Doing Business in Tanzania 2024

A snapshot of the business environment in Tanzania, highlighting areas of strength and opportunities for regulatory and procedural improvements.

Starting Business - 40%

• Indicator Description: This measures the procedures, time, cost, and paid-in minimum capital to start a limited liability company.
• Implication: With a score of 40%, it indicates there are significant challenges or bureaucratic hurdles involved in starting a business in Tanzania. Improvements in simplifying procedures and reducing costs could enhance this score.

Contracts with the Government - 60%

• Indicator Description: This typically measures the ease of securing contracts with government entities, including transparency and fairness in the procurement process.
• Implication: A 60% score suggests a moderate level of efficiency and fairness in dealing with government contracts, but there is room for improvement in transparency and reducing bureaucratic barriers.

Employing Workers - 80%

• Indicator Description: This looks at regulations regarding hiring, working hours, redundancy, and cost of labor.
• Implication: An 80% score indicates a relatively flexible and favorable environment for hiring workers, suggesting that labor laws and regulations are conducive to business operations.

Resolving Insolvency - 61%

• Indicator Description: This assesses the time, cost, and outcome of insolvency proceedings, including the recovery rate.
• Implication: With a score of 61%, Tanzania shows moderate effectiveness in handling insolvency cases. There might be inefficiencies in the process that could be streamlined to improve the recovery rate and reduce the time and cost involved.

Trading Across Borders - 65%

• Indicator Description: This measures the time and cost associated with the logistical process of exporting and importing goods.
• Implication: A 65% score suggests a moderate level of ease in trading across borders, but there are likely logistical challenges and costs that can be optimized to facilitate smoother international trade.

Paying Taxes - 30%

• Indicator Description: This evaluates the tax burden on businesses, including the number of taxes paid, the method of tax payment, and the overall tax rate.
• Implication: A low score of 30% indicates a high tax burden or a complex tax system, suggesting significant room for reform to simplify tax compliance and reduce the financial load on businesses.

Getting Credit - 60%

• Indicator Description: This looks at the ease of obtaining credit, including the strength of legal rights and the depth of credit information.
• Implication: A 60% score suggests moderate access to credit for businesses, indicating that while some mechanisms are in place to facilitate credit, there are barriers or limitations that could be addressed to improve credit availability.

Enforcing Contracts - 70%

• Indicator Description: This measures the efficiency of the judicial system in resolving commercial disputes, including time, cost, and the quality of judicial processes.
• Implication: A score of 70% reflects a reasonably effective system for enforcing contracts, though there is still potential for improvements in reducing delays and costs associated with litigation.

Protecting Minority Investors - 80%

• Indicator Description: This evaluates the protection of minority shareholders' interests against misuse by company directors.
• Implication: An 80% score indicates strong legal protections for minority investors, suggesting a business environment that supports investor confidence and equitable treatment.

Registering Property - 55%

• Indicator Description: This measures the procedures, time, and cost to transfer property and the quality of the land administration system.
• Implication: A score of 55% implies moderate difficulty in property registration, with potential issues in the efficiency or transparency of the process that could be improved.

Getting Electricity - 65%

• Indicator Description: This assesses the reliability of electricity supply and the procedures, time, and cost required to obtain a new electricity connection.
• Implication: A 65% score suggests a reasonably stable electricity supply but indicates that the process to get connected could be streamlined to be more business-friendly.

Dealing with Construction Permits - 79%

• Indicator Description: This evaluates the procedures, time, and cost involved in constructing a warehouse, including obtaining necessary licenses and permits.
• Implication: A score of 79% indicates a relatively efficient process for obtaining construction permits, though there might still be some bureaucratic steps that could be further optimized.

Strategic Recommendations on ease of doing business in Tanzania, focusing on procedures, time, and cost

1. Starting Business (40%)

• Procedures: Simplify the registration process by reducing the number of steps and making it possible to complete all procedures online.
  • Time: Streamline processes to reduce the time required to register a business by introducing a single-window system where all necessary approvals can be obtained in one place.
  • Cost: Lower the registration fees and eliminate unnecessary costs associated with starting a business. Offer incentives or subsidies for startups and small businesses.

2. Contracts with the Government (60%)

• Procedures: Increase transparency in the procurement process by standardizing and simplifying application procedures and ensuring they are clearly documented and easily accessible.
  • Time: Reduce the time taken to award contracts by implementing electronic procurement systems and setting clear timelines for each stage of the process.
  • Cost: Minimize costs associated with bidding for government contracts by reducing or eliminating fees and simplifying the financial requirements for participation.

3. Employing Workers (80%)

• Procedures: Continue to streamline hiring processes and ensure that labor laws are clearly communicated to both employers and employees.
  • Time: Maintain efficient timelines for processing employment-related documentation, such as work permits and employee registrations.
  • Cost: Ensure that costs related to hiring, such as social security contributions and other mandatory payments, are reasonable and competitive.

4. Resolving Insolvency (61%)

• Procedures: Simplify the legal framework for insolvency proceedings, making it easier for businesses to understand and navigate.
  • Time: Implement measures to speed up the resolution of insolvency cases by increasing the capacity of courts and insolvency practitioners.
  • Cost: Reduce the costs associated with insolvency proceedings by setting fee caps and providing support services for struggling businesses.

5. Trading Across Borders (65%)

• Procedures: Simplify customs procedures and documentation requirements, and ensure that all necessary information is available online.
  • Time: Reduce the time required for border compliance by improving infrastructure at ports and borders, and by implementing advanced customs technologies.
  • Cost: Lower costs associated with importing and exporting by reducing tariffs and fees and improving the efficiency of customs operations.

6. Paying Taxes (30%)

• Procedures: Simplify the tax filing process by reducing the number of tax payments and consolidating taxes where possible. Implement an easy-to-use online tax filing system.
  • Time: Reduce the time required to prepare and file taxes by providing clear guidelines and support to businesses. Ensure that tax authorities are efficient and responsive.
  • Cost: Lower the overall tax burden by reviewing and possibly reducing tax rates, and by eliminating unnecessary or redundant taxes.

7. Getting Credit (60%)

• Procedures: Improve access to credit information by expanding credit bureaus and ensuring that they provide comprehensive and accurate data.
  • Time: Streamline the process for obtaining credit by reducing the documentation and approval time required by financial institutions.
  • Cost: Encourage competitive interest rates and reduce collateral requirements by promoting a healthy financial sector and supporting alternative lending options.

