By The Respondents Reporter
Bank of Tanzania (BoT) Governor Emmanuel Tutuba has urged banks and other financial institutions to develop products tailored to miners and other players in the mineral value chain, saying greater access to finance could help unlock the sector’s contribution to the wider economy.
Mr Tutuba made the call on Saturday, October 3, 2026, after visiting various exhibition stands at the ninth National Mineral Technology and Investment Exhibition being held at the Dk Samia Suluhu Hassan grounds in Geita.
He said the mining sector remained an important part of Tanzania’s economy and that financial institutions should look beyond the risks associated with mining and identify opportunities to support businesses operating in the sector.
The governor said his visit to banking institutions participating in the exhibition had shown that some lenders had already developed products targeting miners and other stakeholders in the mineral sector.
“I have visited various bank stands at this exhibition and seen that they have introduced products targeting miners and other stakeholders in the sector,” Mr Tutuba said.
“However, I urge those that have not yet introduced products for miners to do so because this sector presents opportunities and makes a significant contribution to our economy,” he added.
His remarks come as small-scale and artisanal miners continue to seek greater access to formal financial services, including credit to purchase equipment, expand operations and improve mineral processing and trading.
Mr Tutuba said financial institutions should not view mining solely through the lens of risk. Instead, he urged them to find ways of formalising risks and using available opportunities to improve productivity in mining activities.
The call puts access to affordable financing among the issues facing miners, particularly those seeking to move from labour-intensive operations to more productive technologies.
For banks, lending to miners can involve challenges related to collateral, fluctuating mineral prices, the informal nature of some operations and uncertainty over production.
Mr Tutuba, however, said such challenges should not prevent financial institutions from developing appropriate financing models for the sector.
He said banks could play a greater role in supporting the mining value chain by designing services that reflect the specific needs of miners and mineral traders.
The remarks were made during the final day of the ninth National Mineral Technology and Investment Exhibition, which has brought together miners, financial institutions, government agencies, technology providers and other stakeholders in the mining industry.
The exhibition has also provided a platform for miners to interact with financial institutions and explore available products and services.
Mr Tutuba’s call places greater emphasis on the role of financial institutions in ensuring that the economic benefits of Tanzania’s mineral wealth extend beyond mineral production to businesses and communities participating in the sector.
For miners, access to financing can determine their ability to acquire modern equipment, improve recovery rates, meet regulatory requirements and expand their businesses.
The governor’s message therefore signals a need for banks to develop financing models that balance risk management with the commercial opportunities presented by the mining sector.