COUNTRY REPORT BY

AS APPEARED IN

APRIL / MAY 2023 • ISSUE #18 www.reocommunications.com

TANZANIA

STRATEGIC GATEWAY GDP GOVERNMENT

TANZANIA OFFERS TANZANIA’S GDP GROWTH PRESIDENT HASSAN IS
POTENTIAL INVESTORS RATE HAS PLACED IT BUILDING A COMPETITIVE
ACCESS TO A VARIETY AMONG THE FASTEST- ECONOMY TO STIMULATE
OF MARKETS GROWING ECONOMIES TRADE AND INVESTMENT
IN AFRICA IN ALL SECTORS
 East Africa’s Trade
and Investment Hub
Tanzania has witnessed impressive growth in recent years, and under Her Excellency
President Samia Suluhu Hassan’s guidance, the nation continues its rise to prosperity.

I
n 2020, Tanzania achieved lower- EXIM Bank. “It’s not just to make us more competitive,
middle-income status following but to make us more relevant in the market.”
decades of economic growth, and Tanzania has grown over the years by exploiting
today the nation is more prepared its natural resources, especially through mining. Her
than ever to continue its rise toward Excellency President Hassan’s inaugural speech to the
prosperity. “As our country achieves Parliament of Tanzania in 2021 stressed the importance
the status of a middle-income economy, the impetus of improving the mining sector’s economic contribution
is placed on continuing to build a competitive and to at least 10% of the GDP by 2025. “Her Excellency
industrial economy for human development,” states President Hassan’s administration is improving the
Her Excellency President Samia Suluhu Hassan in the H.E. Samia investment climate and embracing partnerships with
third Five-Year Development Plan (FYDP). Suluhu Hassan, the world’s largest miners, among other measures that
Tanzania’s third FYDP is firmly guided by national President of seek to almost double the contribution of the mining
policy frameworks and built on the strategic priorities of Tanzania sector to the economy,” says Hon. Doto Biteko, Minister
the United Nations Sustainable Development Goals. Its of Minerals.
objectives include increasing the country’s capacity for Gold is among the largest contributors to the mining
production; building a competitive economy to attract “This is the sector, which accounted for US$2.743 billion in exports
trade and investment; stimulating human development; time to stand in 2021. “Gold is definitely the most important mining
enhancing key production infrastructures; strengthen- commodity, and many people are forecasting a gold
ing education and training systems; improving agricul- together and price increase in the future. If that happens, it would be
tural production to eliminate hunger; and tackling rural get connected. a growth opportunity for Tanzania,” says David Scott,
poverty by ensuring access to financial services. It’s time to bury Tembo Gold President and CEO.
The leadership of the country is committed to the As one of Africa’s fastest-growing economies, Tanza-
achievement of these objectives. “Her Excellency our differences, nia is focused on developing all sectors of the economy,
Samia Suluhu Hassan is a vigilant, strong, hardworking, show love to including the tourism sector, which has witnessed a
honest, and responsive leader with a consistent vision one another sharp increase in activity in response to the waning ef-
of bringing great progress to our country,” says Hon. fects of the COVID-19 pandemic. The nation has all the
Mwigulu Nchemba, Minister of Finance and Economic and look tools for future growth: a young, determined, and tech-
Affairs. forward with savvy workforce and a government administration that
The nation’s banking and financial sector is critical confidence.” empowers young women to believe in themselves and
to the success of these initiatives, as financial inclusion declares that no goals are too far out of reach.
is empowering the Tanzanian people toward autonomy Under the guidance of Her Excellency President
and strengthening the economy in the process. “You must ensure Hassan, Tanzania has recently witnessed growth that has surpassed
that financial inclusion is not only inclusive, but also accessible and expectations. To achieve its future growth projections, Tanzania is
affordable,” says Professor Florens Luoga, Governor of the Central now positioning itself as East Africa’s trade and investment hub.
Bank of Tanzania. “This is the greatest time to invest in Tanzania because Tanzania
Digitalization and digital tools in the banking sector are key to has been transiting; it has experimented with a command economy,
opening the doors to accessibility, convenience, and competitiveness. and as we strengthen the banking sector, investors can finance
“Digitalization is inherent to growth,” says Jaffari Matundu, CEO of projects in Tanzania,” says Luoga.

A SPECIAL REPORT PRODUCED BY Country Director: Xhovana Kelmendi Editor in Chief: Flavia Baralle For more information:
Country Editor: Luka Martinović Contributing Writers: Serkalem Tafesse, info@reocommunications.com
Junior Coordinator: Melody Day and Matthew Scott Rose www.reocommunications.com
Praskovia Kokoreva

3
 TANZANIA CONTENT BY REO COMMUNICATIONS

PROFESSOR FLORENS LUOGA,

GOVERNOR OF BANK OF TANZANIA

Leading the Banking Sector

of Tanzania with Prudence
Professor Florens Luoga, Governor of the Bank of Tanzania,
articulates how the country’s central bank is ensuring the functioning of a stable
financial system in Tanzania and driving continued growth in the banking sector.

C
an you please tell us about the rich and interesting What is your overview of the current banking sector in Tanzania
history and legacy of the Bank of Tanzania? and how would you rate it?
The Bank of Tanzania, the country’s central The current banking sector in Tanzania is growing because the
bank, has been at the centre of the economic central bank is taking several measures. On one side, we have
transformation of the country and is the official been regulating banking practices and on the other controlling
advisor to the government on economic issues. non-performing loans. When I came in, the cost-to-income
The country managed to sail through several challenging phases ratio of the banks was as high as 78%. It means that banks
because of this bank. When it was established in 1965, we had were adopting practices that were inimical to the interests of
a market economy that transited into a command economy. At depositors. They were not declaring profits which means that they
the time, one of the sectors which were could not expand and grow. We took
radically transformed was the banking measures to make sure that banks
sector because private banks ceased to adopt practices that are supportive
operate and we had state-owned banks “What we want of the growth of the sector, such as
with direct intervention by the government.
The central bank had a reduced role and
to see is a sourcing services locally.
On another note, we have seen
operated through the state. With the re- banking sector a drastic drop in non-performing
introduction of a market economy and
private banks, the bank had to change to
that has the loans as a result of the measures
we are taking. Loan repayment is
assume greater roles. Most of the private capacity to imperative because our objective is
banks are owned by foreign entities and
the bank had to change both in terms of
Professor reach everyone to make sure that the banking sector
is stable, developed and capable
Florens Luoga,
economic and political orientation. The Governor of Bank in the country.” of providing the necessary finance
bank had to create a regulatory regime Of Tanzania that is needed in the private sector.
that would ensure that the banking sector We’re trying to make sure that the
is not used for mobilising and repatriating banking sector lends to areas that
resources to foreign countries without injecting this capacity have a remarkable economic impact. I would like to see more
into Tanzania’s economic growth. We make sure that what the loans being given to the private sector, especially in areas where
country is earning comes back to Tanzania. By 1995, the role there is an impact on the country’s economic growth, for which
of the central bank was substantially expanding. Following we have adopted policies. We want the banks to supervise the
that, the country went through a lot of challenges again with investments and not merely provide a loan to an entity and wait
the financial crisis and now the Ukraine war and the reactions for repayments. For this purpose, we decided to set up a special
and decisions such as the continuous increase in interest by fund to support the banks.
the Federal Reserve. We always have to ensure that the actions
taken outside the country will not overly affect the functioning of What are your vision and hopes for the banking sector in Tanzania?
our economy. With the approach adopted by the central bank in We want to see a banking sector that has the capacity to reach
conducting monetary policy, we have not had abrupt increases in everyone in the country. We no longer depend on the brick-and-
inflation rates and the value of the shilling has remained stable. mortar branches in the country which are expensive to maintain.
When the shilling is stable, it means that investors are assured We would like banks to be able to mobilize sufficient deposits
that their investments will provide adequate returns. In terms of since without this capacity they will need to borrow in order to
macroeconomic indicators, the country is the most stable in the lend. That is very costly, but if you have sufficient mobilization
region, both in East Africa and within the Southern Africa region. of deposits, you can lend cheaply and we want to make sure that