8. Enforcing Contracts (70%)

• Procedures: Simplify legal procedures for contract enforcement and ensure that all relevant laws and regulations are accessible and understandable.
  • Time: Speed up judicial processes by increasing the efficiency of courts and reducing case backlogs.
  • Cost: Lower the costs of litigation by providing affordable legal aid and capping legal fees.

9. Protecting Minority Investors (80%)

• Procedures: Ensure that regulations protecting minority investors are robust and clearly enforced.
  • Time: Maintain prompt response times for addressing investor grievances and disputes.
  • Cost: Ensure that the costs associated with investor protection are minimal, encouraging more investment activity.

10. Registering Property (55%)

• Procedures: Simplify the property registration process by reducing the number of steps and making more services available online.
  • Time: Reduce the time required to register property by streamlining bureaucratic processes and increasing the efficiency of land administration offices.
  • Cost: Lower the costs associated with property registration by reducing fees and eliminating unnecessary charges.

11. Getting Electricity (65%)

• Procedures: Simplify the process for obtaining electricity connections by reducing the number of required approvals and making the application process available online.
  • Time: Speed up connection times by improving the efficiency of utility providers and investing in infrastructure upgrades.
  • Cost: Lower the costs associated with getting electricity by reducing connection fees and offering subsidies or incentives for new connections.

12. Dealing with Construction Permits (79%)

• Procedures: Continue to streamline the process for obtaining construction permits by reducing bureaucratic steps and ensuring transparency.
  • Time: Maintain efficient timelines for processing construction permits by increasing the capacity and responsiveness of relevant authorities.
  • Cost: Ensure that fees for construction permits are reasonable and competitive, and provide support for small and medium-sized construction projects.

Overview

Agriculture is a cornerstone of Tanzania's economy, playing a pivotal role in the country's industrialization by providing markets for industrial products and raw materials. Tanzania boasts 44 million hectares of arable land, with an estimated 29.4 million hectares suitable for irrigation, indicating significant potential for agricultural expansion and intensification.

Quick Facts

• Employment: Agriculture employs about 67% of Tanzania's employed population, highlighting its importance in providing livelihoods and supporting the broader economy.
• Livestock: Tanzania has the second-largest livestock population in Africa, underlining its potential in the meat and dairy industries.
• Meat Processing: Less than 1% of all meat is processed locally, while large quantities of processed meat are imported. This represents a significant opportunity for the development of local meat processing industries.
• Freshwater Resources: The area of freshwater cover is estimated at 54,337 square kilometers, accounting for about 6.1% of Tanzania's total surface area. These freshwater resources are crucial for agriculture, fisheries, and domestic use.
• Marine Resources: Tanzania has a Territorial Sea covering 64,000 square kilometers, an Exclusive Economic Zone (EEZ) of about 223,000 square kilometers, and a 1,424-kilometer coastline along the Indian Ocean. These marine resources offer substantial potential for the fishing industry and other maritime activities.
• Sugar Production: Tanzania produces approximately 300,000 tonnes of raw sugar annually (based on 2014/2015 figures), leaving a demand gap of about 220,000 tonnes to be met through imports. The sugar supply gap is projected to increase at an estimated 6% per annum from the current 300,000 tonnes per year.
• Sugar Estates: There are four existing sugar estates in Tanzania, collectively producing 300,000 tonnes of sugar per year, operating at full capacity.
• Cane Yields: Tanzania has some of the highest average cane yields globally, at 120 tonnes per hectare, due to favorable soils and climate conditions.
• Irrigation Potential: With ample rainfall and rivers fed by the high hinterland plateaus, Tanzania has some of the best irrigation potential in the sub-region, offering significant opportunities for expanding irrigated agriculture.
• Soil and Topography: The soil and topography in target sugar zones are ideal for industrial sugarcane cultivation, further supporting the potential for growth in this sector.
• Edible Oil Imports: Tanzania spends over US$ 150,000 annually to import edible oil. The lack of modern mechanical extraction equipment and low agricultural productivity have made Tanzania reliant on imported edible oil.
• Potential for Edible Oil Industry: Tanzania has the potential to develop a competitive edible oil industry based on sunflower, cotton, groundnuts, soya beans, and palm. With increased production and productivity, these crops could support a robust edible oil industry for both the domestic and regional markets.

Strategic Implications

The agricultural sector's central role in Tanzania's economy underscores the need for strategic investments in infrastructure, technology, and skills development to enhance productivity and value addition. Key areas for development include meat processing, sugar production, and the edible oil industry. Addressing these areas can significantly reduce import reliance, create jobs, and stimulate economic growth.

Hence, leveraging Tanzania's vast freshwater and marine resources can further support agricultural diversification and sustainability.

Key Insights on Tanzania's Diplomatic Economy

Tanzania can strengthen its agricultural sector's role in the diplomatic economy, driving economic growth and improving international standing.

1. Agricultural Employment and Livelihoods:
   • Diplomatic Leverage: Agriculture employs about 67% of Tanzania's population. This substantial workforce can be leveraged diplomatically to secure international support for agricultural development, including technology transfer, training, and investment in infrastructure.
   • Bilateral and Multilateral Agreements: Tanzania can negotiate favorable trade agreements and development partnerships that focus on agricultural advancements and employment creation.
2. Livestock and Meat Processing:
   • Investment Attraction: As the second-largest livestock population in Africa, Tanzania has a significant opportunity to attract foreign direct investment (FDI) into its meat processing industry. Emphasizing this potential in diplomatic discussions can lead to collaborations that enhance local processing capacities.
   • Regional Trade Opportunities: Strengthening the meat processing industry locally can position Tanzania as a regional hub for processed meat, boosting exports to neighboring countries and beyond.
3. Freshwater and Marine Resources:
   • Sustainable Resource Management: Diplomatic efforts can focus on securing international assistance for sustainable management of freshwater and marine resources. Partnerships with countries experienced in these areas can help develop Tanzania's fishing industry and improve water resource management.
   • Blue Economy Initiatives: Tanzania's extensive EEZ and coastline provide opportunities for blue economy initiatives, which can attract international interest and investment in sustainable maritime industries, fisheries, and tourism.
4. Sugar Production and Processing:
   • Closing the Supply Gap: The demand gap for sugar presents an opportunity for diplomatic engagements aimed at attracting investment into the sugar industry. International partnerships can help expand production capacity and reduce reliance on imports.
   • Technological and Capacity Building: Diplomatic negotiations can secure technical assistance and capacity-building programs from countries with advanced sugar industries, improving local yields and processing capabilities.
5. Edible Oil Industry Potential:
   • Import Substitution: Reducing reliance on imported edible oil by developing local production capacities is a strategic priority. Diplomatic efforts can focus on partnerships for modern mechanical extraction equipment and agricultural productivity enhancement.
   • Regional Market Integration: Tanzania can position itself as a key player in the regional edible oil market by leveraging diplomatic ties to foster regional integration and cooperation, ensuring a steady market for its products.
6. Agricultural Technology and Innovation:
   • Diplomatic Alliances: Forming alliances with countries known for their agricultural technology and innovation can bring advanced techniques and equipment to Tanzania. This can enhance productivity, sustainability, and overall sector growth.
   • Research and Development: Diplomatic efforts can include agreements for joint research and development projects, focusing on crop improvement, pest control, and climate resilience, vital for Tanzania's agricultural sustainability.
7. Economic Diplomacy:
   • Export Promotion: Leveraging diplomatic channels to promote Tanzanian agricultural products in international markets can boost exports, create jobs, and generate foreign exchange.
   • Trade Negotiations: Engaging in trade negotiations to reduce tariffs and non-tariff barriers on Tanzanian agricultural products can enhance competitiveness and market access.

