STANBIC BANK AND ZEEA SIGN FIVE-YEAR PARTNERSHIP TO ADVANCE ENTERPRISE GROWTH IN ZANZIBAR

Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania (left), and Juma Burhan Mohamed, Executive Director of the Zanzibar Economic Empowerment Agency (ZEEA) (right), display copies of the signed five-year Memorandum of Understanding aimed at strengthening entrepreneurship, access to finance and sustainable business growth in Zanzibar. The signing was witnessed by the Second Vice President of Zanzibar, H.E. Hemed Suleiman Abdullah, during the Fahari ya Zanzibar 2026 Festival.

• Agreement will expand practical support for entrepreneurs and MSMEs across Unguja and Pemba

• Partnership combines ZEEA’s economic empowerment mandate with Stanbic’s financial expertise, enterprise development capability and access to wider markets

• Signing takes place at Fahari ya Zanzibar 2026, where Stanbic has committed TZS 200 million as a Platinum Sponsor

The Second Vice President of Zanzibar, H.E. Hemed Suleiman Abdulla, witnesses the signing of a five-year Memorandum of Understanding between Stanbic Bank Tanzania and the Zanzibar Economic Empowerment Agency (ZEEA), aimed at strengthening entrepreneurship, access to finance and sustainable business growth in Zanzibar. The agreement was signed by Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania (left), and Juma Burhan Mohamed, Executive Director of ZEEA (right), during the Fahari ya Zanzibar 2026 Festival.

ZANZIBAR — September 5, 2026: Stanbic Bank Tanzania and the Zanzibar Economic Empowerment Agency (ZEEA) have signed a five-year Memorandum of Understanding (MoU) establishing a strategic partnership to strengthen entrepreneurship, financial inclusion and sustainable business growth across Zanzibar.

The agreement was signed during the official launch of Fahari ya Zanzibar 2026 at Mnazi Mmoja Grounds and witnessed by H.E. Hemed Suleiman Abdullah, Second Vice President of Zanzibar.

At the heart of the partnership is a shared ambition to help more businesses in Zanzibar move from potential to sustainable growth.

Under the agreement, Stanbic and ZEEA will work together to strengthen financial literacy, business formalisation, access to finance, digital financial services, enterprise development and market access for entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) across Unguja and Pemba.

The partnership builds on the purpose of Fahari ya Zanzibar itself. The national trade fair was created to showcase Zanzibar products and enterprises to the market, connecting entrepreneurs with customers, buyers, financial institutions, investors and business development support.

This year’s festival is expected to attract more than 15,000 visitors and over 300 exhibitors from sectors including agriculture, fisheries, tourism, innovation, manufacturing, food processing and the creative economy.

For Stanbic, the partnership reflects a broader understanding of what businesses need to succeed. While access to finance remains important, sustainable growth also depends on stronger business capabilities, sound financial management, digital readiness, access to markets, mentorship and the right networks.

Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania, said the agreement provides the Bank and ZEEA with a practical platform to help more entrepreneurs turn their ambitions into viable and competitive businesses.

“Zanzibar has no shortage of enterprise, ideas or ambition. The opportunity now is to help more businesses turn that potential into scale. That requires finance, but it also requires knowledge, stronger business systems, digital capability, market access and connections. Our partnership with ZEEA brings these elements together so that more entrepreneurs can build businesses that are ready to grow.”

CONNECTING ENTREPRENEURS TO BUSINESS DEVELOPMENT SUPPORT

The agreement will also create opportunities for eligible entrepreneurs to connect with relevant Stanbic enterprise development initiatives, including the Stanbic Biashara Incubator, where applicable.

The Incubator supports entrepreneurs through practical business development, mentorship, tools and networks aimed at strengthening business capabilities and preparing enterprises for growth.

During Fahari ya Zanzibar, the Biashara Incubator team will be on the ground engaging entrepreneurs and providing practical business support.

Stanbic teams will also engage businesses on solutions supporting trade, agribusiness, digital transactions, and Vehicle and Asset Finance.

TZS 200 MILLION COMMITMENT TO FAHARI YA ZANZIBAR

Stanbic has committed TZS 200 million to Fahari ya Zanzibar 2026 as a Platinum Sponsor.

The Bank views the investment as part of its wider commitment to the enterprises and entrepreneurs that will shape Zanzibar’s next phase of economic growth.

“Our TZS 200 million commitment is more than sponsorship. It is a statement of confidence in Zanzibar’s entrepreneurs, its products and its economic potential,” Max said.

The partnership comes one year after Stanbic established its presence in Zanzibar, marking a shift from establishing a presence to building deeper relationships with the people and businesses driving the Isles’ economy.

“One year into our journey here, we are clear about the role we want to play. Zanzibar is our home, we drive her growth. Calling Zanzibar home means investing in its people, its businesses and its long-term economic potential. We want to help businesses become stronger here at home while connecting those with the ambition and capability to opportunities across Tanzania, Africa and international markets,” Max added.

ZEEA: PARTNERSHIP TO CREATE PRACTICAL PATHWAYS FOR ENTREPRENEURS

Juma Burhan Mohamed, Executive Director of the Zanzibar Economic Empowerment Agency (ZEEA), said the partnership will strengthen efforts to connect entrepreneurs with the support required to build sustainable businesses.

“Economic empowerment requires collaboration that gives entrepreneurs practical pathways to grow. Through this partnership, ZEEA and Stanbic will bring together business development, financial capability, access to appropriate financial services and market linkages to support entrepreneurs across Unguja and Pemba. Our focus is on creating opportunities that translate into stronger businesses and lasting economic value for Zanzibar.”

Under the MoU, Stanbic and ZEEA will develop agreed programmes supporting entrepreneurship, MSME development, financial inclusion, access to finance, business formalisation and market linkages.

The partnership will also create opportunities for business forums, exhibitions, capacity building and other enterprise development initiatives.

FOCUS ON LONG-TERM ECONOMIC IMPACT

The success of the partnership will ultimately be measured beyond the agreement signed at Fahari ya Zanzibar.

Its value will lie in stronger entrepreneurs, more businesses becoming ready to access finance, more Zanzibar products reaching markets, and more enterprises creating jobs and contributing to sustainable economic growth across the Isles.

The five-year partnership therefore represents a broader commitment to building an ecosystem where Zanzibar’s entrepreneurs can access not only financial services, but also the knowledge, networks, markets and capabilities required to grow sustainable and competitive businesses.

About Stanbic Bank Tanzania

Stanbic Bank Tanzania is a leading provider of financial services, offering a wide range of banking solutions to individuals, businesses and institutions.

With a focus on sustainable investment and strategic partnerships, the Bank plays a key role in supporting Tanzania’s economic development and regional integration.

Stanbic Bank Tanzania is a member of Standard Bank Group, Africa’s largest bank by assets, with a presence in 21 countries across the continent. Through this network, the Bank connects Tanzania to Africa’s growth opportunities and global financial markets.

For more information:

Dickson Senzi
Senior Manager – External Affairs, Communication and Reputation
Stanbic Bank Tanzania
Email: Dickson.Senzi@stanbic.co.tz