4
CONTENT BY REO COMMUNICATIONS TANZANIA
PROFESSOR FLORENS LUOGA,
GOVERNOR OF BANK OF TANZANIA
financing through the banks is accessible. That is why we are
gradually pushing interest down but without interfering with the
commercial decision-making process of the banks. We look at
the factors that keep interest rates high. Interest rates were as
high as 22-23 and are now slowly moving to a single digit. We’re
still taking measures to make sure the banks do not have a risk
premium that they are using to create very onerous conditions.
That’s why we’ve requested all banks to sign an ethics code.
How can the growth of the country’s banking sector be sustained?
It is very important that the banking sector is well liberalised.
You must have a good mix of private and state banks. You
cannot avoid state banks especially when you want to finance
development. The private banks cannot lend over a long period
of time. Then you need a very strong development to finance
investments, but with our interventions, the commercial banks
should be able to lend for a long time as well because we have
no option except to use the banks. Another point that is very
important is that the banks must be able to compete. Without
competition, the banking sector can be the first enemy to any
objective of economic growth because they tend to organise
themselves as a cartel. All of the products are uniform and we
have to break that. We need competition within the banking
sector through diversification of products and innovative
approaches in financing. We need to see that it is attractive
enough to bring financing from outside the country. It is very
important because once you have a capable banking sector
then you can meaningfully talk about the growth of the private
5
“We have taken many measures
to create an inclusive banking sector,
such as expanding the agency
network in the country, which
has now grown exponentially.”
sector, growth in the economy and the ability to finance any
project, whether public or private sector projects.
Could you briefly summarize why now is the best time to come
and invest in Tanzania?
In recent years, we have seen the government putting in place
the necessary frameworks that are conducive to investment
and these are frameworks that have been tested. For instance,
when we say that export earnings should come back to
Tanzania, it is because we need the export earnings for the
balance of payment reasons and to build our forex reserves.
This is a country that has transitioned from being incapable of
meeting its foreign payment obligations to not defaulting from
meeting them for the past 10 consecutive years or so and our
reserves are strong enough.
We have taken many measures to create an inclusive banking
sector, such as expanding the agency network in the country,
which has now grown exponentially, lowering the interest rate
and creating certainty. With the implementation of the financial
registry, we know where the services are accessible in the whole
country and know what decisions to make so that areas that have
no services will access the services. By implementing the instant
payment system, we are making it cheaper and our system is
better than most systems on the continent and outside. Our
payment systems, which the central bank has created, make it
possible for all civil servants to be paid on a single day. Today you
can make any payments through the phone. This is a bank that is
almost fully digitalised.
 TANZANIA CONTENT BY REO COMMUNICATIONS

HON. DR. MWIGULU LAMECK NCHEMBA

MINISTER OF FINANCE AND PLANNING

Building The Fast Track For

Tanzania’s Economic Growth
REO Communications had the immense pleasure and honor to sit down
with Tanzania’s Minister of Finance and Planning to discuss his vision
for sustainable and shared economic growth in the country.

W
hat policies are currently in place to support the Could you provide us with some specifics of any other upcoming
Ministry’s vision? large-scale project?
The Ministry’s vision is supported by the third In partnership with reputable oil and gas companies, the
Five Year National Development Plan (2021/22- government is going to construct the Liquefied Natural Gas
2025/26) which has been prepared in accordance Plant (LNG) in Lindi. The government will implement this project
with the National Development Vision for the betterment of the country and is currently
2025. The goals of the Five Year National Development searching for a strategic investor to partner with for the
Plan include Tanzania becoming a middle-income coun- implementation of this project.
try becoming and continuing with its transformation into
becoming an industrial country with a high human de- How would you rate the finance sector in Tanzania
velopment or a high standard of living. All sector policies right now, and what can be done to make it the absolute
are designed to align with the National Development Plan leader in terms of GDP contribution to the country?
(2021/22-2025/26) which has been prepared in accor- Notwithstanding the challenges of the residual
dance with the National Development Vision 2025. effects of the COVID-19 pandemic and high commodity
prices in the world market, the financial sector in
What policies and initiatives are currently being Hon. Dr. Tanzania is stable, and profitable, with capital and
developed by the Ministry that will help fuel the Mwigulu Lameck liquidity levels exceeding regulatory requirements.
country’s projected GDP growth? Nchemba, Signaling adequacy of liquidity in the banking system,
The government developed a robust national COVID-19 Minister of the overnight interbank cash market interest rate
Rescue and Recovery Plan with the aim of combating the Finance and averaged 3.42% from July 2021 to April 2022, compared
effects of the pandemic holistically whereby TZS 1,319.2 to the 3.6% recorded in the corresponding period in
Planning
billion were raised from the IMF under the Rapid Credit 2020/21. Likewise, treasury bills yields eased to an
Facility (RCF) window to implement the Plan which ended average of 4.17% from 5.29%, while seven lending rates
in June 2022. In addition, the 2022/23 budget focuses on the productive declined, albeit at a slow pace, to an average of 16.44% from 16.59%.
sector in order to stimulate economic growth and employment and The private sector credit growth was 8.4% compared to 4.3% in
construction of strategic projects such as SGR, the Julius Nyerere the corresponding period in 2020/21, and the target of 10.6% for
Hydropower project, roads, ports, and airports infrastructure. 2021/22, is attributable to accommodative monetary policy and
improving business conditions. The exchange rate remained stable
What are the short and long-term benefits of the construction of from July 2021 to April 2022 due to low inflation, prudent monetary
the 282-kilometer standard gauge railway that your Ministry is and fiscal policies, and adequate foreign exchange reserves. Foreign
building along with the Ministry of Infrastructure? exchange reserves amounted to US$5,110.28 million at the end of
A lot of opportunities will be created, and these range June 2022, compared to US$ 5,290.4 million at the end of June 2021.
from employment to increasing the market for locally-made
construction materials and several other services offered by local What are your thoughts on Her Excellency’s first term in office?
companies. The rail line will boost goods and passenger traffic I would like to congratulate Her Excellency Samia Suluhu
between the two countries and landlocked countries such as Hassan for the great hope she has given Tanzanians by showing
Congo DRC, Rwanda, and Uganda. The modern railway is expected that she is a vigilant, strong, hardworking, honest, and responsive
to reduce the time of travel using the electric train. Currently, road leader with a consistent vision of bringing great progress to our
networks experience congestion because a huge chunk of cargo country. Within a short period of Her first term in office, she has
is transported via roads, but the SGR will come to relieve the roads clearly demonstrated that she has a solid vision that will facilitate
since trains will be transporting the cargo as well as passengers. greater achievement in the development of our country.

6
CONTENT BY REO COMMUNICATIONS TANZANIA

HON. DOTO MASHAKA BITEKO

MINISTER OF MINERALS

Mining Growth
and Prosperity
REO Communications had the immense pleasure of talking to Hon. Biteko,
Tanzania’s distinguished Minister of Minerals, about the future of mining
in Tanzania and the truth behind the nation’s unique gemstone, Tanzanite.

W
hat are your ministry’s structure and main
objectives and projects?
The ministry has three departments namely:
policy and planning, human resources and
administration, and minerals as a core department.
The ministry mainly deals with policy-
making and its implementation. Institutions under
the ministry are the Mining Commission dealing with
the management of the Mining Act and regulations
governing the mining sector; the Geological Survey
of Tanzania with mineral prospecting and providing
geological and mineral information for potential
investments; the State Mining Corporation which
deals with investments in mining on behalf of the
government and developing small-scale miners;
the TGC which deals with the provision of skills and
knowledge on mineral value addition; and the TEITI Mashaka Biteko,
that handles transparency in extractive industries.
Could you provide us with some specifics on upcoming
large-scale mining projects?
During the signing ceremony of agreements with mining
companies in Dar Es Salaam, our President pledged to grow
the mining sector and relations with mining companies. In that
ceremony, President Samia Suluhu Hassan said, “Today we are
participating as a key shareholder in mining our precious resources
which have an important role in the economic development of our
country.” We have the following upcoming large-scale mining
projects: Faru graphite in Mahenge, Fungoni, and Tajiri Heavy
Mineral Sand in Dar es Salaam and Tanga, Nyanzaga in Sengerema,
the graphite project in Lindi and Kabanga Nickel in Kagera.
What are you doing to prepare and educate mining experts in the
country?
We provide education to Tanzanians in all facets of the mining
sector from lower levels to tertiary.
What is your stance towards foreign investors and
partners for projects in Tanzania and the region?
President Samia Suluhu Hassan’s administration
is banking on improving the investment climate and
embracing partnerships with the world’s largest miners,
among other measures, that seek to achieve its resolve to
almost double the contribution of the mining sector to the
economy. Therefore, foreign investors are highly encouraged
to come and invest in the mineral sector. The government
is ready to support investors in small, medium, and large-
Hon. Doto scale investments by creating a conducive environment for
investment while continuing to promote the establishment
Minister of mineral value-addition industries and mineral trading.
of Minerals
What steps need to be taken so that Tanzania can
take full advantage of its unique Tanzanite deposits?
While speaking on her tour to record the Royal Tour documentary,
H.E. President Samia Suluhu Hassan said that the film will reveal
the truth about where Tanzanite is mined. The film tells the world
the truth about Tanzania being home to Tanzanite. President Samia
Suluhu Hassan points out that Tanzanite is the only gemstone that
cannot be found anywhere in the world but the gemstone was sold
randomly in various countries without people knowing where it
came from. Therefore, the government intends to brand Tanzanite
and establish a special economic zone in the Mirerani area where
Tanzanite is mined for value addition and marketing.

