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| The Governor of Bank of Tanzania, Emmanuel Tutuba (center), cuts a ribbon to mark the official launch of the SME financial solutions and advisory program. Second left is the Managing Director of Bank of Africa Tanzania, Esther Cecil Maruma; first left is the Deputy Managing Director – Commercial, Hamza Cherkaoui; on the right is Board Member Waziri Kindamba; and third left is the Deputy Managing Director – Operations, Wasia Mushi. |
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| The Guest of Honor, accompanied by Bank of Africa’s senior management, tours the newly unveiled SME Space, showcasing a range of innovative solutions designed to empower and support small and medium-sized enterprises. From left: Acting Head of SME, Bank of Africa Tanzania, Beatrice Richard; Deputy Managing Director – Commercial, Hamza Cherkaoui; Board Member, Waziri Kindamba; Governor of the Bank of Tanzania, Emmanuel Tutuba; and Managing Director, Bank of Africa Tanzania, Esther Cecil Maruma. |
Dar es Salaam, Tanzania — Bank of Africa Tanzania has officially launched a comprehensive SME-focused program designed to expand access to finance, strengthen business capabilities, and accelerate the growth of small and medium enterprises across the country.
The initiative introduces tailored financial solutions alongside structured advisory services, targeting key challenges faced by SMEs, including limited access to credit, financial literacy gaps, and constrained growth opportunities.
The program has received strong endorsement from the Bank of Tanzania Governor, Emmanuel Tutuba, who commended the bank for its proactive approach in addressing the evolving needs of the SME sector.
Speaking during the official launch at the Bank of Africa Tanzania Lumumba Branch, Tutuba described the initiative as a significant milestone in advancing Tanzania’s financial ecosystem.
“This initiative reflects a positive and necessary transformation in our banking sector—from generalized lending systems to targeted, solution-driven financial inclusion,” he said.
He emphasized the critical role SMEs play in Tanzania’s economy, noting that they account for approximately 95% of all businesses and contribute about 35% of the country’s Gross Domestic Product (GDP). Additionally, SMEs employ over five million people, making them central to job creation, innovation, and inclusive economic growth.
Tutuba further highlighted that the initiative aligns with the National Financial Inclusion Framework (2023–2028), which prioritizes expanding access to affordable and reliable financial services. He noted that SMEs remain a key focus group alongside women, youth, people with disabilities, smallholder farmers, and fishermen.
A Strategic Shift Towards SME-Centric Banking
The Managing Director of Bank of Africa Tanzania, Esther Cecil Maruma, underscored the bank’s commitment to delivering impactful, results-driven solutions.
“Our strategy is built on a deep understanding of how SMEs operate—including cash flow cycles, growth ambitions, and the challenges they face—allowing us to provide solutions that directly meet their needs,” she said. “Our goal is to enable businesses to grow faster, compete effectively, and remain sustainable in the long term.”
Maruma explained that the newly launched solutions go beyond conventional banking by offering highly customized services tailored specifically to SME operations.
“What sets this strategy apart is not only the type of solutions offered, but how they are delivered. We integrate relationship management, advisory services, and faster, more customized loan processing to ensure real value for businesses,” she added.
Comprehensive Financial Solutions for SMEs
The program introduces a wide range of financial products and services designed to support business growth at every stage, including:
- Invoice discounting to unlock funds tied up in receivables
- Overdraft facilities for short-term liquidity needs
- Short- and long-term business loans
- Asset and vehicle financing
- Guarantees and trade finance solutions for import/export businesses
- Support for executing business contracts and orders
Maruma noted that the bank’s ambition is to go beyond lending and position itself as a long-term strategic partner for businesses.
“We are committed to enabling businesses to grow rapidly, sustainably, and compete effectively both locally and internationally,” she said.
Dedicated SME Support Platform
As part of the rollout, the bank has operationalized a dedicated SME engagement platform at its Lumumba Branch. The platform is designed to provide direct access to tailored financing, structured advisory services, and relationship management support.
Deputy Managing Director – Commercial, Hamza Cherkaoui, emphasized the importance of responsive financial solutions.
“SMEs require financial services that are fast, flexible, and aligned with real business conditions. We have refined our services to ensure finance becomes a driver of growth, not a barrier,” he said.
Industry Endorsement and Customer Confidence
Board Member Waziri Kindamba praised the initiative, highlighting the bank’s commitment to innovation and its role in addressing entrepreneurial challenges in Tanzania.
Meanwhile, long-term customer Mohammed Bahasawan, who has banked with the institution for over 20 years, welcomed the initiative as a transformative opportunity for local entrepreneurs.
“This is a great opportunity for Tanzanians, especially entrepreneurs, to take advantage of these services to grow their businesses and capital,” he said.
Driving Tanzania’s SME Growth Agenda
With SMEs forming the backbone of Tanzania’s economy, the launch of this enhanced financing program marks a strategic step toward strengthening the private sector. By combining access to finance with advisory support and tailored solutions, Bank of Africa Tanzania is positioning itself as a key enabler of sustainable business growth and economic development.
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