Tanzania to Establish International Financial Centre in Dar es Salaam to Attract Global Capital

Tanzania is moving to establish an International Financial Centre (IFC) in Dar es Salaam, a decision reached at the 38th Executive Committee meeting of the Tanzania National Business Council (TNBC), held on June 1, 2026, at the State House. The initiative targets domestic and foreign investors, aims to expand access to capital, and is expected to generate employment.

TNBC Executive Committee Chairman and Principal Secretary Ambassador Moses Kusiluka confirmed the decision, citing private sector feedback on persistent barriers to investment as the rationale. "Based on the challenges identified by the private sector, we have agreed to establish an International Financial Centre that will help address some of the obstacles facing investors and increase Tanzania's competitiveness in attracting international capital," he said.

Bank of Tanzania (BoT) Governor Emmanuel Tutuba, who presented the IFC proposal on behalf of the TNBC Finance Working Group, said Tanzania has reached a level of economic maturity that makes the centre viable. He noted that six African countries already operate such centres, including the Nairobi International Financial Centre in Kenya and the Kigali International Financial Centre in Rwanda, both of which have attracted regional headquarters of multinational financial institutions.

Dar es Salaam was selected as the host city based on its existing commercial infrastructure and business environment. "The presence of an International Financial Centre will increase the country's ability to attract capital from within and outside Africa, enable access to financing for large development projects, and strengthen international financial operations," said Tutuba.

Tutuba added that the centre would facilitate knowledge and technology transfer by attracting international specialists, and that existing ICT infrastructure would allow remote participation by investors based outside the country. He stated that Tanzania already meets key prerequisites for the centre, citing political stability, national security, and a banking sector capable of operating to international standards.

According to Tutuba, investors using the centre would gain access to a market of more than 1.4 billion people across Africa, given Tanzania's membership in both the East African Community (EAC) and the Southern African Development Community (SADC). "We believe that once the Government formally approves the establishment of this centre, a legal framework will be enacted to encourage investment and protect investor capital," he said.

TNBC Executive Secretary Dr. Godwill Wanga described the IFC as a long-awaited step by both domestic and international business operators, and said it would increase capital flows, strengthen trade and investment activity, and create employment. "One of our mandates is to build private sector capacity and create conditions that stimulate economic growth in line with the goals of the National Development Vision 2050," said Dr. Wanga.

The committee also agreed to establish an awards scheme recognising private and public sector institutions that have made significant contributions to national development and economic targets.

The IFC proposal originated from recommendations by the TNBC Finance Working Group at its March 2026 session, which identified the need for a dedicated financial framework to attract greater capital and address investor challenges.

Tanzania and Dar es Salaam as an International Financial Hub

Dar es Salaam is Tanzania's commercial capital and the largest port city in East Africa, handling a significant share of transit trade for landlocked neighbours including Uganda, Rwanda, Burundi, the Democratic Republic of Congo, and Zambia. Tanzania is a member of the EAC and SADC, giving investors in the country preferential access to a combined regional market of over 700 million people.

The country recorded GDP growth of 5.4% in 2024 and has maintained consistent growth above 5% for over a decade, supported by mining, tourism, agriculture, and infrastructure development.

Tanzania's digital credit value grew 32.29% to TZS 5,577.73 billion across 336.52 million transactions in 2025, while digital savings value tripled (up 263%) to TZS 3,181.24 billion, and volume rose 110% to 97.53 million transactions. Active mobile money users rose 19.89% to 75.78 million, and mobile payment value grew 28.30% to TZS 255,133.96 billion, driven by alternative credit scoring models that extend financing to MSMEs and smallholder farmers without traditional collateral.

The Bank of Tanzania Financial Stability Report for 2025 shows banking sector total assets grew 23.8% to TZS 76,975 billion, private sector credit expanded 23.5% with mining up 30.1% and trade up 29.4%, and the non-performing loans ratio fell to 2.8%, the lowest in the East African Community. Total capital market investment rose 35.1% to TZS 63,096.4 billion, social security assets grew 21.4% to TZS 25,921 billion, insurance assets rose 6.8% to TZS 2,633.6 billion, and foreign reserves stood at USD 6,312 million covering 5.2 months of imports.

Tanzania's Finance Minister Khamis Mussa Omar has outlined eight financial sector priorities—from climate finance and Islamic banking to digital asset regulation and SME capital access—and launched two new insurance strategies. The National Inclusive Insurance Strategy (NIIS) targets agriculture, livestock, fisheries, mining, and forestry, while the RIDeS aims to raise insurance's GDP contribution from 22% to 30%.

According to Bank of Tanzania data released on 13 October, Tanzania's GDP grew 5.4% in Q1 2025 at 2015 constant prices, driven by electricity with 19% growth, mining 16.6%, and financial services 15.4%. Agriculture expanded 3.0%, while other sectors such as education and transport grew moderately.

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