How impactful is the mineral sector in Tanzania’s economy today?
The mineral sector is a source of foreign earnings in the country.
During the year 2021, mineral exports accounted for US$ 3.1 billion,
while GDP contribution currently stands at 7.9% and is expected
to reach 10% by 2025. Mining is a provision of employment for
Tanzanians as well as a contributor to domestic revenues through
taxes and fees. Furthermore, it is behind the country’s well-
planned and managed CSR programs and the implementation of
local content programs.
What do you think makes Tanzania so unique, in regards to mining,
compared to other nations in the region?
The availability of untapped mineral resources which is more
than 90%, a stable social and political environment, and a stable,
predictable, internationally competitive, and non-discriminatory
fiscal regime make the country unique. Tanzania is an emerging
economy with high growth potential, a transparent regulatory and
administrative system with an availability of a geological resource
database, and a supportive infrastructure.

7
 TANZANIA
CRDB BANK PLC
CRDB Bank’s Drive
for Digitized Future
Group CEO and Managing Director of CRDB Bank Plc, Abdulmajid Mussa Nsekela,
has led Tanzania’s largest Bank toward higher success for the past three years.
Nsekela is also looking to expand further, using a variety of digital incentives.
M
any bustling corporations within Tanzania are
driven by technological advancements that form
the market’s ecosystem. CRDB Bank is no different,
renowned as a leading bank in innovation, the Bank
has carried out a lot of automation in its customer
service process and has also digitized most of
its products; currently, over 92% of customers’ transactions are
performed digitally. Group CEO and Managing Director of CRDB
Bank Plc, Abdulmajid Mussa Nsekela says, “Our philosophy is that
one must finish the process within the customer’s available time;
hence we have been removing all the unnecessary bureaucratic
processes by investing in digital systems
and channels,” Nsekela says that the digital
channels had helped the Bank register
significant success, particularly in improving
its profit margins. He also is proud of the
Bank’s track record of pioneering digital
banking, which has been critical in driving
financial inclusion in the country. The Bank
has scored several firsts for its competition
in deploying exciting and innovative
products and services to meet the needs of Abdulmajid
its customers. Last year, amidst Covid-19, Mussa Nsekela,
the Bank launched an improved version of Group CEO
its mobile banking solution, SimBanking,
enabling customers to access most of the
and Managing
Director of CRDB
services digitally, including digital account
opening, loan application, insurance
Bank Plc
services, and bill payments. Nsekela affirms,
“We have a dedicated team for innovation, and most of the products
and services we offer, we innovate ourselves.”
Over the past three years, the Bank’s performance has
strengthened on the back of strategic reforms, which continue
to change the Group’s fortunes to the delight of its shareholders.
Nsekela attributes the sustained performance to ongoing digital
transformations that have unlocked the Bank’s abilities, leveraging
a solid customer base and a favorable business environment.
In 2018, when he joined the Bank, it doubled its profit to TZS68
billion compared to TZS34 billion recorded the previous year.
In 2021, CRDB Bank’s net profit peaked at TZS267.56 billion
further consolidating its pole position in the local market. With
such paramount success and performance in the market, it is no
surprise that the Managing Director com CEO is looking to expand
8
CONTENT BY REO COMMUNICATIONS
across East African countries. “We are the largest bank in Tanzania
and third in Burundi, but our ambition is to be the leading bank in
the region,” he underlines.
The Bank is currently finalizing its expansion plans into the
Democratic Republic of Congo, an opportunity to grow its share
in the region. Economic analysts expect it to do much better,
considering its innovative products and services. Alongside its
impeccable growth, Nsekela further explained that the Dar es
Salaam base lender continues to dominate the agency banking
business in Tanzania and Burundi where the Bank has a subsidiary.
Since their introduction, the CRDB Wakala and Turihose have
become household names for agency
banking in Tanzania and Burundi. “We
“We have a have decided to put more focus into
dedicated agency banking. Currently, the Bank
is deploying a new system for agency
team for banking to enable them to provide
innovation and more services to customers, including
account opening. The Bank has over
most of the 22,000 CRDB Wakala in Tanzania and
things you see over 400 in Burundi,” he revealed.
The CEO explained that they are
we innovate working with regulators to build a more
ourselves diverse market for financial institutions
to operate efficiently. “Very soon,
and that we’ll launch another new service to
is the path.” support entrepreneurship, which will
be more digitized and connected with
the government’s electronic payment
system,” Nsekela added. The Bank is currently aggressively
supporting sectors of the economy that are recovering from the
challenges caused by Covid-19 by taking several initiatives,
including interest cuts. Earlier this year, CRDB Bank reduced
interest rates on agricultural loans to a single digit, 9%, from 20%.
Moreover, the Bank has recently entered into credit line and portfolio
guarantee agreements of over TZS500 billion with Proparco,
USAID and DFC, IFC, AGF, and AfDB to support SMEs in the country.
The ability of CRDB Bank to attract funding from global agencies
speaks to the Bank’s international standing, reputation, and trust
to support economic stability during the Covid-19 pandemic.
CRDB Bank’s Group CEO and Managing Director, Abdulmajid
Nsekela, revealed that the Bank’s goal is to facilitate a quick
recovery of the SME sector and keep the lights of the economy
CONTENT BY REO COMMUNICATIONS TANZANIA

CRDB BANK PLC

1 2

3 4

PHOTO 1: President H.E. Samia Suluhu Hassan (center) transacting on one of the self-service screens in the digital banking area at the CRDB Bank new Headquarters during
inauguration ceremony held on 5th March 2022.

PHOTO 2: CRDB Bank Group CEO and Managing Director, Abdulmajid Nsekela, (center), Nnenna Nwabufo, Director General of the Africa Development Bank (AfDB) East Africa
(right), and Jules Ngankam, Chief Executive Officer of the Africa Grant Fund (AGF) showing the agreements to empower women entrepreneurs in Tanzania during a signing
ceremony in Dar es Salaam in July.

PHOTO 3: Vice President of Tanzania, Hon. Dr. Philip Mpango thanking the participants of “CRDB Bank Marathon” for raising funds to help the community, while handing over
a dummy cheque of Tsh 220 million to the Director General of CCBRT Hospital, Brenda Msangi (fourth left).

PHOTO 4: Fuat Kemal, Yapi Markezi’s Project Manager for the Standard Railway Gauge (SGR) during a visit to inspect the project’s progress.

on by ensuring they can easily access the funds required to grow
their businesses. Nsekela emphasizes that Tanzania’s economic
recovery is taking place across all sectors. He is also enthusiastic
about the country’s investment opportunities for both domestic
and foreign investors. “It’s not surprising that investors want to
invest in Tanzania’s economy; our President, H.E. Samia Suluhu
Hassan, is doing an admirable job of opening up the country’s
economy and hastening recovery.” He adds, “We have all seen how
The Royal Tour has successfully promoted Tanzania as a leading
country in terms of tourist attractions around the world. It has
aided in the recovery of the tourism sector from the pandemic’s
challenges while also increasing trade between Tanzania and
other countries and attracting investors to invest in Tanzania.”
He continues by explaining how the Bank also supports
government-led social causes. “In Zanzibar, we are working
closely with the government to support the Blue Economy agenda
by empowering entrepreneurs. More than 30,000 entrepreneurs
have benefited from the program. We support them financially
by offering interest-free loans, business training, and connecting
them to markets,” Nsekela narrates. In addition, CRDB Bank
continues to support the country’s communities through its
Corporate Social Investment Policy. “Investing in our communities
has always been a part of CRDB Bank’s culture. The Bank invests
1% of its profit each year to strengthen our communities and
support noble causes. Last year, the Bank invested TZS1.8 billion
in more than 50 projects in health, education, and environmental
sectors, across the country,” he explains.
According to Nsekela, this kind of success, innovation, and
sheer dedication to meeting customer needs and transforming
the country’s economy are precisely why the Bank has achieved
such great success. He claims that CRDB Bank is driven by a
culture of excellence, strict adherence to best practices, and an
unwavering commitment to customers. Nsekela’s claims for
CRDB Bank are certainly more than rhetoric. Its dedication and
excellence have earned the Bank another triumphant milestone
by winning the ‘Best Bank in Tanzania’ during the prestigious
Euromoney Awards 2022. In 2021, The Global Finance Magazine
named the CRDB Bank the Most Innovative Bank as well as the
Bank of the Year Tanzania for the third year in a row. The Bank
was also awarded the Most Customer-Centric Bank Award by
Pan Finance Magazine and the Quality Achievement Award from
the European Society for Quality Research (ESQR).
P.O. BOX 268
Dar es Salaam. Tanzania.
Tel.: +255 (22) 2197700
info@crdbbank.co.tz

