Tanzania

A total of 53 commercial banks are currently operating in Tanzania, the highest number in the East African region but agriculture sector remains under served in as far as loan disbursement is concerned. Although considered the backbone of the national economy, agriculture accounts for over 25 per cent of the national gross domestic product (GDP), over 27 per cent of exports earnings, and 80 per cent provider of jobs but banks are not yet convinced.

CRDB (Tanzania) bank has come up with the new scheme for women to access loans without collateral, after it became clear that the majority of them carry out businesses without security which could help them access loan facilities from the financial institutions.

The Tanzania based CRDB Bank Group has signed a loan deal with the International Finance Corporation (IFC) for  $75 million for women SMEs. CRDB Managing Director, Dr. Charles Kimei and IFC’s Vice President for sub-Saharan Africa, Jean Philippe Prosper signed the agreement recently which will also support farmers and agribusiness.

Efforts by women to engage in productive activities to fight poverty must be augmented by deliberate allocation of at least five per cent of district and municipal council's annual income.
Deputy Minister of State, Prime Minister's Office (Regional Administration and Local Government), Mr Aggrey Mwanri issued the directive in Kilimanjaro over the weekend and insisted that the fight against poverty requires determination and proper allocation of resources.

Tanzania last week launched a national financial inclusion framework to focus on priorities such as payment platforms, infrastructure and consumer protection, with an overall goal of giving 50% of the country's population access to formal financial services by 2016, up from 22% today; strategy will tackle supply side, demand side and structural obstacles.

In many parts of Africa, a cellphone is much more than a phone; it’s a flashlight, a watch, a calculator, a camera and a radio.

In Tanzania, where mobile banking is common, phones provide women with a way to make secure banking transactions, monitor market prices for their crops, receive doctors’ prescriptions and health care reminders, and stay abreast of changing weather.

While Tanzania has been at the forefront of creating a positive legal framework and political context for gender equality, certain legal, regulatory, and administrative barriers still hinder women's full participation in private sector development.