Strategic Recommendations

• Enhance Diplomatic Engagements: Prioritize agricultural development in diplomatic dialogues, focusing on technology transfer, investment, and capacity-building.
• Strengthen Trade Partnerships: Develop strategic trade partnerships to promote Tanzanian agricultural products, reduce barriers, and secure better market access.
• Promote Sustainable Practices: Collaborate with international partners to implement sustainable agricultural and resource management practices.
• Invest in Infrastructure: Seek international support for infrastructure development crucial for agriculture, such as irrigation systems, roads, and processing facilities.
• Foster Regional Cooperation: Utilize regional bodies and agreements to enhance agricultural trade and collaboration, benefiting from shared resources and markets.

Mobile money subscriptions and transactions and growing digital economy in Tanzania

1. Growth in Subscriptions:
   • Mobile money subscriptions increased by 5% from 53 million accounts in March 2024 to 56 million in June 2024.
   • The average monthly growth rate during this period was 1.9%.
2. Subscription Numbers by Provider (March 2024 vs. June 2024):
   • Airtel Money: Increased from 10,868,814 to 11,028,579.
   • Halo Pesa: Increased from 4,379,419 to 4,567,319.
   • Tigo Pesa: Increased from 17,266,651 to 17,827,565.
   • T-Pesa: Increased from 1,412,639 to 1,422,381.
   • M-Pesa: Increased from 20,416,700 to 20,677,223.
   • Azam Pesa: Increased from 102,138 to 187,691.
   • Total: Increased from 54,446,361 to 55,710,758.
3. Market Share:
   • M-Pesa leads the market with a 37.2% share.
   • Tigo Pesa and Airtel Money, along with M-Pesa, control approximately 89% of the market.
4. Monthly Figures:
   • For April 2024, the total subscriptions were 53,691,317.
   • For May 2024, the total subscriptions were 54,446,361.
   • For June 2024, the total subscriptions were 55,710,758.

The robust growth and significant market competition among the major mobile money service providers in Tanzania​.

Mobile Money Transactions

Table 1: Mobile Money Transactions (Quarter ending June 2024)

Table 2: Trend of Mobile Money Transactions in the Past Five Years

Key Points:

• Quarterly Data (April - June 2024):
  • The number of subscriptions decreased from April (85.2 million) to June (80.3 million).
  • The number of transactions increased from April (3.02 billion) to June (3.75 billion).
  • The average number of transactions per subscriber remained fairly stable at around 106 transactions.
• Annual Trends (2019 - 2023):
  • The number of subscriptions has been increasing steadily, from 25.86 million in 2019 to 52.88 million in 2023.
  • The number of transactions also increased significantly from 3.02 billion in 2019 to 5.27 billion in 2023.
  • The average number of transactions per subscriber decreased from 117 in 2019 to 100 in 2023.

The growing use of mobile money services in Tanzania, both in terms of the number of subscriptions and the total number of transactions, despite a slight decline in the average number of transactions per subscriber.

Mobile Money Subscriptions and Transactions

Mobile money subscriptions and transactions reveals a dynamic and growing digital economy in Tanzania. The high growth rates in both subscriptions and transactions reflect increased financial inclusion and active usage, which are essential for a thriving digital economy. These trends are likely to continue driving economic growth, innovation, and improved access to services across the country.

Subscriptions Growth:

• Quarterly Data (April - June 2024):
  • Subscriptions increased by 5%, from 53 million in March 2024 to 56 million in June 2024.
  • The total number of subscriptions in June 2024 was 55.7 million.

Transactions Growth:

• Quarterly Data (April - June 2024):
  • Transactions increased from 3.02 billion in April 2024 to 3.75 billion in June 2024.
  • The number of transactions in June 2024 was 3.75 billion.

Key Insights for Tanzania's Digital Economy

Rapid Adoption and Usage:

• High Subscription Growth: The increase in mobile money subscriptions reflects a strong adoption rate of mobile financial services. From March 2024 to June 2024, subscriptions grew by 5%.
• Rising Transactions: There is a corresponding rise in the number of transactions, which increased by 24.1% from April 2024 (3.02 billion) to June 2024 (3.75 billion). This indicates that users are not only subscribing but actively using mobile money services.

Average Transactions per Subscriber:

• Stable Usage per Subscriber: The average number of transactions per subscriber remained relatively stable, around 106 transactions per subscriber per month in the quarter ending June 2024. This consistency suggests that each subscriber regularly uses mobile money services.

Annual Trends:

• Five-Year Growth:
  • Subscriptions grew from 25.86 million in 2019 to 52.88 million in 2023, more than doubling over five years.
  • Transactions grew from 3.02 billion in 2019 to 5.27 billion in 2023, indicating a significant increase in usage.
  • Despite the growth in subscriptions, the average number of transactions per subscriber decreased from 117 in 2019 to 100 in 2023. This may suggest a broader base of users with varying transaction frequencies, possibly including more occasional users.