9
 TANZANIA
EXIM BANK TANZANIA
Opening the Door
to Investment and Growth
From its beginnings as a small branch to now serving as one of the top five banks
in the nation, Exim Bank has evolved and adapted to serve its customers,
fully embodying its slogan and business philosophy: Innovation is life.
E
stablished in 1997, Exim Bank Tanzania is the
largest subsidiary of Exim Bank Group, now
counting over 30 branches across the country.
What first began as a small bank at the beginning
of the liberalization of Tanzania’s economy soon
transformed into one of the top five banks in the
country. “Exim Bank Tanzania is Tanzania’s first international
bank, a status we obtained after opening a subsidiary office in
Comoros. Our shareholders are businesspeople and innovative; for
this reason, we couldn’t find a better and more suiting slogan than
‘Innovation is life’ which embodies our
ethos,” says Jaffari Matundu, CEO of Exim
Bank Tanzania.
Its innovative business philosophy has
led to impressive growth as a financial
solutions provider. Matundu states,
“We were the first bank to introduce
credit cards in the country by partnering
with MasterCard, and then slowly we
expanded.” Exim Bank’s expansion led it
beyond Comoros, to more subsidiaries Jaffari Matundu,
in Djibouti, Uganda, as well as Ethiopia, CEO of
through a representative office.
Exim Bank’s growth throughout its
Exim Bank
Tanzania
history has shown organic and inorganic
growth, especially within the past two
years as the Tanzanian economy exited the repercussions of the
pandemic as it began to grow through acquisitions. “I can proudly
say we are among the first banks in the country to start acquiring
other institutions. We were successful in 2020 with the acquisition
of one of the largest Pakistani banks, based in Tanzania, UBL Bank,
and most recently with the acquisition of the FNB Bank Tanzania.
These successes have been made possible by our people, who
are the most dedicated,” says Matundu. Indeed, even in terms of
workforce, Exim Bank has had impressive growth and is only aided
by its diversity, boasting a gender-balanced staff throughout all its
branches.
As a bank with a significant impact and reputation in Tanzania,
Exim Bank also strives to be a member of the community; this
is reflected through the Exim Cares division, the bank’s social
responsibility arm, addressing significant social issues and
builds on its commitment to Exim AT Work Today, For Tomorrow
approach which aims to work for a better tomorrow for the
10
CONTENT BY REO COMMUNICATIONS
communities that support and surround it. “Through Exim Cares,
we have always strived to positively impact the communities in five
main areas, environment, education, health, financial literacy, and
the innovation eco-system,” says Matundu.
In the first half of 2022 alone and before it acquired FNB Bank,
Exim Bank delivered TZS 18 billion profit before tax, continuing its
prosperous growth from last year when it reported 39% growth.
“Especially with the acquisition of FNB Bank, this is most likely
going to be the best year in the last 25 years for us. It’s going to be
significant. The 39% growth of 2021 was even in light of the post-
COVID-19 impact,” states Matundu.
“You can see the growth sectors that are
“I foresee coming in the country. We see significant
growth in the tourism and hospitality
Exim Bank industries. From our perspective, about
to be playing 30% of our customer base, including
customer assets and customer liabilities,
a key role comes from hospitality, tourism, and
amongst related sectors.” This growth in the face
of global challenges is a testament to
the top the potential of the Tanzanian banking
banks in the sector. “We are also seeing significant
trade growth, particularly for SMEs,
economy.” which extends across all the sectors and
contributes to almost 90% of businesses
in the country,” adds Matundu. In addition,
Matundu confirms that having a very supportive regulator in the
country has played a critical role in the bank’s growth. “It is a
conducive environment, both in fiscal and monetary policy, and that
is encouraging growth for all the other key sectors of the economy.
As Exim Bank, I think we will probably grow beyond 20-30%. This
shows that in the post-pandemic era, businesses are doing well.
The Government’s support of the private sector is translating into
the growth that we are seeing as Exim Bank.”
Exim Bank’s impressive performance since its inception has
placed it in a position to be a brand ambassador for the banking
industry in Tanzania. Not only within its field, but the banking
sector and the impacts of Exim Bank also have a reverberating
effect on the well-being of the entire economy. “The sector,
in terms of its contribution to the economy, has contributed
significantly to the GDP,” confirms Matundu. “Most recently,
besides agriculture, electricity, and energy, financial services are
coming in and banking is critical.”
CONTENT BY REO COMMUNICATIONS TANZANIA
EXIM BANK TANZANIA
The Prime Minister of the United Republic of Tanzania, Hon. Kassim Majaliwa,
officially launching a year-long 1,000-desk donation campaign for primary
schools in Tanzania.
Former Deputy Governor of The Bank of Tanzania, Dr. Bernard Kibesse (right),
with Jaffari Matundu, at the official opening of a new branch, symbolizing a
successful acquisition of the UBL Tanzania.
The Bank entered a 3-year partnership with the Zanzibar Tourism Investors
Association (ZATI) as a strategic plan to promote tourism in Zanzibar.
In the near future, the banking sector is set to become even
more stable and well-regulated, contributing further to the nation’s
growth and stabilization.“I see a growth trajectory for most of the
banks, and I foresee Exim Bank to be playing a key role amongst
the top banks in the economy. We are not a foreign bank. We do not
have a parent bank overseas. But as a local bank, we are playing
our part to be an important role player in the economy.”
As the needs of the economy rapidly change, the tools required
to stay ahead of the game are just as important. Technology in
the fintech sector has been advancing each year, ranging from
Blockchain to digital e-banking applications, cloud computing
to mobile account opening. In all these cases, digitalization is
11
key to the advancement of the banking sector as a whole. “With
technology, there is growth,” says Matundu. “Digitalization is
inherent to that growth. Everyone in this sector is not only trying to
be more digital, but they are trying to make digital a part and parcel
of the banking sector. At the end of the day, it is how you compete,
not necessarily with the banks, but all sectors.”
Exim Bank is heavily investing in digitalization and making
efforts to improve its technology and partnering with fintechs to
facilitate innovation in all its operations. “This isn’t just to make us
more competitive,” says Matundu, “but to make us more relevant
in the market. It’s about offering what is convenient to your
customers.” Through a partnership with Intellect Design Arena,
Exim Bank is realizing major upgrades to its technology platform
and digital channels to make them more modern, which will
increase convenience for customers and expand its competitive
advantage over most banks.
With the banking sector in a strategically favorable position, Exim
Bank is welcoming foreign investors and partners to contribute
to the rising FDI in Tanzania. Through various agreements and
government initiatives that support FDI in the nation, Exim Bank
is working to make an impact on investment contributions in the
country. “This year, the Bank entered a three-year partnership with
the Zanzibar Tourism Investors Association (ZATI) as a strategic
plan to promote tourism in Zanzibar. This partnership provides
an opportunity for both parties to work together to ensure that all
relevant information about Zanzibar tourism is readily available
around the world and that ZATI members find a solution to their
financial needs as well as link us with all the investors coming
into the country, particularly in Zanzibar. We are at an advantage
as we are more independent.” says Matundu. “Business-wise, our
reputable name helps us as well. We are even trying to partner with
the government and the Tanzania Investment Center for investors
coming into the country. The Central Bank plays a key role in linking
investors with most commercial banks, and we are one amongst
these commercial banks.” In this sense, partnerships have a
360-degree benefit, from government collaboration to connecting
with associations that deal with all the investors from overseas.”
It remains clear that the banking industry is poised for explosive
growth in the coming years and the Tanzanian Government is also
focused on boosting investments and the business environment
to contribute to GDP growth. Matundu states, “Her Excellency
President Samia Suluhu Hassan and her administration’s vision are
key to increasing investment in the nation. In terms of fiscal policies,
we should encourage investors to come and do business, and allow
the government to focus on overseeing those investment policies.
If you are an investor, Tanzania has a conducive environment with
sustainable policies at both the fiscal and monetary levels.”
Tanzania has proven that its banking sector has grown significantly
since the end of the pandemic with the government supporting all
aspects of the economy, all the way to the private sector.
Exim Bank (Tanzania) Limited
Corporate office: 1401/05 Exim Tower. Ghana
Avenue P.O Box 1431. Dar es Salaam
Tel.: +255 22 2293000 / 22 2293201 | Fax: +255 22 2121791
customercare@eximbank.co.tz | www.eximbank.co.tz
 TANZANIA
KCB TANZANIA
Revitalizing Tanzania’s
Banking Industry
Serving a significant segment of the East African community,
KCB Tanzania is providing high-quality standard banking services rooted in 25 years
of experience that continues to evolve through innovation and digitalization.
T
hrough successful operations lasting a quarter
of a century, KCB Tanzania has cemented
its position ahead of many of Tanzania’s
reputable banking brands. The firm is one of the
subsidiaries of the KCB Group, which operates
across six countries in East Africa and will soon
be opening its doors in Congo DRC.
“KCB started operations in Tanzania in
1997. It provides normal banking services
in the segment of corporate banking, trade
finance, retail banking, FX trading, and digital
financial services,” says Cosmas Kimario,
Managing Director of KCB Tanzania,
stressing that the bank has witnessed a
significant increase in its overall operation
and profit in the past five years.
The bank currently operates 15 fully- Cosmas Kimario,
fledged branches across the country Managing
and has plans to open three additional Director of
branches whilst focusing on digital KCB Tanzania
financial service delivery models. “We’ve
got agency banking outlets across the
country which complement our work. Instead of investing in an
extensive branch network, we are capitalizing on agency banking
(wakala) to communicate directly with our systems,” explains
Kimario, emphasizing that this process reduces the bank’s
operational costs as well as extends customer reach.
“We are among the top banks in Tanzania when you look at balance
sheet size and customer deposits. When it comes to profitability,
KCB is ranked seventh in the industry.” Kimario credits KCB’s close
relationship with its clients and its focus on the quick turnaround time
for transactions as some of the major contributors to its success.
Kimario notes, “Looking at our core banking system and alternative
delivery channels, such as the internet banking, mobile banking, ATMs,
POS Machine, and the agencies, you will confirm that they are all top-
notch. We invest heavily in technology to ensure prompt services.”
According to Kimario, targeting sectors that are growing exponentially,
such as infrastructure, construction, trade, manufacturing, and
transport, has propelled the bank’s profitability and growth. KCB
is accelerating its digital operations and online banking service
substantially and claims to be among the top three banks in Tanzania
in terms of digitalization. “The focus has been to ensure that most of
12
CONTENT BY REO COMMUNICATIONS
our transactions are done outside the core banking system. Ninety-
seven percent of our transactions across the group, for example in
Kenya, are currently done outside the core banking system. We intend
to achieve that here. We have invested in a new platform which will
take us to the top in the next two or three years,” states Kimario. He
further explains, “We are developing a solution whereby our agencies
will be directly integrated into our core banking
system. If a customer lives in a remote area
“We invest and deposits money through our agency, this
heavily in is the same as depositing money in one of our
branches.” Aside from its focus on agencies
technology to reach its clients, KCB partners with different
to ensure organizations to make its services easily
accessible. “We have an engagement with
prompt the wholesaler AzamPay. The aim is to see
services.” how we can simplify our deliveries and make
our customer services better and easier. We
are also in discussion with telcos on how
we can work together in various areas, whether in terms of service
delivery, loans, transfers, and money movements. We are looking for
partnerships that can improve our services,” he says.
Within the next five years, KCB aspires to become one of the top
five institutions in the banking industry in Tanzania by expanding
its services through organic growth and acquisitions. Kimario
mentions that investing in Tanzania guarantees a good return
on investment as there is high demand for services in different
sectors due to inadequate supplies not meeting customers’ needs.
“Tanzania has a stable political environment. It has abundant
natural resources, such as huge amounts of gas deposits in the
oil and gas sector. Tourism, transport, manufacturing, and health
are some of the many sectors that hold appealing opportunities for
investors. I’m very pleased and commend Her Excellency President
of the United Republic of Tanzania with the Royal Tour; it could be
seen as an initiative to open the tourism sector as well as to also
create awareness on the opportunities Tanzania holds.”
Harambee Plaza Ali Hassan Mwinyi Tel.: 0800 780 071
Kaunda www.tz.kcbgroup.com
P.O. Box 804, Dar es Salaam, Tanzania customercare@tz.kcbbankgroup.com
CONTENT BY REO COMMUNICATIONS TANZANIA

