TCB seeks strategic partnership with parliament to foster SMEs

Dar es Salaam. Tanzania Commercial Bank (TCB) is working out an initiative that seeks to foster its role in supporting the growth and development of Small and Medium Enterprises (SMEs) across the country.

As part of implementing the initiative, the TCB CEO, Mr Adam Mihayo, and the Bank’s Director of Retail and SME Banking, Ms Lilian Mtali, paid a courtesy visit to the Office of the Speaker of the National Assembly, Dr Tulia Ackson, recently.

The visit sought to foster greater collaboration between TCB and the National Assembly, with a particular focus on supporting the SMEs in the country.

“With the National Assembly constituting 393 Members of Parliament, and 239 constituencies being represented, the aim of this visit was to delve into the issues that affect the constituents in their respective areas, making it easier for SME businesses to thrive and grow,” Mr Mihayo said in a statement that was availed to The Citizen in Dar es Salaam yesterday.

Recognising the vital role that SMEs play in driving economic growth and creating jobs, the discussions centred on the development of grant schemes, affordable loans with low-interest rates for SMEs.

These initiatives are seen as essential for nurturing a thriving business environment that supports financial inclusion, entrepreneurship and sustainable development.

"We don’t want to paint the whole country with the same brush stroke.

There can’t be one solution for all, so it is best for us to listen to as many stakeholders as possible…This approach will enable us to create regional and, where possible, village-specific solutions that cater to the needs of SMEs within their communities," said Mr Mihayo.

In her remarks, Dr Ackson said such collaborations were important, noting that the National Assembly was committed to creating policies that would facilitate SME growth and ensure that businesses have access to the necessary resources to succeed.

"The growth of SMEs is critical to the economic development of our nation, and through this partnership with TCB, we can work towards creating an enabling environment that allows these businesses to flourish," she remarked.

The meeting concluded with a shared commitment to continue exploring further the areas of cooperation, with the ultimate goal of fostering a vibrant, inclusive and sustainable SME sector in the country.

The collaboration is expected to pave the way for more initiatives that will support the nation's economic growth and development.