Stanbic Bank Tanzania has facilitated trade transactions worth 200bn/- between Tanzanian and Chinese businesses over the past five years, underscoring its growing role in supporting cross-border trade and investment.
These transactions have been facilitated since 2020 following an arrangement between Stanbic Bank Tanzania and its parent company, Standard Bank Group, which sought to position the banks as financial bridges between Africa and China.
Speaking in Dar es Salaam recently, Stanbic Bank Tanzania’s Head of Business and Commercial Banking, Fredrick Max, said Standard Bank Group’s decision to establish an Africa-China trade desk inspired Stanbic Bank Tanzania to introduce a dedicated Tanzania-China window to better serve local businesses engaged in trade with China.
“This initiative was introduced at a time when global supply chains were under significant strain. The Africa-China trade desk established by Stanbic Bank Tanzania enabled many local businesses to continue trading with their Chinese counterparts more efficiently,” he explained.
Fredrick Max added that through Stanbic Bank Tanzania’s Biashara Incubator Program, the bank has supported more than 2,000 entrepreneurs in securing contracts worth 32bn/- across strategic development projects nationwide.
“Contracts secured through projects such as the East African Crude Oil Pipeline (EACOP), have provided entrepreneurs with more reliable market access for their products and helped strengthen their capital base,” he said.
He said Stanbic Bank remains committed to promoting regional and international trade, enabling more Tanzanian businesses to tap into opportunities created by frameworks such as the African Continental Free Trade Area (AfCFTA), and other global market linkages.
“At Stanbic Bank Tanzania, we continue to uphold professionalism and leverage modern technology to help more Tanzanian businesses access regional and international markets,” he said.
Max was speaking during the launch of a sourcing and export center organized by the Tanzania Investment and Special Economic Zones Authority, TISEZA, in an event officiated by the Minister of State in the President’s Office for Planning and Investment, Professor KitilaMkumbo.
The event also featured the launch of a special economic zone training programme for young investors, alongside a digital platform through which the minister will engage directly with the public every month on issues under his docket.
Speaking at the event, Professor Mkumbo said Tanzania Development Vision 2050 places strong emphasis on empowering the private sector to compete effectively and access global markets.
In line with that vision, he said the government, through TISEZA, is supporting local businesses, particularly micro, small and medium enterprises, to produce high-quality goods for export.
Professor Mkumbo expressed confidence that the initiatives launched by TISEZA would help nurture a new generation of local investors, especially young people, who make up a significant share of the country’s population and hold immense potential to drive economic growth.
According to the 2022 Population and Housing Census, 76 per cent of Tanzanians are below the age of 35, underlining the importance of targeted economic empowerment programs for young people.
He said the programs introduced by TISEZA will help Tanzanian entrepreneurs meet global quality standards, access markets and suitable production facilities, undertake supplier verification, and better understand international trade logistics.
Earlier, TISEZA Director General, Gilead Teri, said the programs were developed in response to challenges facing many young and aspiring entrepreneurs, including limited skills, inadequate infrastructure, and a lack of reliable markets.
“Through these initiatives, we will equip young people with entrepreneurship skills and access to suitable production facilities, enabling them to engage in processing and value addition of local produce for both domestic and export markets,” he said.
He added that for such initiatives to deliver the intended impact, strong collaboration among stakeholders, including financial institutions, will be essential in expanding access to credit.
Teri said that during the 2024/2025 financial year, TISEZA registered 940 new projects valued at US$11 billion, with the potential to create 342,000 jobs.
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