The government has urged traders to use the Kariakoo Festival to expand their markets, embrace digital payments and tap into financial services as Tanzania accelerates efforts to build a cashless economy.
Deputy Minister for Industry and Trade Dennis Londo made the call on Friday while launching the third edition of the Kariakoo Festival, a platform that brings together traders, buyers and other business stakeholders from Tanzania and abroad.
The three-day festival, which runs from September 25 to 27, is organised by One Voice Events and sponsored by NMB Bank.
Mr Londo said the event provides an opportunity for traders to strengthen business networks while adopting technologies that can make transactions more convenient and support the growth of enterprises.
He also commended NMB for continuing to support the festival and for developing financial products targeting traders and small and medium-sized enterprises.
Among the products highlighted were the NMB SME Credit Card and Mshiko Fasta, which the bank says are designed to respond to the financing needs of businesses and entrepreneurs.
The Deputy Minister encouraged traders to make greater use of digital financial services as the country works towards reducing reliance on cash transactions.
“Traders should use such platforms to expand their businesses and take advantage of opportunities created by the shift towards a cashless economy,” he said.
NMB Head of Business Alex Mgeni said the bank was using the festival to engage directly with traders and entrepreneurs and demonstrate financial services available to businesses.
He listed NMB Mkononi, NMB Tap to Pay, NMB Lipa Namba, Mshiko Fasta and the NMB SME Credit Card among the services being showcased at the festival.
The shift towards digital payments has become increasingly important for businesses as customers and traders seek faster and more convenient ways of making and receiving payments.
For small businesses, access to suitable financial services can also influence their ability to manage working capital, make purchases and expand operations.
Chairman of the Kariakoo Traders Association (JWK), Severine Mushi, thanked the government for creating an environment that allows businesses and financial institutions to support initiatives connecting Tanzanian traders with wider markets.
He said the participation of financial institutions in events such as the Kariakoo Festival reflected the growing need for collaboration between traders, government and the private sector.
The festival is also expected to give traders an opportunity to showcase their products, meet potential customers and establish new business connections, with organisers targeting both domestic and international participants.