Zanzibar. For thousands of Tanzanians living abroad, the dream of owning a home in their homeland has often been hindered by financing challenges, limited access to mortgage products and concerns about managing investments from afar.
A new partnership between Tanzania Commercial Bank (TCB) and CPS Africa, the developer of Fumba Town in Zanzibar, is seeking to change that reality by providing diaspora Tanzanians with easier access to home financing and real estate investment opportunities.
The two institutions recently signed a strategic agreement aimed at expanding property ownership among Tanzanians living abroad and international investors through tailored mortgage financing solutions.
The partnership allows eligible customers to access TCB's Nyumbani Mortgage facility to purchase residential properties within Fumba Town, one of East Africa's most ambitious urban developments.
The financing package offers mortgage with competitive interest rates, repayment periods of up to 20 years, financing in both Tanzanian shillings and US dollars, remote application capabilities and dedicated relationship managers to support customers throughout the homeownership journey.
Speaking after witnessing the signing ceremony, Tanzania's High Commissioner to the United Kingdom, Mbelwa Kairuki, described the agreement as a major opportunity for diaspora Tanzanians seeking to invest in property back home.
"The project is located within free economic zone, which means that even diaspora members who hold citizenship of other countries can purchase property in the area and make investments," he said.
He urged Tanzanians abroad to take advantage of the opportunity, noting Zanzibar's growing tourism sector and rising demand for accommodation.
"I would like to encourage diaspora Tanzanians who wish to own a home in Zanzibar—whether for personal use or as an investment—to take advantage of this opportunity because demand is high. The government's goal is to increase the number of tourists, and this will create significant demand for accommodation," Ambassador Kairuki said.
The development comes as Tanzania intensifies efforts to harness diaspora investment as a driver of economic growth. TCB's Diaspora Banking service, launched in December 2024, has already attracted more than 700 account holders across key markets, including the United Kingdom, the United States and Southern Africa.
According to the bank, it has facilitated over Sh80 billion in remittance inflows through more than 95,000 transactions while disbursing more than Sh8 billion in diaspora mortgage financing.
TCB Director of Retail and SME Banking, Lilian Mtali, said the collaboration responds to growing demand among Tanzanians abroad for secure and professionally managed real estate investment opportunities.
"Beyond financing, we are providing peace of mind. Customers will have access to a trusted banking partner and a world-class development offering modern infrastructure, sustainability and strong long-term investment potential," she said.
Meanwhile, TCB's Head of Premier and Diaspora Banking, Mercy Nkini, called for stronger collaboration among institutions serving Tanzanians abroad to ensure the development of supportive policies and systems.
"As stakeholders serving the diaspora community, we need to strengthen our collaboration so that we can speak with one voice and deliver a consistent message. This will help the authorities responsible for diaspora affairs develop more supportive systems and diaspora-friendly policies," she said.
She also encouraged diaspora Tanzanians to actively participate in forums, conferences and stakeholder engagements to better understand available opportunities and provide feedback on services designed for them.
Adding his voice to the partnership, CPS Africa Chief Executive Officer Sebastian Dietzold said the agreement aligns with Fumba Town's vision of creating investment opportunities for Tanzanians while building a world-class city that welcomes residents and investors from across the region and beyond.
"We are delighted to partner with TCB Bank in expanding access to homeownership and investment opportunities within Fumba Town. Our vision has always been to build a world-class city that welcomes residents and investors from across Tanzania and around the world," he said.
Mr Dietzold noted that the partnership will play an important role in attracting investment, creating jobs, supporting economic growth and strengthening Zanzibar's position as a leading destination for sustainable living and international investment.
He added that Fumba Town, located on Zanzibar's scenic west coast, has emerged as a benchmark for sustainable urban development in Africa. Designed as a mixed-use eco-city, the development combines residential, commercial, recreational and social infrastructure to create a vibrant and inclusive community.
Industry observers say the partnership represents a significant step towards addressing one of the diaspora community's longstanding challenges, accessing reliable financing and trusted property investment opportunities from abroad.
For many Tanzanians living overseas, the agreement signals a new dawn in their pursuit of homeownership, allowing them to invest confidently in their homeland while maintaining strong economic ties with Tanzania.