Economic Implications

1. Financial Inclusion:
   • Broad Access: The high growth in mobile money subscriptions signifies increasing financial inclusion. More Tanzanians are gaining access to financial services through mobile platforms, which is crucial for a cashless economy.
   • Active Usage: The rise in transactions indicates that these services are being actively used for daily transactions, savings, and possibly even credit and insurance products.
2. Digital Economy Growth:
   • E-commerce and Services: The widespread use of mobile money facilitates e-commerce, enabling transactions for goods and services online. This supports the growth of digital marketplaces.
   • Government Services: Mobile money can be used to pay for public services, taxes, and utilities, streamlining government revenue collection and service delivery.
3. Economic Stability and Growth:
   • Transactional Data: The data generated from mobile money transactions can provide insights into economic activity and help in policy formulation.
   • Investment Attraction: The robust growth and high penetration rates can attract investments in fintech and other digital services.

The total number of internet subscriptions in Tanzania saw a significant increase from March to June 2024. This includes both mobile and fixed internet subscriptions, covering various technologies like 2G, 3G, 4G, 5G, and fiber optics.

Figures 1:

Growth:

• March 2024: 36.8 million subscriptions
• June 2024: 39.3 million subscriptions
• Increase: 7% from March to June 2024

Technology Breakdown (June 2024):

• Mobile Broadband Subscriptions: 39,311,477 (99.6% of total subscriptions)
• 2G Subscriptions: 17,740,031
• FTTH (Fiber to the Home) Subscriptions: 50,398
• FTTO (Fiber to the Office) Subscriptions: 5,732

Trends: The trend in internet subscriptions over the past five years indicates a consistent growth, with an average annual growth rate of 9.8%. Subscriptions rose from 25.8 million in 2019 to 35.9 million in 2023.

Data Usage:

• April 2024: 140,000,149,653 MB (3,755 MB per subscription)
• May 2024: 136,754,260,519 MB (3,575 MB per subscription)
• June 2024: 149,067,375,618 MB (3,792 MB per subscription)

The increasing reliance on mobile broadband as the primary means of internet access, reflecting the broader trend of mobile-first connectivity in Tanzania's digital economy. The steady increase in subscriptions and data usage points to a growing demand for internet services and improved connectivity infrastructure.

The rapid growth in internet subscriptions, primarily driven by mobile broadband, showcases the expanding digital economy in Tanzania. The consistent increase in data usage per subscriber indicates a deepening engagement with digital services, which is critical for the country's economic development and digital transformation initiatives.

Internet Subscription and its Implications for Tanzania's Digital Economy

Growth in Internet Subscriptions

• Significant Increase: From March to June 2024, internet subscriptions increased by 7%, from 36.8 million to 39.3 million. This growth indicates a rapidly expanding user base for internet services.
• Mobile Broadband Dominance: The overwhelming majority of internet subscriptions are mobile broadband (99.6% in June 2024), reflecting a mobile-first approach to internet access in Tanzania.

Technology Breakdown

• 2G Subscriptions: 17.74 million subscriptions in June 2024, indicating a substantial user base still relying on older technology.
• Mobile Broadband Subscriptions: 21.47 million in June 2024, showing a shift towards more advanced and faster mobile internet services.
• FTTH and FTTO: Relatively low numbers (50,398 for FTTH and 5,732 for FTTO in June 2024), indicating that fiber optic connectivity is still in its early stages of adoption.

Data Usage Trends

• Increasing Data Consumption: Data usage per subscription increased from 3,575 MB in May 2024 to 3,792 MB in June 2024. This trend suggests that subscribers are increasingly using the internet for data-intensive activities such as streaming, online education, and e-commerce.

Implications for Tanzania's Digital Economy

The growth in internet subscriptions and data usage is a positive indicator of Tanzania's evolving digital economy. The predominance of mobile broadband underscores a mobile-first approach, driving broad digital inclusion and creating opportunities for digital services and economic growth. However, continued investment in infrastructure and efforts to bridge the digital divide are crucial to sustaining this momentum and ensuring that all Tanzanians can benefit from the digital revolution.

1. Broad Digital Access and Inclusion
   • Widespread Connectivity: The significant increase in internet subscriptions, particularly mobile broadband, highlights the expanding reach of digital connectivity across Tanzania. This broad access is essential for inclusive digital participation, allowing more citizens to benefit from digital services.
2. Mobile-First Economy
   • Predominance of Mobile Broadband: With mobile broadband accounting for nearly all internet subscriptions, Tanzania's digital economy is heavily reliant on mobile connectivity. This trend aligns with global patterns in developing countries, where mobile networks are often the primary means of internet access.
3. Opportunities for Digital Services
   • Growing Market for Digital Products: The rising number of internet users presents a substantial market for digital services, including e-commerce, digital banking, online education, and entertainment. Businesses can leverage this growing user base to expand their digital offerings.
   • E-Government Services: Increased internet penetration provides an opportunity for the government to enhance the delivery of public services through e-government initiatives, improving efficiency and accessibility.
4. Challenges and Areas for Improvement
   • Need for Infrastructure Development: The relatively low adoption of fiber optic internet (FTTH and FTTO) indicates the need for further investment in high-speed broadband infrastructure to support more advanced digital applications and services.
   • Bridging the Digital Divide: While internet subscriptions are growing, efforts must continue to ensure that all regions, especially rural areas, have access to reliable and affordable internet services.
5. Economic Growth and Innovation
   • Digital Transformation: The increasing internet subscriptions and data usage reflect ongoing digital transformation, which can drive economic growth, innovation, and productivity across various sectors, including agriculture, health, education, and commerce.
   • Investment Attraction: The expanding digital economy can attract local and foreign investments in technology and telecommunications sectors, further boosting economic development.

The total number of telecom subscriptions (including both SIM cards and fixed lines for both Person-to-Person (P2P) and Machine-to-Machine (M2M) communication) reached 76.6 million by the end of June 2024. This represents a 4.3% increase from the previous quarter, which ended in March 2024 with 73.4 million subscriptions.

P2P Communication

Telecom subscriptions for P2P communication per operator showed an average monthly increase of 2% from April to June 2024. The breakdown of P2P subscriptions by operator is as follows:

• Airtel: Increased from 19,189,159 in April to 19,507,893 in June.
• Halotel: Increased from 9,116,374 in April to 9,821,837 in June.
• Tigo: Increased from 20,345,932 in April to 21,517,857 in June.
• TTCL: Increased from 1,637,782 in April to 1,651,331 in June.
• Vodacom: Increased from 22,326,386 in April to 23,089,088 in June.

Overall, P2P subscriptions increased from 72.6 million in March 2024 to 75.6 million in June 2024, marking a 4.3% rise​.

