Kitomari Banking & Finance Blog: NMB TO EXPAND PRIVATE-SECTOR FINANCING TO SUPPORT TANZANIA VISION 2050

Thursday, 17 September 2026

NMB TO EXPAND PRIVATE-SECTOR FINANCING TO SUPPORT TANZANIA VISION 2050

ARUSHA - September 17, 2026: NMB Bank has outlined plans to expand financing to businesses and investors as Tanzania turns to the private sector to deliver the bulk of investment required to implement the country’s Development Vision 2050.

The Vision places the private sector at the centre of Tanzania’s economic transformation, with approximately 70 percent of the financing required for its implementation expected to come from private sources as the country pursues its ambition of building a US$1 trillion economy by 2050.

Speaking to journalists on the sidelines of the National Planners’ Conference in Arusha on September 17, 2026, NMB Director of Planning, Francis Haraka Mittah, said the financing structure places banks and other financial institutions at the heart of Vision 2050 implementation.

“Within that 70 percent, the financial sector is directly required to play its part, from large investors to, particularly, small businesses,” Mittah said.

He said NMB was developing financing approaches aimed at increasing access to capital for investments aligned with national development priorities, while also expanding financing opportunities for smaller businesses that generate jobs and household incomes.

Mittah cited small food vendors as an example of enterprises whose individual operations may be modest, but whose collective contribution to employment and income generation makes them an important part of the economy.

He said the bank was also working on products that could enable qualifying small businesses to access financing with lower collateral requirements and through alternative approaches to assessing customers’ ability to repay, subject to the bank’s lending criteria.

The financing push comes as the Government seeks to reposition the private sector as the principal engine of investment under Vision 2050.

Prime Minister Dr Mwigulu Nchemba told the conference that government institutions must shift from excessive control towards creating an enabling environment for businesses to invest, expand production and create jobs.

He said the country risked undermining its development targets if activities expected to be undertaken by private businesses continued to be carried predominantly by the public sector.

“Tanzania should move towards an enabling system instead of concentrating too much effort on control,” Dr Nchemba said.

He linked stronger private-sector participation to Tanzania’s efforts to tackle poverty and unemployment, particularly among young people, while strengthening domestic resource mobilisation as traditional sources of development financing change.

The Prime Minister also challenged planners to ensure that policies, development plans and budgets are aligned so that projects are implemented on schedule, within approved costs and to the required standards.

Meanwhile, Minister of State in the President’s Office, Planning and Investment, Prof. Kitila Mkumbo, has called for development planning to focus on measurable results rather than processes and paperwork.

For NMB, Mittah said the next task is to work with the Government and other stakeholders to expand financing that can turn private-sector projects—from micro-enterprises to major investments—into productive activity, employment and income as implementation of Vision 2050 gathers pace.