A Tanzanian executive has been appointed to lead one of Africa's leading equipment finance institutions, in a move that underscores the country's growing influence in continental financial leadership.
Nicomed Bohay has been named Group Chief Executive Officer (Group CEO) of EFAfrica Group Ltd, a pan-African equipment leasing company headquartered in Mauritius with operations in Tanzania, Kenya and Zambia. He will oversee the Group's strategy and business growth across its regional markets while leading its next phase of expansion in Africa.
Announcing the appointment, EFAfrica Group Executive Chairman, Dr Michiel Timmerman, described Bohay as a proven leader whose experience and vision position the Group for its next stage of continental growth.
“Nicomed has demonstrated exceptional leadership, strategic discipline and a deep commitment to financial inclusion through productive asset financing. We are confident that under his leadership, EFAfrica will accelerate its growth while expanding its impact on farmers and businesses across Africa,” said Dr Timmerman.
The appointment follows a distinguished career spanning nearly 30 years in banking, agricultural finance and enterprise development, where Bohay has become widely recognised for advancing access to productive assets for farmers and businesses.
“I am deeply honoured by the confidence the Board has placed in me. This appointment is not simply a personal milestone—it represents the strength of our team and our shared commitment to building African institutions that create real economic opportunity across the continent,” Bohay said.
Before joining EFAfrica, Bohay served as Managing Director of PASS Trust Tanzania, where he championed innovative financing solutions for agribusinesses and helped establish the Agribusiness Innovation Centre, creating opportunities for young entrepreneurs to enter commercial agriculture. He also played a key role in founding PASS Leasing Company, a specialist institution dedicated to financing agricultural machinery.
Earlier in his career, he headed CRDB Bank's Agribusiness Department, contributing to the development of financing models that strengthened agricultural value chains and expanded access to credit for farmers across Tanzania.
His appointment as Group CEO represents another milestone for Tanzanian professionals assuming senior leadership roles in pan-African institutions.
Bohay joined Equity for Tanzania Limited (EFTA) in 2021 as Managing Director during a period of ambitious expansion. Under his leadership, the company strengthened its position as Tanzania's leading specialist in equipment leasing and productive asset finance.
The institution recorded strong business growth while maintaining prudent risk management. According to EFTA's published financial results for June 2026, the company reported a non-performing loan ratio of 1 percent, reflecting one of the strongest portfolio performances within the sector.
His operational leadership later earned him promotion to Group Chief Operating Officer, before the Board unanimously appointed him to lead the entire Group.
One of Bohay's defining achievements has been turning equipment finance into a practical tool for economic transformation.
Since 2021, EFTA has financed more than 4,000 agricultural equipment units across Tanzania, including tractors, power tillers, combine harvesters, irrigation systems and other mechanisation technologies. The investments have supported increased farm productivity, expanded cultivated acreage and strengthened food security in rural communities.
Beyond agriculture, the institution has financed thousands of equipment and vehicle leases for small and medium-sized enterprises operating in transport, construction, manufacturing, mining and industrial processing. Commercial trucks, factory machinery, construction equipment and processing plants have enabled businesses to increase production, improve efficiency and create employment opportunities.
A notable innovation introduced during Bohay's tenure was EFTA's Poultry Leasing Programme, a financing model designed specifically for women and young entrepreneurs. The programme provides day-old chicks, poultry feed and essential production inputs through leasing, allowing beneficiaries to establish commercial poultry enterprises without significant upfront capital.
“Equipment finance has never been about machines alone. It is about empowering farmers to increase productivity, helping businesses grow, creating jobs and improving livelihoods. When we finance productive assets, we are financing economic transformation,” Bohay said.
Bohay also led one of EFTA's most significant financial milestones the successful issuance and listing of the company's Corporate Bond on the Dar es Salaam Stock Exchange (DSE).
The bond raised more than TSh33 billion, exceeding its target by more than two times and demonstrating strong confidence from both institutional and retail investors. The proceeds continue to finance productive investments across agriculture, transport and industrial sectors.
As Group CEO, Bohay is expected to accelerate EFAfrica's growth across existing markets while developing innovative leasing solutions that improve access to productive equipment for farmers and businesses throughout the continent.
The Group's long-term strategy includes expanding into additional African markets and strengthening financing models that support SMEs, agribusinesses, transport operators and industrial enterprises.
“African farmers and entrepreneurs possess enormous potential. Our responsibility is to ensure that access to productive equipment is no longer the barrier to growth. We want EFAfrica to become the partner that enables businesses across Africa to invest, expand and compete,” he said.
Bohay's appointment is being viewed as a significant achievement for Tanzania's financial sector, demonstrating the country's capacity to produce leaders capable of managing complex regional institutions.
From supporting farmers in rural Tanzania to leading a pan-African equipment finance group, his journey reflects a leadership philosophy grounded in innovation, financial discipline and inclusive economic development.
EFAfrica Group Ltd is a pan-African equipment leasing company headquartered in Ebene, Mauritius. The Group operates in Tanzania, Kenya and Zambia, providing flexible leasing solutions for agricultural machinery, transport equipment, construction machinery and industrial assets, with more than US$100 million in equipment financed across its markets.