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| 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
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| 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.
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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.”