PDPC) on 12th Feb 2024. PDPC shed light on its pivotal role in Tanzania's data
protection landscape, emphasizing the role of banks in strict adherence to the
Data Protection Act, ensuring robust privacy measures for a responsible and
compliant financial landscape.

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www.tanzaniabankers.org
March 2024

Funny Jokes..

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March 2024 www.tanzaniabankers.org

1st Floor, Faykat Tower, Plot No. 236,

Ali Hassan Mwinyi Road, Kinondoni

+255 22 2668221

www.tanzaniabankers.org

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