In a strategic effort to widen financial inclusion and strengthen domestic investment options, the Government of Tanzania is exploring the introduction of gold coins for public purchase.
The move is aimed at enabling ordinary Tanzanians to invest in gold as a means of saving and wealth preservation, while simultaneously enhancing the local gold market and circulation of money within the economy.
This development was announced today by the Minister for Minerals, Anthony Mavunde (MP), during the inauguration of a new Stanbic Bank branch in Geita a region central to Tanzania's mining industry.
"Under the visionary leadership of President Dr. Samia Suluhu Hassan, the mining sector has made tremendous progress, contributing 10.1% to the national GDP in 2024 a year ahead of schedule as per our National Development Plan and the Election Manifesto," Minister Mavunde said.
According to the Minister, the Ministry of Minerals, in collaboration with the Bank of Tanzania (BoT), is in advanced discussions on how to structure and roll out a gold coin program.
The aim is to democratize access to gold ownership, deepen the domestic gold market, and support sustainable economic development through increased liquidity and citizen participation.
Minister Mavunde also applauded Stanbic Bank for bringing accessible banking services closer to mining communities, urging other financial institutions to play a more active role in supporting the sector.
"The mining sector is unlike any other in its capital requirements. I call upon banks to tailor their financial products to empower Tanzanians to fully participate in the entire mining value chain," he emphasized.
In a further show of support for the sector, Stanbic Bank has unveiled a special lending program offering non-commercial interest rates to small-scale miners.
Under this new initiative, miners can access loans of up to TSh 115 million without the need for collateral a significant boost for many informal operators previously sidelined by strict lending conditions.
Stanbic Bank's Acting Chief Executive Officer, Mr. Fredrick Maxi, highlighted the bank's growing commitment to the sector, noting that it now operates 15 branches across the country with more openings planned in mining zones. He credited the government for creating an enabling environment for financial sector growth.
Geita Regional Commissioner Martin Shigela also praised the bank's investment, attributing it to the government’s pro-business reforms under the Sixth Phase Administration.
He urged local residents to seize the financial opportunities being made available, particularly in growing their capital and businesses.
"What we are witnessing today is a direct result of a government that prioritizes production sectors. We must take full advantage of these financial tools to strengthen our economic positions," he said.
If implemented successfully, the proposed gold coin initiative could become a landmark financial instrument in Tanzania allowing ordinary citizens to store value in one of the world’s most trusted assets while also boosting national gold reserves and market stability.
The plan aligns with Tanzania’s broader economic agenda to create inclusive growth through diversified investment vehicles and deeper integration of citizens into high-potential sectors like mining.