ASAS GROUP OF COMPANIES

Leading the Industry

With Innovation
and Compassion
ASAS Group redefines success beyond business through compassionate leadership,
quality service, and a unique approach to operating a prospering business.

O
ne of Tanzania’s oldest and biggest business livestock and agricultural training at no cost. In return, ASAS
groups, A.S. ABRI & Sons Transporters was Dairies maximizes the value of the raw milk they produce. They
founded in 1936 to be “a leader in the industry.” are also the pioneer in creating quality new dairy products in the
Staying true to its vision and complementing the country, such as yogurts, and in educating consumers about the
dynamic growth of its transportation business, it health benefits. The Group constantly pursues innovative ways to
diversified into other businesses and formed the enhance the goods and services they offer to customers.
ASAS Group of Companies in 1978, with the same dedication to ASAS Group advocates compassionate innovation to uplift lives,
excellence and customer satisfaction. Faraj Asas, CEO of ASAS improve society, and create more opportunities. Faraj explains that
Group quality reflects on the company’s putting people and purpose before
commitment to excellence where quality “We think about profit is their greatest asset. “This
makes the difference in a highly competitive is what ASAS is: We think about
market. “Every company has its value, others first, so, others first, so, before we make a
its way of business. We have our policies before we make decision, we have to consider how
and our own way of business whereby we many people will be affected by that
never compromise on quality,” he says. a decision, we decision. Furthermore, working for
“We would rather not do any business if we
just deliver and produce low quality, that’s
have to consider ASAS means working with partners,
I see my staff not as my workers
why ASAS is still here.” Faraj further adds how many but as my family.” Faraj also praises
that a business has to be strong to grow Faraj Asas, the Tanzanian government for
consistently. Indeed, today, ASAS Group CEO of ASAS
people will be being supportive of businesses and
is a national brand and an economically
resilient company that boosts Tanzania’s
Group of affected by that entrepreneurs through assistance
programs, grants, training, and
Companies
economy and the communities it serves. decision.” management counseling. Faraj says
Currently, ASAS Group specializes in a “The government is very helpful, they
variety of markets. From transport and service stations equipped listen which facilitates everything. The government wants Tanzania
with mini grocery stores, ATMs, and tire centers, the Group has to grow so that everyone can benefit, not only the government but
expanded into real estate property for different market segments in Tanzanians and anyone coming from outside can also benefit
Tanzania as well as dairy farming. In 2000, the Group established highly. It’s a win-win situation.”
ASAS Dairies Ltd, a private dairy processing firm that provides As for its plans for the future, ASAS Group aims to expand within
high-quality milk products to the local market. Faraj states that Tanzania first but also has an eye for developing internationally.
their most active projects currently lie in logistics, “We’re one of the Faraj explains, “We have offices everywhere and our offices in
biggest transporters in logistics; we move around in Eastern Central Iringa provide a corridor with an airport which is the hub of the
Africa to Rwanda, Burundi, Congo, Zambia, Malawi, Mozambique, country. We want Tanzania to enjoy our products, we want to fulfill
etc. We deal in petroleum product containers, loose cargo, gas, and Tanzania’s full demand and guarantee supply. Only once the whole
oil, and, as a Group, we are developing and growing daily.” of Tanzania can enjoy its own home-based product, will we look to
ASAS Group’s ability to exercise market leadership, expanding beyond.”
entrepreneurial drive, and strategic brand marketing have been the
drive behind the company’s significant growth, placing it as one
of the country’s trusted conglomerates. Faraj believes that doing
good is good for business and he emphasizes the importance of
doing greatness in a holistic sense to achieve sustainability. The
Group provides ample opportunities to farmers by giving them https://asasgrouptz.com

13
 TANZANIA CONTENT BY REO COMMUNICATIONS

TANZANIA AIRPORTS AUTHORITY (TAA)

The TAA’s Welcoming Approach

to Tourists and Investors
Director General of TAA, Mussa Mbura, explores how he looks to increase airport
services and facilities and become one of the leading world-class airport operators.

A
s Tanzania prepares to welcome more While appreciating the vital role that airports play in
tourists, the country also hopes to the country, particularly in job creation and economic
receive a plethora of remarkable foreign growth of local communities, the Tanzanian government,
investment opportunities. Speaking on in response to the demand for air travel, has prioritized
the role of this prestigious organization, the expansion and installation of highly developed
Mussa Mbura, the Director General airport infrastructure to handle passengers and freights.
of the Tanzania Airports Authority (TAA) explains that, The Director General elucidates his views on the highly-
“TAA is mandated to operate, manage, maintain, and regarded African Free Trade Agreement that the “African
develop 57 domestic airports and one International Continent Free Trade Agreement is the pact that will
Airport, the Julius Nyerere International Airport (JNIA) Mussa Mbura, actually enhance the African and Tanzanian trade and
on mainland Tanzania. Among the services offered General Director investment in general. Ratification of the agreement
by TAA in its managed Airports are the provision of of the Tanzania has ultimately encouraged the government to enhance
professional and cost-effective airport services as Airports and strengthen the development of its transportation
well as comfortable, efficient, and secure services and system from ports, rail, roads, and airports which allows
Authority (TAA)
facilities for the movement of passengers and cargo; all free access to goods and services across the continent
aimed at establishing a positive image of our country to thereby providing opportunities to face the current
the outside world.” trade and markets that greatly assist to nurture trade volumes and
According to TAA Traffic statistics for the 2021/2022 FY, consequently countries’ economies.”
JNIA, which is the busiest airport in the country, handled about With the current increase in demand for air travel in the country
86% of cargo tonnage, 66% of passengers, and 48% of all as a result of the recovery of air transport following Covid-19
flights recorded from all TAA-managed airports. Similarly, the and the promotion of tourism and investment opportunities that
airport handles 19 international scheduled flights and about 23 was done by the Royal Tour film, the Director General is deeply
domestic flights. Mbura states that the number of passengers passionate about improving and developing the airport projects in
recorded during the last financial year indicates a growth of 62% the endeavor to provide high-quality airport facilities and services
in passenger traffic. to its users. “Our plans are centered on developing significant
infrastructure needs that enhance 24-hour operations and
increased airport ability to serve passengers and freighters,” says
Mbura. With a variety of initiatives in place, Tanzania is looking to
welcome foreign investors with open arms, inviting them to learn
more about what the country has to offer.

