Tanzania Commercial Bank blue economy commitment excites Mwinyi

The President of Zanzibar and Chairman of the Revolutionary Council Hon. Dr. Hussein Ali Mwinyi, speaking during the opening of the Zanzibar Women Entrepreneurs Conference organized by Tanzania Commercial Bank at the Golden Tulip Kiembesamaki Hotel in Zanzibar City

The President of Zanzibar and Chairman of the Revolutionary Council Hon. Dr. Hussein Ali Mwinyi and Chairman of the Board of Directors of Tanzania Commercial Bank (TCB), Edmund Mndolwa opening the door to mark the official launch of the Zanzibar Women's Forum organized by Tanzania Commercial Bank (TCB) The witnesses are the First Lady of Zanzibar who is also the Chairperson of the Zanzibar Better Life Foundation (ZMBF), Mama Mariam Mwinyi, Chief Executive Officer of Tanzania Commercial Bank, (TCB), Sabasaba Moshingi and leadership from the Government of Zanzibar and Officials from Tanzania Commercial Bank

The First Lady of Zanzibar Mama Mariam Mwinyi who is also the Chairperson of the Zanzibar Life Better Foundation (ZMBF) and (second left), receiving a check for ten million shillings from the Chief Executive Officer of Tanzania Commercial Bank (TCB) Sabasaba Moshingi, to fund the Zanzibar Foundation for Better Life Foundation (ZMBF), during the opening ceremony of the Zanzibar Women's Conference organized by Tanzania Commercial Bank and officially opened by the President of Zanzibar and Chairman of the Revolutionary Council Hon. Dr. Hussein Ali Mwinyi (right to Mother) and (left to Mother) is the Chairman of the TCB Board of Directors Mr. Edmund Mndolwa.

Tanzania Commercial Bank (TCB) commitment and readiness to support prosperity of the blue economy in Zanzibar has impressed President Hussein Mwinyi who yesterday said the lender was doing a commendable job in advancing national development causes.

Dr Mwinyi showered TCB with the compliments in his speech to grace the opening of Zanzibar’s Business Forum for Women noting that the networking platform to make finance work for women was a good example of the good work it is doing.

According to him, the women empowerment forums are a noble TCB idea that accords women a rare opportunity to deliberate pertinent issues affecting their welfare and learn how they can meaningfully contribute to national development efforts.

He said the initiative was worth the investment since it promotes and shows the pivotal role of women in national growth and development endeavours such as the blue economy, which his administration has embraced for spearheading inclusive prosperity and sustainable development in the Spice Islands.

“TCB decision and engagement to organize and run these special enlightening forums to deliberate issues affecting women’s personal and national development issues whose ultimate goal is to better their welfare has impressed me a lot,” Dr Mwinyi told the roundtable’s participants.

Themed, The Role of Women in Blue Economy Growth for Sustainable Development, the one-day forum was also attended by senior officials in the Revolutionary Government of Zanzibar and TCB senior leaders led by Board Chairman Dr Edmund Mndolwa and CEO Sabasaba Moshingi.

Yesterday’s gathering, which attracted more than 300 empowerment eager women, was the fourth to be held since the launch of the initiative last October in Dodoma that was followed by the roundtables in Mbeya and Mwanza.

TCB plans to organise similar conferences in other parts of the country, including Dar es Salaam, Tanga and Arusha, as it seeks to showcase commercial and entrepreneurship opportunities in its innovative financial solutions in a bid to empower women economically and contribute to their financial independence. 

“In that regard, I am overwhelmed to see this bank coming with the forums’ idea for educating and mobilising women in Zanzibar and the whole of Tanzania to seize the opportunities emanating from our plans and strategies to promote the blue economy,” Dr Mwinyi noted.

He said TCB commitment to support women participation in the key sectors of the blue economy such as fisheries, marine transport and ocean tourism was strategically vital that should be emulated by other stakeholders. He said the government was aware of women’s contribution in seaweed farming therefore the forum should be used to show ways to modernise it.

He said the authorities will continue supporting women seaweed farmers with capital, working tools and markets for selling their produce as well as support other women groups in their productive activities.

“The response and involvement of financial institutions in the development of the blue economy gives us hope to succeed in our efforts to sustainably harness ocean and coastal resources to spur economic growth, improve livelihoods and create jobs in the cpountry,” Dr Mwinyi pointed out.

“I call upon wananchi to cooperate with these institutions as well as both local and foreign investors in the endeavour to develop the blue economy. Let us fully utilise the opportunities our banks are providing in that regard,” he added.

Speaking early, CEO Moshingi said the blue economy initiative has the potential to make Zanzibar the Singapore and Mauritius of East Africa. He said TCB fully supports the isle’s ambitious blue economy agenda and is ready to work closely with the Revolutionary Government of Zanzibar to realise the noble mission.

According to him, the oldest bank in the country in which Zanzibar has a three per cent stake in its shareholding has the financial muscle, innovation prowess and unrivalled market reach to support the blue economy venture.

Mr Moshingi showed and proved that in a presentation on the bank’s strong financials and history. He said TCB’s recent successful transformation journey has made it among the most profitable banks in the country that boasts of a health and growing balance sheet.