M2M Communication

The number of SIM cards subscribed for M2M communication per operator for the quarter ending June 2024 is detailed below:

• Airtel: Increased from 323,273 in April to 329,292 in June.
• Halotel: Increased from 54,920 in April to 57,340 in June.
• Tigo: Decreased slightly from 24,859 in April to 24,755 in June.
• TTCL: Decreased slightly from 6,542 in April to 6,512 in June.
• Vodacom: Increased from 533,906 in April to 551,541 in June.

Total M2M subscriptions rose from 943,500 in March 2024 to 969,440 in June 2024, indicating a 4.3% growth​​.

Market Share

• P2P Market: No single operator has a market share greater than 35%, indicating healthy competition. Market shares are as follows: Vodacom (30.5%), Airtel (28.5%), Tigo (25.8%), Halotel (13.0%), and TTCL (2.2%)​(Communication Statistic…)​.
• M2M Market: Vodacom dominates with 56.9% of subscriptions, followed by Airtel (34.0%), Halotel (5.9%), Tigo (2.6%), and TTCL (0.7%)​.

Trends Over Five Years

The telecom subscription trends for P2P communication over the past five years have shown a significant increase, with total subscriptions growing from 47.8 million in 2019 to 70.3 million in 2023. The penetration rate has increased from 78% in 2019 to 111% in 2023​​.

These statistics reflect a growing and competitive telecom market in Tanzania, with substantial increases in both P2P and M2M subscriptions across various operators.

Tanzania's Digital Economy

The telecom subscription statistics reflect a positive trajectory for Tanzania's digital economy, marked by significant growth, high penetration rates, and competitive dynamics. These trends suggest a strong foundation for expanding digital services, fostering economic opportunities, and enhancing overall connectivity, which are critical for a thriving digital economy.

Growth and Penetration

• Increasing Subscriptions: The rise in telecom subscriptions from 73.4 million in March 2024 to 76.6 million in June 2024 shows a robust growth trajectory. This 4.3% quarterly increase indicates a rapidly expanding user base, crucial for digital economic activities.
• High Penetration Rate: With a penetration rate surpassing 111% in 2023, the majority of Tanzanians have access to mobile connectivity. This widespread access is foundational for digital services, e-commerce, mobile banking, and online education.

Market Competitiveness

• Healthy Competition: No single operator dominates the P2P market, with the largest share held by Vodacom at 30.5%. This competitive environment can drive innovation, better services, and lower prices, benefiting consumers and fostering digital inclusivity.
• Dominance in M2M: Vodacom’s 56.9% share in M2M subscriptions points to its leading role in supporting IoT (Internet of Things) applications, which are crucial for sectors like agriculture, healthcare, and logistics in the digital economy.

Technological Adoption

• P2P and M2M Growth: The significant increase in both P2P (people-to-people) and M2M (machine-to-machine) communication subscriptions highlights the adoption of digital technologies across various sectors. The rise in M2M subscriptions, in particular, underscores the growing reliance on connected devices and smart solutions.

Economic Opportunities

• Digital Services Expansion: The growing number of telecom subscriptions provides a larger customer base for digital services such as mobile payments (M-Pesa, Tigo Pesa), online shopping platforms, and digital content services. This expansion drives economic activities and opens new business opportunities.
• Rural Connectivity: The increase in subscriptions across operators suggests efforts to enhance rural connectivity, which is crucial for inclusive economic growth. Improved rural connectivity can enhance agricultural productivity, access to markets, and delivery of government services.

Trends and Future Prospects

• Five-Year Growth Trends: The growth from 47.8 million subscriptions in 2019 to 70.3 million in 2023 indicates a rapidly maturing digital economy. This trend suggests continued investments in digital infrastructure and services.
• Policy Implications: The data supports the need for policies that encourage competition, investment in infrastructure, and digital literacy programs to sustain growth and ensure broad-based participation in the digital economy.

Tanzania inafanya hatua katika maendeleo ya kidijitali, lakini bado ina safari ndefu kufikia baadhi ya wenzao wa Afrika Mashariki. Ufikiaji na Matumizi ya Intaneti

1. Viwango vya Upenyaji wa Intaneti:
   • Tanzania: Upenyaji wa intaneti ni takriban 45%.
   • Kenya: Upenyaji wa juu zaidi kwa takriban 85%.
   • Uganda: Upenyaji wa intaneti ni takriban 52%.
   • Rwanda: Upenyaji wa takriban 58%. Maana: Tanzania ipo nyuma ya wenzao wa kikanda kama Kenya na Rwanda kwa suala la upenyaji wa intaneti. Hii inaonyesha fursa kubwa ya ukuaji katika ufikiaji wa kidijitali na kuboresha miundombinu nchini Tanzania kufikia wastani wa kikanda. Miundombinu ya Kidijitali
2. Usajili wa Simu za Mkononi:
   • Tanzania: Kiwango cha upenyaji wa simu za mkononi ni 82%.
   • Kenya: Upenyaji karibu wote kwa kiwango cha 112%.
   • Uganda: Kiwango cha upenyaji wa simu za mkononi ni 73%.
   • Rwanda: Upenyaji wa 79%. Maana: Upenyaji wa simu za mkononi nchini Tanzania ni wa juu lakini bado ni chini ikilinganishwa na Kenya. Hii inaonyesha miundombinu imara ya simu za mkononi lakini pia inaonyesha nafasi ya kupanuka na kuboresha zaidi, hasa katika maeneo ya vijijini. Huduma za Kifedha za Kidijitali
3. Akaunti za Pesa za Mkononi:
   • Tanzania: Takriban 52% ya idadi ya watu wazima hutumia pesa za mkononi.
   • Kenya: Inayoongoza na 79% ya matumizi ya pesa za mkononi.
   • Uganda: Takriban 51% ya watu wazima hutumia pesa za mkononi.
   • Rwanda: Takriban 39% ya watu wazima hutumia pesa za mkononi. Maana: Tanzania inafanya vizuri katika matumizi ya pesa za mkononi, na zaidi ya nusu ya idadi ya watu wazima wakihusika, lakini bado inabaki nyuma ya Kenya, ikionyesha uwezekano wa ukuaji zaidi na upitishaji wa huduma za kifedha za kidijitali. Upitishaji wa E-commerce
4. Manunuzi ya Mtandaoni:
   • Tanzania: Takriban 5% tu ya idadi ya watu wanashiriki katika manunuzi mtandaoni.
   • Kenya: Takriban 12% ya idadi ya watu wanashiriki katika manunuzi mtandaoni.
   • Uganda: Takriban 4% wanashiriki katika manunuzi mtandaoni.
   • Rwanda: Takriban 6% wanashiriki katika manunuzi mtandaoni. Maana: Upitishaji wa e-commerce nchini Tanzania ni wa chini, ikionyesha uwezekano mkubwa usiotumika katika soko la e-commerce. Hii inaonyesha haja ya kuimarisha elimu ya kidijitali, kuamini katika miamala ya mtandaoni, na miundombinu ya usafirishaji ili kuongeza viwango vya manunuzi mtandaoni. Mambo Muhimu

