By Charles Mkoka
DAR ES SALAAM, April 9 — Tanzania has recorded sharp growth in banking access, microfinance lending and insurance sales during the first half of its 10-year financial sector reform programme.
Speaking at the Second Financial Sector Stakeholders Forum, Dr. Natu El-Maamry Mwamba, Permanent Secretary in the Ministry of Finance, said the platform was convened as part of the implementation of the Financial Sector Development Master Plan 2020/21–2029/30.
“The forum is being held as part of the implementation of the Financial Sector Development Master Plan,” Mwamba said. “The plan aims to increase access to inclusive financial services, strengthen consumer protection, enhance sector stability, and create an enabling policy and regulatory environment.”
She said the 2026 gathering was intended to present a five-year implementation update, covering progress from 2020/21 to 2025/26, while also allowing stakeholders to exchange operational best practices and discuss further reforms.
“Our objectives this year include presenting the implementation report, sharing best practices and discussing opportunities and measures taken to improve the sector, including financial inclusion and the sustainability of digital financial services,” she said.
A key measure of progress has been the rapid expansion of agency banking.
According to figures presented by Mwamba, the number of banking agents rose to 145,450 in 2024 from 40,410 in 2020, while the number of bank branches increased to 1,027 from 969.
“Thirty banks are now providing banking services through agency channels,” she said, adding that the growth has significantly expanded access to formal financial services across the country.
The ministry also reported continued growth in microfinance and cooperative lending.
Dr. Mwamba said that by December 2025, microfinance providers had disbursed 1.37 trillion Tanzanian shillings in loans, while SACCOS extended 1.46 trillion shillings.
In capital markets, the number of licenses issued to market intermediaries and investment advisers increased to 251 in 2025 from 144 in 2020, while the value of collective investment schemes climbed to 4.4 trillion shillings from 476.9 billion shillings.
She said the figures reflect stronger participation by both institutions and retail investors in formal market products.
The insurance sector also posted robust expansion during the review period.
“Insurance sales increased to 1.516 trillion shillings in 2025 from 824 billion shillings in 2020,” Mwamba said.
She said the forum would also serve as a platform for stakeholders to examine how financial-sector reforms can support the goals of Tanzania’s Development Vision 2050.
“We expect this forum to provide a strong opportunity to discuss sector development issues so that we can achieve the goals of the master plan and the national development vision,” she said.
The event also included the launch of the National Inclusive Insurance Strategy 2025–2030 and the National Research, Innovation and Insurance Market Development Strategy 2025–2030.
