The Government of Tanzania has reaffirmed its commitment to advancing women’s economic empowerment through the finance sector, recognizing it as a key pillar for inclusive and sustainable growth.
Speaking at the opening of the Third Women in Finance Conference 2026 at Papu Tower, organized by the Tanzania Women in Finance Association (TAWiFA), Minister of Finance, Ambassador Khamis Mussa Omar, said women play a crucial role in the country’s economic development.
“Women are central to production, especially in agriculture and trade. Empowering them through the financial sector is essential for building a strong economy,” he said.
He noted that household surveys show women actively participate in investments, trade, and labor across various sectors, managing over half of Tanzania’s small and medium enterprises, which drives job creation and local economic growth.
Ambassador Omar highlighted that under the Sixth Phase Government led by President Dr. Samia Suluhu Hassan, several initiatives have strengthened financial inclusion, improved the business environment, and established empowerment funds for women and youth.
Between 2022 and 2025, over 1.3 million women benefited from loans worth more than TZS 748 billion, enabling them to start and grow businesses.
“The finance sector has a unique role in boosting women’s economic activities through banking, insurance, capital markets, and digital finance. Over 60 percent of digital loan users are women, showing how technology is supporting their businesses,” he added.
He praised TAWiFA for promoting financial literacy, noting that more than 800 women in Dodoma and Zanzibar, and over 200 in Arusha, have benefited from the association’s training programs.
He urged stakeholders to continue empowering women with financial knowledge and called on financial institutions to develop products tailored to women, especially in rural areas, to increase their participation in the formal economy.
Minister of State, President’s Office – Zanzibar, and TAWiFA patron, Dr. Saada Mkuya Salum, emphasized the importance of collaboration among financial institutions, policymakers, and development partners to create enabling environments for women’s economic participation.
She highlighted Zanzibar’s initiatives to empower women, including credit facilities and market infrastructure development.
TAWiFA President, Ms. Fikira Ntomola, said women’s empowerment in finance is a strategic priority for national economic growth.
She highlighted that TAWiFA has trained over 1,000 women entrepreneurs and launched a mentorship program to prepare future women leaders in finance.
She also announced a new membership system to create a national database of women in the sector, improving access to leadership and decision-making opportunities.
“Empowering women in finance not only promotes gender equality but strengthens the national economy. This conference should inspire practical actions that open more opportunities for women across Tanzania,” she said.
Deputy Governor of the Bank of Tanzania, Ms. Sauda Msemo, stressed that women’s inclusion in leadership promotes structural equity, improves market efficiency, and addresses demand-side constraints effectively.
She noted that BoT directives require at least one-third of board and management positions to be held by women, with 36 months set for full implementation.
Ms. Msemo observed that banks and financial institutions are increasingly meeting this target while implementing leadership development, mentorship, and succession planning programs to sustain women’s inclusion.
“These initiatives bridge the gender leadership gap and ensure gender perspectives are integrated into product design, governance, and strategic decision-making, directly impacting financial inclusion,” she said.