TANZANIA AIRPORTS AUTHORITY (TAA)

Julius Nyerere International Airport. Terminal I
P. O. Box 18000. Dar es Salaam - Tanzania

14
CONTENT BY REO COMMUNICATIONS TANZANIA

STATE MINING CORPORATION (STAMICO)

Worth Its Weight In Gold

Through maintaining mining operations at every stage of the value chain,
encouraging foreign direct investment, supporting small-scale miners,
and finding sustainable solutions to combat climate change,
State Mining Corporation (STAMICO) serves as a vital aspect of Tanzania’s mining industry.

F
irst established in 1972, State Mining comes, people start benefiting from day one through
Corporation (STAMICO) operates with employment and local procurement.” With this in
the aim of increasing the contribution mind, the government has developed local content
of the mineral sector to the national regulations, CSR, and soft laws to attract capital and
economy and creating employment ensure that communities are recognized and benefit
opportunities for Tanzanians. from mining operations. “As long as we have good
STAMICO has also been key to bringing high regulations, especially those related to local content,
technology to Tanzania through the Mwanza Precious it guarantees that most of the benefits accrue today
Metals Refinery, which was inaugurated by Her while ensuring that investments are well protected
Excellency Samia Suluhu Hassan in June 2021. As a Dr. Venance and investors are served very well.”
state-of-the-art gold refinery and Tanzania’s first since Mwasse, Another priority for the company is dedicated to
independence, the refinery has a 480kg daily capacity Managing the care and success of small-scale mining through
and can purity gold to 99.99%. “It’s an international Director of education, licensure, and technical assistance. Dr.
business, so we are now finalizing the ISO certification STAMICO Mwasse states, “Although the sector is dominated
so that the product can be exported anywhere.” by foreign capital, we can make sure that locals
In other gold operations, STAMICO has established are able to contribute.” To help small-scale miners,
itself as the only company with numerous joint ventures with STAMICO has established education initiatives that offer training
many international companies, including the Buhemba, and and demonstration centers to ensure that miners have the proper
Buckreef gold mines which prove to be important economic information, access to financial resources, and support with
drivers for the mining sector and Tanzanian economy. Buckreef modern technology. In this way, they are able to mine efficiently
Gold in Geita, for example, is capable of processing 45 tons and safely, thereby making a meaningful contribution to their own
of gold per hour. Dr. Mwasse adds, “We also operate under a lives, society, and the economy.
subsidiary company, STAMIGOLD Company Limited, which runs Today, Tanzania’s gold reserves are estimated at 45 million
and operates the Biharamulo Gold Mine. This mine is wholly ounces, and gold export is around 90% of the mineral export of the
operated by Tanzanians.” country, serving an opportune market for the nation’s economy.
STAMICO is also involved in sustainable initiatives such as the Dr. Mwasse states, “The sector is dominated by gold, and you find
manufacturing of the coal briquette, which converts coal waste into that most of our joint venture projects are related to gold, including
an alternative energy source for cooking in households. “This is a Buckreef and Buhemba.” Indeed, Tanzania is a literal goldmine,
campaign and strategic project to deal with climate change and and the nation still has many unexplored areas in mining and
develop a sustainable way for people to cook,” states Dr. Mwasse. sourcing that are welcoming investors into the sector.
As the mining industry requires sizable investments in capital,
technology, and time, the Tanzanian government has worked
Mirembe Road, Hazina Plot No 173 Block W, Box 981
hard to make Tanzania a good investment environment. Dr. Dodoma Tanzania
Mwasse explains, “Sometimes investors must wait 10 years to Tel.: + 255 262392363
witness the return on their investment, but once the investment dodoma@stamico.co.tz / www.stamico.co.tz

15
 TANZANIA CONTENT BY REO COMMUNICATIONS

TEMBO GOLD

Developing Tanzania’s Rich

Mineral Resources
Focusing on the untapped potential of Tanzania’s abundant mineral resources,
in particular the exploration and development of gold projects,
Tembo Gold is making a significant investment in Tanzania’s resource potential.

G
old is a major financial asset and an indicator of explains that the company’s focus will remain on drilling. “There’s
economic health for different countries globally. lots of work to be done prior to drilling on some targets. We carried
Engaged in the exploration and development of this out a reinterpretation process with a company called Gold Spot in
noble and precious metal in Tanzania, Tembo Gold is Canada a year and a half ago, and they identified 54 targets on the
targeting the discovery of a major gold deposit that piece of land that we hold. Subsequent to that, we sold six licenses
will make a significant contribution to Tanzania’s to Barrick, and we’ve kept the main area that we had previously
GDP and gold production ranking. “I think gold is the most important worked on,” says Scott mentioning that the firm now holds about
mining commodity and many people are 35 square kilometers of land through
forecasting a gold price increase in the “Gold is the its local subsidiary.
future. Resource discovery and particularly
gold could be a remarkable growth
most important government’s Scott acknowledges the Tanzanian
support of the mining
opportunity for Tanzania,” says David Scott, mining sector. “The terms and conditions
President and CEO of Tembo Gold. “After I commodity, that we have in terms of tax and
joined the company, we took all the old data free trade agreements are good. I’m
and we did a complete reinterpretation with and many quite happy to continue working
a group of consultants in South Africa. We people are in Tanzania,” he states while also
then designed a drilling program, which we pointing out that ongoing support
started in December 2011, and successfully David Scott,
forecasting is required from the government in
drilled for 12 months.” President a gold price terms of investment security. “Like
Barrick Gold Corp. entered Africa in 1999 any industry, when you start spending
when they acquired the Bulyanhulu project,
and CEO of increase in millions of dollars, you want to know
Tembo Gold
subsequently seeking out Scott as Technical the future.” that your investment is secure.”
Services Manager, where he remained for Being passionate about uplifting
the next four and a half years. Scott explains, “I was at Bulyanhulu people, Scott leads Tembo Gold by implementing corporate
from the start of construction through to commissioning and full social responsibility activities. “My wife has helped launch about
production; when we started drilling, there already was 3.5 Moz 10 schools in Tanzania and the children coming out of those
Indicated Au resource. We conducted US$54 million worth of drilling schools are well educated, highly articulate in English, and have
in about 18 months, totaling 275,000 meters, raising the resource a strong performance in mathematics. I think the future growth
to about 15Moz.” When the Bulyanhulu mine opened, Tanzania and success of this country will depend on what can be done to
became the third-largest producer of gold in Africa. “At Tembo, we improve education,” he says.
are obviously hoping to raise that kind of money with good results In addition to the demand for minerals and metals rising globally,
too,” affirms Scott. Tembo has already invested more than US$20 Scott mentions a few reasons that further solidifies the strong
million in the conduction of over 50,000 meters of drilling on their interest in Tanzania’s infinite investment opportunities. He says,
property adjacent to Bulyanhulu, producing some remarkable results. “Tanzania’s geology is favorable for mining sector growth, with a
“Our plan is to carry out US$30 to US$50 million of core drilling over number of mine developments in progress. The willingness of the
the next few years,” states Scott. In late 2021, Barrick and Tembo government to encourage investment and the terms and conditions
announced a unique transaction. In it, Barrick had acquired six of investment are very good.”
licenses from Tembo which adjoin with Tembo’s remaining license
where the bulk of the company’s exploration activities had been
TEMBO GOLD CORP.
carried out. Among other benefits from their partnership, Tembo now Plot 1099 31 Merarani Rd, Masaki
has Barrick Gold Corp. as a shareholder. Dar es Salaam, Tanzania
Speaking of Tembo Gold’s vision for the next five years and Tel: +255 767 366 146
working towards its maiden resource development goal, Scott www.tembogold.com

