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The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, has said that the country’s economy is improving, and the financial sector remains strong and stable.
Speaking at an Iftar event at BoT’s offices in Dar es Salaam on March 20, 2025, Governor Tutuba said Tanzania’s economy grew by 5.4% in 2024, higher than the global average of 3.2%.
"Our economy is getting stronger. Inflation stayed at 3.1%, which is lower than the global average of 4.7%. This shows that our financial and economic policies are working well," he said.
He added that the financial sector has enough money to support businesses, with loans to the private sector growing by 16.8%, surpassing the 15% target. Also, bad loans decreased to 3.3%, below the acceptable limit of 5%.
Governor Tutuba said financial services have expanded in recent years due to good management and the introduction of the Microfinance Act in 2018.
However, he mentioned some challenges in the microfinance sector, such as high-interest loans, unlicensed service providers (especially online lenders), and pyramid schemes.
He warned the public to avoid pyramid schemes and only use financial services from licensed providers.
Tanzania’s Chief Sheikh and Mufti, Dr. Abubakar Zuber Bin Ally, urged BoT to continue educating people on financial matters. He said this would help them make better decisions, avoid losses, and take advantage of financial opportunities.
He also encouraged Tanzanians to maintain peace and unity, especially in this election year, as these are important for the country's development.