• Mgawanyiko wa Kidijitali: Kuna mgawanyiko mkubwa wa kidijitali ndani ya Afrika Mashariki, ambapo Kenya mara nyingi inaongoza katika viashiria vingi vya uchumi wa kidijitali. Tanzania, ingawa inaonyesha maendeleo, bado ina nafasi kubwa ya kuboresha kufikia viwango vya majirani zake kama Kenya na Rwanda.
• Mahitaji ya Uwekezaji: Ili kuboresha nafasi yake, Tanzania inahitaji kuwekeza katika miundombinu ya kidijitali, kuboresha upatikanaji wa intaneti, na kukuza elimu ya kidijitali na uaminifu miongoni mwa watu wake.
• Fursa za Ukuaji: Viwango vya chini vya upenyaji na upitishaji katika maeneo kama ufikiaji wa intaneti na e-commerce vinaonyesha fursa kubwa za ukuaji na maendeleo katika uchumi wa kidijitali wa Tanzania.

The Digital Economy Report 2024 insights on Tanzania, focusing on its role in the global transition minerals market:

1. Natural Graphite Reserves:
   • Tanzania, along with Madagascar and Mozambique, holds 24% of the global reserves of natural graphite​​.
2. Developing Value-Added Goods:
   • Developing countries that export transition minerals, including Tanzania, are exploring the potential of moving into the production of higher value-added goods. This includes processing minerals and manufacturing intermediate goods such as precursors and batteries. There is also a longer-term vision to create regional value chains for manufacturing final products like electric vehicles and smartphones​​.

Tanzania's significant role in the supply chain of critical minerals and its potential to move up the value chain in the global market.

Transition Minerals

• Graphite Reserves: Madagascar, Mozambique, and Tanzania together account for 24% of the global reserves of natural graphite​​.

E-commerce Readiness and Digital Divide

• Digital Divide in LDCs: While e-commerce use in least developed countries (LDCs) increased by 140% between 2017 and 2021, it still represents only 5.8% of individuals making online purchases compared to 62% in developed countries. Tanzania, being one of the LDCs, faces challenges in e-commerce adoption due to inadequate ICT infrastructure, where only about one-third of the population is online. Digital divides persist between urban and rural areas, and across genders​.

Policy Actions

• E-commerce Potential: The potential for e-commerce to expand in LDCs, including Tanzania, is significant. UNCTAD's eTrade readiness assessments highlight critical gaps that limit countries from harnessing e-commerce for economic development. The majority of LDCs, including Tanzania, lack comprehensive e-commerce policies and ways to integrate e-commerce into national development plans​.

Infrastructure and Costs

• ICT Infrastructure: In LDCs, such as Tanzania, the quality of Internet services is low, with low bandwidth and high costs. Monthly costs for internet services in LDCs range from 1 to 24% of GNI per capita, posing a barrier to e-commerce adoption​​.

The digital economy landscape in East African countries

Tanzania is making strides in digital development, it still has a way to go to catch up with some of its East African counterparts.

Internet Access and Usage

1. Internet Penetration Rates:
   • Tanzania: Internet penetration is around 45%.
   • Kenya: Higher penetration at approximately 85%.
   • Uganda: Internet penetration stands at about 52%.
   • Rwanda: Around 58% penetration.

Implication: Tanzania lags behind its regional counterparts like Kenya and Rwanda in terms of internet penetration. This suggests a significant opportunity for growth in digital access and infrastructure improvement in Tanzania to match the regional average.

Digital Infrastructure

1. Mobile Subscriptions:
   • Tanzania: Mobile penetration rate is at 82%.
   • Kenya: Nearly universal coverage with a rate of 112%.
   • Uganda: Mobile penetration rate of 73%.
   • Rwanda: 79% penetration.

Implication: Tanzania's mobile penetration is relatively high but still lower compared to Kenya. This reflects a strong mobile infrastructure but also highlights room for further expansion and improvement, especially in rural areas.

Digital Financial Services

1. Mobile Money Accounts:
   • Tanzania: Approximately 52% of the adult population uses mobile money.
   • Kenya: Leading with 79% mobile money usage.
   • Uganda: Around 51% of adults use mobile money.
   • Rwanda: About 39% of adults use mobile money.

Implication: Tanzania is doing well in mobile money usage, with over half of the adult population engaged, but it still trails behind Kenya, indicating potential for further growth and adoption of digital financial services.

E-commerce Adoption

1. Online Shopping:
   • Tanzania: Only about 5% of the population engages in online shopping.
   • Kenya: Roughly 12% of the population shops online.
   • Uganda: Around 4% engage in online shopping.
   • Rwanda: About 6% engage in online shopping.

Implication: The adoption of e-commerce in Tanzania is relatively low, suggesting significant untapped potential in the e-commerce market. This indicates a need for enhancing digital literacy, trust in online transactions, and logistics infrastructure to boost online shopping rates.

Key Takeaways

• Digital Divide: There is a notable digital divide within East Africa, with Kenya often leading in most digital economy metrics. Tanzania, while showing progress, still has considerable room for improvement to reach the levels of its neighbours like Kenya and Rwanda.
• Investment Needs: To improve its standing, Tanzania needs to invest in digital infrastructure, enhance internet accessibility, and promote digital literacy and trust among its population.
• Growth Opportunities: The lower penetration and adoption rates in certain areas like internet access and e-commerce highlight significant opportunities for growth and development in Tanzania’s digital economy.

The Food Security Update from June 27, 2024, provides insights into the food inflation rates across various countries in East Africa:

Tanzania

• May 2024: Food inflation in Tanzania was 6.5%.

Kenya

• May 2024: Kenya experienced a food inflation rate of 11.2%.

