By Charles Mkoka
Tanzania’s Ministry of Finance on Thursday convened the 2026 Financial Sector Stakeholders Forum, using the annual platform to assess progress under the country’s 10-year financial sector master plan and map out reforms needed to support its long-term Vision 2050 growth ambitions.
The second edition of the forum was held under the theme “An innovative and responsible financial sector for sustainable and inclusive socio-economic development” and brought together banks, insurers, capital markets institutions, regulators, fintech firms and other industry players.
The event was officiated by Finance Minister Ambassador Khamis Mussa Omar, who said the forum has become an important annual mechanism for reviewing implementation of the Financial Sector Development Master Plan 2020/21–2029/30 and generating policy recommendations for the next phase of reforms.
“This forum continues to play a strong role in promoting the financial sector by bringing stakeholders together every year to review implementation and provide strategic advice,” Omar said.
He said discussions this year were closely linked to Tanzania’s Development Vision 2050, which aims to transform the country into a $1 trillion economy by 2050, up from roughly $100 billion currently.
Omar said Tanzania’s economy remains on a positive trajectory, with provisional 2025 growth estimated at 5.9%, compared with 5.5% in 2024, while the financial and insurance segment remains among the country’s fastest-growing sectors.
The minister highlighted the rapid expansion of artificial intelligence, financial technology and mobile financial services, saying digital transformation is increasingly reshaping the delivery of financial services across banking, insurance and capital markets.
He also praised regulators, including the Bank of Tanzania, TIRA and capital markets authorities, for strengthening sector oversight and supporting implementation of the national financial development roadmap.
A major focus of the forum was the need to strengthen safeguards around anti-money laundering, terrorism financing and broader financial integrity, as Tanzania aligns domestic supervision with regional and international obligations.
“We have responsibilities as a nation, regionally and internationally to ensure our financial sector remains clean and resilient,” Omar said.
The minister said participants were expected to examine both emerging risks and new growth opportunities, including climate finance, Islamic banking, takaful insurance, capital market innovation, digital currencies, blockchain, online forex trading and cross-border digital financial services.
He confirmed that a national digital finance committee is already reviewing these issues and is preparing a new legal bill to regulate virtual assets and related digital financial activities.
Omar also referenced issues raised by citizens and entrepreneurs, including access to finance for startups, small enterprises, women and young business owners, saying the sector must better support lower- and middle-income groups through improved products, customer protection and stronger digital service oversight.
Looking ahead, he said the financial sector must align more closely with Vision 2050 financing needs, particularly as the private sector is expected to shoulder the majority of long-term investment requirements through domestic capital, foreign direct investment and public-private partnerships.
“The expectation is for the financial sector to move in step with the aspirations of Vision 2050 across all sectors, including the private sector,” he said.
The minister formally opened the 2026 forum and presided over the launch of two new insurance policy documents covering inclusive insurance services and insurance research, innovation and market development for the 2025–2030 period.
