Dodoma, Tanzania – Following the official launch of Tanzania’s National Development Vision 2050 by President Samia Suluhu Hassan in Dodoma, the Tanzania Commercial Bank (TCB) has swiftly pledged its full commitment to the ambitious plan. The vision aims to transform Tanzania into a modern, inclusive, and globally competitive economy, with a target GDP of USD 1 trillion and an average per capita income of USD 7,000 by 2050.
Speaking after the launch, TCB’s Chief Executive Officer, Adam Mihayo, expressed the bank’s readiness to play a pivotal role in realizing the national aspirations. “TCB is proud to be part of this significant national undertaking, which seeks to elevate Tanzania to upper-middle-income status,” Mihayo stated.
Mihayo highlighted that the 2050 Vision sets clear and ambitious national goals, identifying nine key sectors to drive development, including the financial sector. He emphasized that the growing population and increasing demand for formal financial services—such as insurance, technology, and banking—present a unique opportunity to expand government revenue through economic formalization. This, in turn, will significantly bolster the government’s capacity to stimulate citizen-centric development.
TCB has already begun aligning its operations with the new vision through its recently implemented strategic plan. This plan, which commenced last year, shifts the bank’s focus towards productive sectors rather than solely consumption. Mihayo explained that TCB is now extending its services to businesses of all sizes – small, medium, and large – with a particular emphasis on agriculture, a sector employing over 70% of Tanzanians.
According to Mihayo, TCB is also actively supporting other priority sectors, including construction, manufacturing, product processing, and export promotion. These initiatives, he noted, are designed to ensure Tanzania achieves an inclusive and sustainable economy for all its citizens.
Mihayo underscored the immense hope embedded in the 2050 Vision, stating it is the responsibility of financial institutions like TCB to create an optimal environment for its successful implementation. He concluded by reiterating TCB’s commitment to collaborate with the government, the private sector, and the public to ensure the vision transcends mere documentation and translates into tangible positive change for the nation.
“TCB is fully prepared to execute the 2050 Vision, and we will continue to be an integral part of Tanzania’s economic transformation,” Mihayo affirmed.