Uganda

• May 2024: Uganda's food inflation rate was 4.7%.

Rwanda

• May 2024: Food inflation in Rwanda stood at 12.4%.

Democratic Republic of the Congo (DRC)

• May 2024: DRC faced a significantly high food inflation rate of 19.2%.

Burundi

• May 2024: Burundi's food inflation was reported at 9.2%.

Comparative Analysis

1. High Food Inflation:
   • DRC: 19.2%
   • Rwanda: 12.4%
   • Kenya: 11.2%

These countries are experiencing very high food inflation rates, indicating significant pressure on household food expenses. The DRC, in particular, faces the highest rate among the listed countries, which could be due to ongoing conflict and economic instability exacerbating food prices.

1. Moderate Food Inflation:
   • Burundi: 9.2%
   • Tanzania: 6.5%

These rates, while still high, are more moderate compared to the top three. Tanzania's food inflation at 6.5% suggests that while food prices are increasing, the rate is not as steep as in DRC, Rwanda, or Kenya.

1. Lower Food Inflation:
   • Uganda: 4.7%

Uganda has the lowest food inflation rate among these countries, which might indicate better food supply stability or effective inflation control measures in place.

Implications

• Economic Stability: Countries with lower food inflation rates like Uganda might have better economic stability or more effective policies to control inflation.
• Food Security: Higher food inflation in countries like DRC, Rwanda, and Kenya suggests severe food security issues. These countries may require more robust interventions to stabilize food prices and ensure affordable food supply to the population.
• Policy Measures: Tanzania's moderate inflation rate indicates that the country might have some effective measures in place but still needs to monitor and manage inflation to prevent it from escalating.

Projected Food Inflation in Tanzania and East Africa (July-December 2024)

The projected food inflation rates indicate varying degrees of economic and food security challenges across East Africa. Tanzania, with its moderate inflation, will face manageable but notable economic and food security issues. In contrast, countries like DRC and Rwanda will experience severe challenges, impacting both economic stability and food security significantly. Kenya will also face substantial issues, while Uganda is expected to maintain relative stability. Burundi will experience moderate difficulties, affecting its most vulnerable populations.

Efforts to mitigate these impacts should focus on stabilizing food prices, improving food supply chains, and providing targeted support to vulnerable groups to ensure food security and sustain economic growth.

Projected Food Inflation Rates (July-December 2024)

1. Tanzania: Food inflation is expected to slightly increase but remain relatively moderate. By December 2024, the projected rate is around 7-8%.
2. Kenya: Food inflation is projected to continue its upward trend, potentially reaching 12-13% by December 2024.
3. Uganda: Expected to maintain its relatively low food inflation, possibly increasing to around 5-6%.
4. Rwanda: Likely to see continued high food inflation, reaching approximately 13-14%.
5. DRC: High food inflation will persist, potentially escalating to 20-21%.
6. Burundi: Projected to see a slight increase, reaching around 10-11%.

Economic Impact and Food Security

Tanzania

• Economic Development: The moderate increase in food inflation (to 7-8%) could lead to higher household expenditures on food, reducing disposable income for other goods and services. This might slow down economic growth slightly but not severely.
• Food Security: Tanzania is likely to face moderate food security challenges. While the situation will be manageable compared to countries with higher inflation, vulnerable populations might still struggle with food affordability.

Kenya

• Economic Development: Higher food inflation (12-13%) could strain household budgets significantly, leading to reduced spending in other economic sectors and potentially slowing down economic growth.
• Food Security: Severe food security issues are expected, with more households falling into food insecurity due to the high cost of food.

Uganda

• Economic Development: The relatively low food inflation (5-6%) will likely support stable economic growth, with less pressure on household budgets.
• Food Security: Uganda is expected to have better food security conditions compared to its neighbors, maintaining relatively stable access to affordable food.

Rwanda

• Economic Development: Continued high food inflation (13-14%) will strain the economy, reducing consumer spending power and potentially impacting economic growth negatively.
• Food Security: Significant food security challenges are expected, with many households likely to struggle with high food prices.

DRC

• Economic Development: Extremely high food inflation (20-21%) will severely impact the economy, with households facing substantial financial pressure. Economic growth is likely to be very slow or even negative.
• Food Security: DRC will face critical food security issues, with a large portion of the population at risk of severe food insecurity.

Burundi

• Economic Development: Moderate increase in food inflation (10-11%) will put some pressure on household budgets but might not drastically impact economic growth.
• Food Security: Burundi will face moderate to severe food security challenges, with vulnerable populations being the most affected.

Key Issues

1. Increase in Number of Bank Agents: From March 2023 to March 2024, the number of bank agents in Tanzania increased by 37.4%, reaching 110,295.
2. Volume of Transactions: Cash deposits and withdrawals saw an increase of 15.3% and 18.6%, respectively.
3. Value of Transactions: The value of cash deposits rose by 54.5%, and withdrawals by 47.2%.

Hence

• Agent Numbers: Increased by 37.4% from March 2023 to March 2024.
• Transaction Volumes: Increased for both deposits (15.3%) and withdrawals (18.6%).
• Transaction Values: Significant growth in the value of deposits (54.5%) and withdrawals (47.2%).

The agent banking transactions in Tanzania reveals several key insights about the country's economic development

The agent banking transactions in Tanzania reflects a positive trajectory in the country’s economic development. Increased access to financial services, rising economic activities, regional growth, and the integration of technology are key indicators of progress. These trends not only signify economic growth but also the effectiveness of policies aimed at financial inclusion and economic empowerment.

1. Financial Inclusion and Access to Banking Services

The significant increase in the number of bank agents (37.4% from March 2023 to March 2024) indicates improved access to banking services across the country. This expansion supports the broader financial inclusion agenda, enabling more individuals, especially in rural and underserved areas, to participate in the formal financial system.

2. Increased Economic Activity

The growth in both the volume and value of transactions (15.3% and 54.5% for deposits, 18.6% and 47.2% for withdrawals) reflects heightened economic activity. More transactions suggest that more people are engaging in financial transactions, whether for personal savings, business activities, or consumption, indicating a vibrant and growing economy.

3. Trust in Banking Systems

The substantial increase in the value of deposits and withdrawals signifies growing trust in the banking system. As people increasingly use banking agents for their financial transactions, it shows that they have confidence in the security and reliability of these services. This trust is crucial for the stability and growth of the financial sector.