16
CONTENT BY REO COMMUNICATIONS TANZANIA
NATIONAL INSURANCE CORPORATION (NIC)
Leading Tanzania’s
Insurance Sector
Through close work with the government and the Tanzania Insurance Regulatory
Authority, the National Insurance Corporation of Tanzania is leading the insurance
sector through digitization, inclusive insurance services, and initiatives to protect
agriculture, one of Tanzania’s most important industries.
E
stablished in Tanzania in 1963, the National
Insurance Corporation (NIC) was Tanzania’s first
insurance company. NIC works to safeguard
national interest in some of the nation’s largest
projects, including the Julius Nyerere Hydropower
project, the Tanzania Standard Gauge Railway
Construction project, and insures the airplanes for Air Tanzania. As
more foreign insurance companies choose
Tanzania to set up their businesses, NIC
oversees the expansion of the insurance
presence throughout the country.
To achieve this goal, NIC recognizes that
the digital space is vital. “Our customers
are becoming more sophisticated, and they
want things to be simplified. That’s why
we strive to have more inclusive insurance
services,” says Elirehema Doriye, CEO of
National Insurance Corporation (NIC). Digital
tools are not only rewriting the ways in which
Elirehema Doriye,
CEO of National
customers interact with insurance services, Insurance
but they are reaching a different market:
the youth. “We are targeting the younger
Corporation (NIC)
generations to present NIC as a refreshed
brand. We are young, energetic, vibrant, and ready to listen. That
keeps us closer to the customers and makes us attractive to the new
market and new customers,” adds Doriye. Through NIC’s convenient
app, NIC Kiganjani, it is able to increase penetration without barriers.
From start to finish, the NIC Kiganjani app allows customers to
access all of NIC’s insurance services. “We are the only insurance
company that has developed and designed an app where you can
carry out all your insurance needs,” says Doriye. “You can get your
policy on the app, which increases the accessibility of our services.
We cannot be everywhere, but digital is a solution to the logistic
problem, especially in a large and growing country like Tanzania.”
As Tanzania has a healthy and growing agriculture sector, ensuring
its well-being is of the utmost importance. In fact, out of 30 registered
insurance companies in the country, National Insurance Corporation
is one of the few engaged in the sector. Doriye states, “Agriculture
is key. Much of the population is employed in agriculture, but we
want to make it attractive to the youth. We are more focused on
small-scale agriculture activities—big farmers have the knowledge
and resources, but we want to provide this for small farmers who
are scattered throughout the country.” In response, NIC has joined
17
forces with Tanzania Insurance Regulatory Authority (TIRA) to push
for a national agriculture insurance policy that will guide insurance
bodies on the best approach for agriculture insurance.
Awareness and education of insurance products are also key to the
growth of the insurance sector in agriculture and beyond. Through
education initiatives, NIC has helped many farmers understand the
importance and positive impact that insurance services can provide.
“We conduct training to impact the farmers
“Everything with knowledge. Insurance knowledge is
less than 30%, but we have been investing in
that we training to impart knowledge,” says Doriye.
do is “We are still pushing on the agriculture side
because Tanzania is a large country, and
focused on knowledge about insurance is very low. We
giving the must first invest in knowledge before people
can invest in insurance.”
customer Not only within the insurance sector, but
Tanzania also offers numerous opportunities
the best with its young, tech-savvy population
experience and its growing markets. Enhanced by
an administration that is working to see
possible.” the nation grow, NIC clearly shares the
government’s ambition. Doriye states,
“Tanzania has a lot of untapped opportunities. We also have a
visionary president. She’s open, she listens. She’s not just a talker,
she’s a doer. And if you combine her open mindset and the available
opportunities, the country is quickly becoming more attractive.”
As government initiatives are working to enhance Tanzania’s
economy, NIC is working closely with the national agendas to ensure
every part of the nation’s sustainable growth. “The opportunities
are there, and the country is ready. We have a well-defined vision
and direction from the president, and these also give us, as NIC, an
opportunity. We are a strong company with very strong capital; we
are a transformative, private-led, government institution. Everything
that we do is focused on giving the customer the best experience
possible. Our objective is to deliver to the customer in the best way
and ensure that we help them to trust in the future and thrive.”
Toll Free No: +(255) 080 0110 041
www.nictanzania.co.tz
info@nictanzania.co.tz
Mobile App: NIC Kiganjani
TANZANIA CONTENT BY REO COMMUNICATIONS

18
CONTENT BY REO COMMUNICATIONS TANZANIA
TANZANIA PORTS AUTHORITY (TPA)
Priming Tanzania’s Ports to
Advance the Nation’s Growth
Efficiently administering Tanzania’s ports and revamping its facilities with a
progressive vision, the Tanzania Ports Authority is enabling the country’s seamless
transport of cargo through its ports and contributing to the nation’s economic growth.
T
housands of shipping
vessels set sail each year
from and to Tanzania’s
ports, carrying goods
ranging from cashews
to coal. Enabling trade
and supporting supply chains, Tanzania’s
numerous ports are catalysts for the
country’s economic development. The
Tanzania Ports Authority (TPA) administers
these ports, which connect the nation’s sea
and land transport as well as the landlocked
countries of Malawi, Zimbabwe, Zambia,
the Democratic Republic of Congo (DRC),
Burundi, Rwanda, and Uganda.
“TPA was established by the Ports Act No.
17 of 2004. TPA is the landlord, handles the
port activities in Tanzania, and is also the
operator. The law allows us to be a landlord
whereby we own land, but we can have
private operators as our tenants,” explains Plasduce
Plasduce Mbossa, Director General of the Mbossa,
Tanzania Ports Authority. Director General
The authority envisions expanding the
capacity of the country’s ports, enhancing
of the Tanzania
Ports Authority
their facilities to accommodate larger
amounts of goods. “We have dredged up
to 14.5-meter draughts, but the current generation of vessels
requires 17 draughts,” says Mbossa. “We still need more berths,
new equipment, and improved connectivity between the ports
and the neighboring landlocked countries. There have been
improvements and some construction of roads and railways, but
they are not enough compared to the demand for use.”
The authority has begun a feasibility study to develop 12
to 15 new berths in its ports—starting with the country’s
busiest, the Port of Dar es Salaam—to reduce vessel and
truck turnaround time. It also makes use of inland container
depots (ICDs) and some dry ports it has constructed, such
as Katosho in Kigoma, to increase its efficiency. In the
pursuit of expanding its services, TPA encourages logistics
companies to acquire certain areas and provides them with
port extension contracts, ensuring that they can conduct
business on behalf of TPA.
19
Bagamoyo Port and its affiliated
industrial zone are the authority’s focus
areas for development. “Bagamoyo Port
has a big area that can support the port
industry, and we will make every effort to
ensure that we develop it. We think that it
is going to bring new dimensions to what
the port industry is supposed to do,” says
Mbossa. TPA also plans to upgrade Tanga
Port, one of the longest-serving ports in
East Africa, which is being sought after for
“Bagamoyo the transport of copper and other products.
Port has a big of TPA emphasizes the importance
efficient ports for the country and
area that can region, and strives to improve Tanzania’s
infrastructure linking it with other countries.
support the “A memorandum of understanding was
port industry signed between Tanzania and DRC to
modernize a railway and construct a new
and we will road,” notes Mbossa—part of Tanzania’s
make every new agenda for economic diplomacy,
which focuses on economic activities
effort to with neighboring countries. “As a result
ensure that we of the agenda, Zambia’s cargo has seen
an increase from 1,141,000 metric tons
develop it.” in 2021 to 2,006,000 metric tons in 2022,
while it increased from 1.9 million metric
tons to 2.9 million metric tons in DRC.”
The TPA is making a range of improvements to its ports in line
with pressing demands. For instance, in a move to respond to the
current energy crisis and the rise in demand for coal, Tanzania’s
Mtwara Port, which previously was used exclusively to handle
cashew nuts, is now servicing coal.
“The government is constructing something new with the Lake
Victoria Ports, and we are going to sign a contract to modernize
several ports there,” adds Mbossa. “We expect vessels to transport
cargo all the way from Mwanza to Uganda.”
Bandari Tower - One Stop Centre
Plot No. 1/2, Soloine Drive
PO Box 9184. 11105 Dar es Salaam
Tel.: +255 (22) 1104011-5
www.ports.go.tz
 TANZANIA CONTENT BY REO COMMUNICATIONS

NATIONAL SOCIAL SECURITY FUND (NSSF)

Prospering Through
People-Centered Social Security,
Sustainable Growth, and Digitalization
REO Communications talks to Masha Mshomba, Director General of Tanzania’s
National Social Security Fund (NSSF), about the important role the fund plays
in Tanzania’s economic development and the provision of social security services.

