The Minister for Minerals, Anthony Mavunde, has called on banks across Tanzania to design special loan products that will help small-scale miners access affordable capital and grow their businesses.
He said the mining sector has great potential to transform the lives of many Tanzanians and contribute even more to the national economy if miners are well supported financially.
Mavunde made the remarks today during the launch of a new branch of Exim Bank Tanzania in Geita Region, one of the country’s leading mining areas.
He praised President Samia Suluhu Hassan for creating a strong and supportive business environment, saying her leadership has helped the mining sector grow significantly.
He noted that the sector now contributes 10.1 percent to Tanzania’s Gross Domestic Product, showing its importance to national development.
“I sincerely thank the President for her vision and strong leadership in strengthening the mining sector. This growth is the result of clear policies and commitment to empowering Tanzanians,” he said.
Mavunde urged banks to go beyond office-based operations and engage directly with miners in their working areas.
He said this would help financial institutions understand the real challenges faced by small-scale miners and develop better financial solutions.
“I call upon banks to create special financial products for small-scale miners that are flexible and practical. Go to the mining sites, meet the miners, and see the opportunities that exist,” he emphasized.
He also said the government is working on a special guarantee fund that will help miners and mineral traders access loans more easily.
The aim is to reduce financial barriers and allow more Tanzanians to participate in the mining business.
According to him, improving access to capital will increase production, create jobs, and ensure that more money from the mining sector remains in the country to support economic growth.
“We want to see more of the money circulating within our economy. This will strengthen our national development and improve livelihoods,” he added.
The Minister also commended Exim Bank for opening a branch in Geita, saying the move shows confidence in the region’s strong economic and mining activities.
He noted that Geita continues to lead in government revenue collection from minerals and remains a key investment destination.
Speaking at the event, the Chief Executive Officer of Exim Bank Tanzania, Jaffar Matundu, said the bank is committed to supporting business growth in line with national development goals.
He said Exim Bank is ready to provide financial solutions that address the challenges faced by small-scale miners.
He added that the bank will continue working on innovative products to ensure more miners gain access to capital and improve their operations.
On his part, Geita District Commissioner Hashim Komba, who represented the Regional Commissioner, thanked President Samia Suluhu Hassan for maintaining a stable and business-friendly environment that continues to attract investment in Geita.
He said the presence of more banks in the region will help improve financial access for miners and strengthen economic activities at the grassroots level.
He added that cooperation between the government, financial institutions, and miners is key to ensuring sustainable growth and increasing the contribution of the mining sector to Tanzania’s economy.