4. Regional Economic Growth

The data breakdown by regions (Central, Dar es Salaam, Lake, Northern, South Eastern, and Southern Highlands) shows that economic activity and access to banking services are expanding across different parts of the country. Particularly notable is the significant growth in regions like Dar es Salaam and the Lake zone, suggesting regional economic development and reduced economic disparity.

5. Role of Technology in Economic Development

The increase in agent banking highlights the role of technology in driving economic development. By leveraging mobile and digital technologies, banking agents can reach more people, facilitating easier and more efficient financial transactions. This technological integration is a positive indicator of modernizing the economy and improving efficiency.

6. Economic Empowerment

Greater access to banking services empowers individuals and businesses by providing them with the means to save, invest, and manage their finances more effectively. This empowerment can lead to increased entrepreneurial activities, higher savings rates, and more investments, all contributing to overall economic growth.

7. Policy Effectiveness

The efforts to promote agent banking reflect effective policy measures by the government and financial institutions to enhance financial inclusion and economic participation. The positive trends in agent banking transactions suggest that these policies are successfully fostering a more inclusive and dynamic economy.

Bank Deposits

Deposits Growth and Distribution:

• Overall Growth: Bank deposits across all zones in Tanzania grew by 12.3% from March 2023 to March 2024.
• Total Deposits: The total deposits increased to TZS 31,424.6 billion.
• Key Drivers: This growth was driven by banks’ efforts in mobilizing savings through financial education and innovative products and services.

Zone-wise Breakdown:

• Dar es Salaam Zone: This zone accounted for the largest share of deposits at 59.4%, amounting to TZS 18,666.2 billion. The growth here was 9.0%.
• Central Zone: Deposits grew by 10.9% to TZS 3,412.7 billion, representing 10.9% of the total.
• South Eastern Zone: Deposits grew by 6.9% to TZS 877.0 billion, making up 2.8% of the total.
• Lake Zone: This zone saw the highest growth rate of 46.1%, with deposits reaching TZS 3,482.6 billion, accounting for 11.1% of the total.
• Northern Zone: Deposits increased by 5.0% to TZS 3,654.5 billion, representing 11.6% of the total.
• Southern Highlands Zone: Deposits grew by 21.3% to TZS 1,331.6 billion, making up 4.2% of the total.

Table 1: Bank Deposits

Bank Loans

Loans Growth and Distribution:

• Overall Growth: Banks' loans to various economic activities grew by 21% from March 2023 to March 2024.
• Total Loans: The total loans increased to TZS 29,735.9 billion.
• Key Drivers: The growth was mainly due to improved economic activities, a better business environment, and supportive policies.

Zone-wise Breakdown:

• Dar es Salaam Zone: This zone accounted for the largest share of loans at 53.8%, amounting to TZS 15,989.1 billion. The growth here was 12.8%.
• Central Zone: Loans grew by 57.1% to TZS 4,070.3 billion, representing 13.7% of the total.
• South Eastern Zone: Loans grew by 15.7% to TZS 1,424.9 billion, making up 4.8% of the total.
• Lake Zone: Loans increased by 31.1% to TZS 4,308.8 billion, accounting for 14.5% of the total.
• Northern Zone: Loans grew by 28.2% to TZS 3,163.8 billion, representing 10.6% of the total.
• Southern Highlands Zone: Loans slightly decreased by 5.4% to TZS 779.0 billion, making up 2.6% of the total.

Table 2: Bank Loans

The analysis indicates significant growth in both deposits and loans, with Dar es Salaam being the dominant region for both. The remarkable increase in deposits in the Lake Zone and loans in the Central Zone highlights regional economic activities' positive trends.

Economic Development Insights

The bank deposits and loans underscores Tanzania's positive economic development trends. With significant growth in financial inclusion, regional economic activities, and a supportive policy environment, Tanzania is poised for continued economic growth and development. However, attention to regional disparities and sustained investment in emerging regions will be vital to ensure balanced and inclusive economic progress.

1. Increased Bank Deposits:

• Overall Growth: The 12.3% increase in bank deposits indicates a growing confidence in the banking sector and the economy. This growth reflects an increase in savings and financial inclusion, which are crucial for economic stability and growth.
• Dar es Salaam Dominance: With 59.4% of the total deposits, Dar es Salaam's leading position highlights its role as the economic hub of Tanzania. The concentration of deposits in this zone suggests robust economic activities and higher income levels.
• Regional Growth: Significant growth in regions like the Lake Zone (46.1%) and the Southern Highlands (21.3%) suggests economic diversification and development beyond the primary economic centers. This could indicate growing economic opportunities and infrastructure development in these regions.

2. Increased Bank Loans:

• Overall Growth: A 21% increase in bank loans signifies an expanding credit market, which supports business growth, entrepreneurship, and investment in various economic activities. This is a positive indicator of economic dynamism and a supportive policy environment.
• Sectoral Distribution: With 68.3% of loans going to personal, trade, agriculture, and manufacturing activities, this distribution reflects balanced growth across essential economic sectors. It suggests a focus on sectors that can drive economic growth and create jobs.
• Central Zone's Growth: The Central Zone's remarkable 57.1% growth in loans highlights significant economic activities and development in this region, which could be driven by new investments, agricultural expansion, or industrial activities.

3. Regional Economic Disparities and Development:

• Dar es Salaam's Dominance: Despite growth in other regions, Dar es Salaam remains the dominant economic zone. This concentration highlights the need for policies to ensure balanced regional development to prevent over-reliance on one region.
• Emerging Regions: The notable growth in deposits and loans in regions like the Lake Zone and Central Zone indicates emerging economic opportunities. This regional development can reduce economic disparities and promote inclusive growth.

4. Economic Policy Implications:

• Supportive Policies: The growth in loans suggests effective and supportive government policies that encourage lending and economic activities. These policies may include improved business environments, better regulatory frameworks, and targeted economic programs.
• Financial Inclusion: The increase in bank deposits, especially through financial education and innovative products, reflects efforts to enhance financial inclusion. Greater financial inclusion can lead to more equitable economic development and poverty reduction.

5. Future Economic Prospects:

• Sustained Growth: The continuous increase in deposits and loans suggests that Tanzania is on a growth trajectory. Sustained economic policies, infrastructure development, and investment in key sectors will be crucial to maintain this growth.
• Investment Opportunities: The growing loan market indicates expanding investment opportunities in Tanzania. Sectors such as agriculture, trade, manufacturing, and personal finance are likely to attract more investments, fostering further economic development.