W
hat role does the National Social Security Fund measures that have made a significant impact on the fund’s
(NSSF) play in Tanzania? growth include the automation of business processes including
The NSSF protects its members through the contribution remittances, formation of strategic partnerships
provision of social security benefits at different with institutions that maintain employer databases;
points in time to compensate for the loss of enhancement of employer inspections; and improvement
income caused by life of investment performance by
cycle contingencies and by providing
access to health and other social
“In executing its investing more in relatively high-
yielding investment opportunities.
services. The fund offers both long- mandate, the
term and short-term benefits. Old age,
disability, and survivor support are part
fund has the What are NSSF’s targets for the
future?
of our long-term benefits while maternity, opportunity to The NSSF has a five-year
unemployment, medical care support,
and funeral grants are part of our short-
contribute to the strategic plan that aims to achieve
net assets close to TZS10 trillion
term benefits. The fund contributes to development of (US$4.225 billion) by the end of June
the country’s poverty reduction strategy
through its provision of various benefits
Masha this country and 2025. This is a result of significant
improvements in contributions
Mshomba,
to its members which in turn leads to Director General improvement collections, investment performance,
increasing household consumption cost containment, and the quality of
and hence the demand for goods and
of Tanzania’s of the business services. At that time, we also expect
National Social
services which impacts the development Security Fund environment to have close to 2 million active
of the domestic market. members, which is about double the
Access to social services including
(NSSF) through lowering number of active members that we
health, nutrition, education, skills, and the cost of doing currently have today.
skills contributes to an increase in an individual’s employability
and productivity. To ensure the sustainable provision of business.” How does the fund engage in
benefits, the fund invests member contributions collected in investment activities?
various investment avenues within the existing regulatory The investment of member contributions is one of the main
framework. As of June 30, 2022, the fund’s net assets stood functions of the fund which is guided, among other things, by
at TZS6.1 trillion (US2.6 billion). The investments made by the the National Social Security Fund Act, the investment guidelines
fund have contributed to both direct and indirect employment issued by the regulator of the social security sector, and the
generation, revenue for the government through various taxes, fund’s investment policy. NSSF is committed to the highest
infrastructure development, and socio-economic development standard of corporate governance and business ethics.
across the country. Recognizing that good governance is key to people-centered
social security and the enhancement of the fund’s performance,
How has the NSSF achieved its excellent performance? the fund’s values and ethics are entrenched in its strategic and
The NSSF ensures that members are aware of the importance business objectives with a focus on accelerating growth and
of social security to the country and its people. For the past three value for the benefit of all members and the country in general.
years, we have strengthened our public awareness campaigns The fund has developed a diversified investment portfolio
through various media and communication channels, which has consisting of government securities, equities, corporate bonds,
led to an increase in member contribution compliance. Other loans, collective investment schemes investments in domestic

20
CONTENT BY REO COMMUNICATIONS TANZANIA
NATIONAL SOCIAL SECURITY FUND (NSSF)
Mzizima Towers Hotel Mwanza Tourist Hotel
DUNGU KIJICHI
banks, real estate, and infrastructures. Some of the investment
avenues that the fund has engaged with include the construction
of the important Kigamboni Bridge that links Dar es Salaam
to the Kigamboni District, which opened in 2016. The fund’s
investments in real estate include modern houses located in the
Dege, Dungu, Kijichi, and Toangoma areas of Dar es Salaam.
In executing its mandate, the fund has the opportunity to
contribute to Tanzania’s development and improve its business
environment by lowering the cost of doing business. As part of
its investment in real estate, the NSSF also supports investors
that would like to venture into the hotel industry. We currently
have a structure called Mzizima Tower in Dar es Salaam, the
country’s commercial capital, as well as the proposed Mwanza
Tourist Hotel located along Lake Victoria in Mwanza City. Once
these structures are completed in 2023, the NSSF intends to
allow investors to run hotel facilities within the buildings.
As part of its operations, NSSF supports foreign investors in
various investment opportunities, which include joint ventures.
It is also part of the fund’s obligation to ensure that investors
are adequately covered in terms of social security and that the
fund continues to retain its status as a reliable and sustainable
provider of social security services in line with its vision.
Ever since the government of the United Republic of Tanzania
under the stewardship of Her Excellency Samia Suluhu Hassan,
President of the United Republic of Tanzania, the country has
opened up for more investment Member States thus widening
the scope of investment opportunities that can further increase
the growth and sustainability of the fund.
21
Nyerere Bridge - Kigamboni
TOANGOMA
What are some of the initiatives promoted by the NSSF to recruit
workers and entrepreneurs in the informal sector?
It is very important to create awareness in the informal
sector because the majority of people in this group do not
fully understand social security and its importance to them.
The fund is spreading awareness continuously throughout the
country, making use of various media channels as well. The
other initiative that the fund is implementing is digitalization;
this will simplify registration, administrative procedures, and
contribution payment procedures. Through digitalization,
life becomes much easier. On the other hand, the fund has
also taken the initiative to identify different groups within the
informal sector and design tailor-made benefit packages that
meet their needs and which will motivate them to join the fund.
In conclusion, the NSSF has carried out several initiatives
to ensure that the informal sector is well covered and this is
reflected in our comprehensive review of the informal sector
undertaken towards the end of 2021. The review is aimed at
attracting more members by offering products needed by the
different groups within the sector. The groups that have been
identified so far include farmers, small-scale miners, fishermen,
and small entrepreneurs.
P.O.Box 1322
Benjamin Mkapa Pension Towers. Azikiwe St, Dar Es Salaam. Tanzania
Tel: (+255) (75) 6140140 / (+255) (22) 2200037
dg@nssf.or.tz / customercare@nssf.or.tz
www.nssf.or.tz
 TANZANIA CONTENT BY REO COMMUNICATIONS

CLOSING ARTICLE

A Land of Spectacular Beauty

and Infinite Opportunities
Tanzania’s vast and varied landscapes, a plethora of unique wildlife, and numerous
national parks, combined with the friendliness of its nation and a business climate
supported by the government, make the country appealing for investment by all accounts.

A
midst its vast wilderness, lush forests, raw wildlife,
and breathtaking coastal line, Tanzania’s scenic
beauty offer a peek into an untouched world –
both land and sea. Boasting seven spectacular
world heritage sites, Tanzania is home to over 20
national parks, a large conservation area, over 25
game reserves, and marine parks, making it a travelers’ paradise.
“40% of Tanzania’s land is untouched and conserved. The country is
huge, slightly bigger than Germany, where there are so many places
to invest apart from the traditional areas like the bigger cities. It has
got three water bodies around it which makes it one of the most
interesting landscapes that you can ever see,” says Aliabbas Nasser,
CEO and Founder of Smiles Rent-a-Car Services Limited.
Tanzania’s beauty is skin-deep. Beyond its archetypal landscape,
the nation is known for its incredibly friendly and welcoming
people, providing foreigners with a sense of inclusion. “Tanzania
is a peaceful country and its people are very hospitable,” reiterates
Masha J. Mshomba, Director General of the National Social
Security Fund. “In addition, we have a lot of natural resources in
terms of tourist attractions and I think we are the second country
after Brazil in that regard. We are also rich in mineral resources.”
Generating over a billion dollars every year, Tanzania’s tourism
industry offers a wide range of opportunities for potential
investors. “For investors looking to invest in tourism facilities, we
give them concessions where they can build hotels and lodges,
among others. We also have special wildlife concession areas
where we target high-end customers,” explains Mabula Nyanda,
Conservation Commissioner of Tanzania Wildlife Management
Authority, elaborating that the authority provides investors an area
of about 200 square km for tourism purposes with a tenure of
about 30 years.
One of the prominent tourist attractions of Tanzania and a world
heritage site is the Ngorongoro Conservation Area with its rich
history and incredible wildlife. The area, which is easily accessible
to tourists through a direct flight from Zanzibar, is one of the
numerous places in the country that is open for investment. “We
have a very good policy called the private concession policy, which
encourages foreign investors to come and invest in Ngorongoro
easily and sustainably,” states Freddy Manongi, Conservation
Commissioner of Ngorongoro Conservation Area Authority.
Tanzania is implementing regulatory reforms to improve its
business climate and propel itself through the ranks of successful
nations. Investors now have access to a myriad of the nation’s
untapped opportunities. “We have a visionary president who is
open to ideas and is a woman of action. She’s changing different
regulations and laws, making the country more attractive for
business. We have a well-defined vision and direction from the
President which is shared by the Ministers and everyone who is
involved,” says Elirehema Doriye, CEO of the National Insurance
Corporation of Tanzania. This sentiment is shared by Faraj ASAS,
CEO of ASAS Group. “We have a new open government. The
government wants Tanzania to grow while also ensuring that
whoever comes to invest in the country also benefits from the
process.”
A strategic gateway to six landlocked countries in East Africa,
Tanzania offers potential investors access to a variety of markets.
“Our international ports are operating with high demand. For
instance, Uganda cargo will start using Dar es Salam port, because
we are now servicing 3 or 4% of the Ugandan cargo,” says Plasduce
Mbossa Director General of Tanzania Ports Authority. Tanzania’s
three major ports and its membership in the East African
Community, Southern Africa Development Community, and the
Indian Ocean Rim Association for Regional Cooperation facilitate
its trade and investment competitiveness across different regions.
Enhancing its position as a gateway and logistics hub to East
Africa and creating an overall suitable business climate, Tanzania
awaits with infinite opportunities. Professor Florens Luoga,
Governor of the Central Bank of Tanzania says, “This is the greatest
time to invest in Tanzania because the country has been making
remarkable transformations and as we strengthen the banking
sector, investors can finance projects in Tanzania.”

22
Recent events around the world have highlighted the deep importance of global cooperation and
collaboration whereby the connection between nations plays a key role for the emergence of a new
world order. Through its successful and important series of country reports, REO Communications
is keen to provide links between cultures, values, industries, sectors and markets in a bid to journey
towards a future that abounds in peace, promise and prosperity.

www.reocomumunications.com
TANZANIA CONTENT BY REO COMMUNICATIONS

24