Tanzania to Establish International Financial Services Centre to Boost Investment and Economic Growth

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The National Business Council (TNBC) is advancing plans to establish an International Financial Services Centre (IFSC) in Tanzania, a strategic initiative aimed at mobilising both local and international capital to finance major investment projects and position the country as a regional financial hub.

This initiative is being spearheaded by TNBC’s Finance Working Group as part of a broader national agenda to accelerate economic development and achieve Tanzania’s long-term growth targets. The centre is envisioned as a key mechanism to channel funding into priority sectors such as infrastructure, industry, and exports, thereby strengthening the national economy.

Speaking at the second session of the Finance Working Group held over the weekend, Dr. Godwill Wanga, TNBC Executive Secretary, stated that the IFSC will play a vital role in mobilising capital for transformative development initiatives both within and beyond Tanzania’s borders. He emphasised that the centre will serve a wide ecosystem of stakeholders, including banks, capital markets, institutional investors, and auxiliary sectors such as transport and hospitality, fostering a robust investment value chain.

Sauda Msemo, Deputy Governor of the Bank of Tanzania (BoT), expressed strong support for the proposal, noting its alignment with the government’s vision of raising the country’s gross national income to USD 1 trillion by 2050. She explained that the IFSC would act as a central platform to attract funding for high-impact infrastructure and industrial ventures, while also enhancing Tanzania’s export capacity and strengthening foreign exchange reserves.

Also weighing in, David Kafulila, Executive Director of the Public-Private Partnership (PPP) Centre, underscored the importance of moving beyond traditional public financing models. He highlighted the critical role of private capital in achieving ambitious economic goals and called for legal and institutional reforms to make public-private collaborations more effective. Kafulila also stressed that investor confidence would be essential and that a government-backed financial centre could offer much-needed assurances regarding capital security and governance standards.

Vincent Minja, President of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), welcomed the proposal on behalf of the business community. He expressed optimism that relevant authorities would expedite its approval, viewing the centre as a pivotal step toward enhancing Tanzania’s competitiveness and accelerating its transition toward middle-income status.

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The National Business Council (TNBC), chaired by the President of Tanzania, serves as the country’s premier public-private dialogue platform, focused on advancing investment and sustainable economic development. With the proposed IFSC, Tanzania aims to join a select group of African nations—including Mauritius, Rwanda, and South Africa—that are leveraging international financial centres to attract global capital, improve financial services, and support long-term development goals.

If implemented successfully, the IFSC could become a cornerstone in Tanzania’s economic transformation strategy—unlocking new investment flows, driving innovation, and elevating the country’s profile on the global financial stage.