· Agreement will expand practical support for entrepreneurs and MSMEs across Unguja and Pemba.
· Partnership combines ZEEA’s economic empowerment mandate with Stanbic’s financial expertise, enterprise development capability and access to wider markets.
· Signing takes place at Fahari ya Zanzibar 2026, where Stanbic has committed TZS 200 million as a Platinum Sponsor.
Zanzibar, Tanzania – : Stanbic Bank Tanzania and the Zanzibar Economic Empowerment Agency today signed a five-year Memorandum of Understanding establishing a strategic partnership to strengthen entrepreneurship, financial inclusion and sustainable business growth across Zanzibar.
The agreement was signed during the official launch of Fahari ya Zanzibar 2026 at Mnazi Mmoja Grounds and witnessed by H.E. Hemed Suleiman Abdullah, Second Vice President of Zanzibar.
At the heart of the partnership is a shared ambition to help more Zanzibar businesses move from potential to sustainable growth. Stanbic and ZEEA will work together to strengthen financial literacy, business formalisation, access to finance, digital financial services, enterprise development and market access for entrepreneurs and MSMEs across Unguja and Pemba.
The partnership builds on the purpose of Fahari ya Zanzibar itself. The national trade fair was created to put Zanzibar products and enterprises in front of the market, connecting entrepreneurs with customers, buyers, financial institutions, investors and business development support. This year’s festival is expected to attract more than 15,000 visitors and over 300 exhibitors across sectors including agriculture, fisheries, tourism, innovation, manufacturing, food processing and the creative economy.
For Stanbic, the partnership reflects a broader view of what businesses need to succeed. Access to finance remains important, but sustainable growth also depends on stronger business capability, sound financial management, digital readiness, access to markets, mentorship and the right networks.
Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania, said the agreement gives the Bank and ZEEA a practical platform to help more entrepreneurs convert ambition into viable and competitive businesses. “Zanzibar has no shortage of enterprise, ideas or ambition. The opportunity now is to help more businesses turn that potential into scale. That requires finance, but it also requires knowledge, stronger business systems, digital capability, market access and connections. Our partnership with ZEEA brings these elements together so that more entrepreneurs can build businesses that are ready to grow.”
The agreement will also create opportunities for eligible entrepreneurs to connect with relevant Stanbic enterprise development initiatives, including the Stanbic Biashara Incubator where applicable. The Incubator supports entrepreneurs with practical business development, mentorship, tools and networks aimed at strengthening business capability and readiness for growth.
During Fahari ya Zanzibar, the Biashara Incubator team will be on the ground engaging entrepreneurs and providing practical business support. Stanbic teams will also engage businesses on solutions supporting trade, agribusiness, digital transactions and Vehicle and Asset Finance.
Stanbic has committed TZS 200 million to Fahari ya Zanzibar 2026 as a Platinum Sponsor. The Bank views the investment as part of a wider commitment to the enterprises and entrepreneurs that will shape Zanzibar’s next phase of economic growth. “Our TZS 200 million commitment is more than sponsorship. It is a statement of confidence in Zanzibar’s entrepreneurs, its products and its economic potential,” Max said.
The partnership comes one year after Stanbic established its presence in Zanzibar, marking a shift from establishing a presence to building deeper relationships with the people and businesses driving the Isles’ economy.
“One year into our journey here, we are clear about the role we want to play. Zanzibar is our home, we drive her growth. Calling Zanzibar home means investing in its people, its businesses and its long term economic potential. We want to help businesses become stronger here at home while connecting those with the ambition and capability to opportunities across Tanzania, Africa and international markets,” Max added.
Juma Burhan Mohamed, Executive Director of the Zanzibar Economic Empowerment Agency (ZEEA), said the partnership will strengthen efforts to connect entrepreneurs with the support required to build sustainable businesses. “Economic empowerment requires collaboration that gives entrepreneurs practical pathways to grow. Through this partnership, ZEEA and Stanbic will bring together business development, financial capability, access to appropriate financial services and market linkages to support entrepreneurs across Unguja and Pemba. Our focus is on creating opportunities that translate into stronger businesses and lasting economic value for Zanzibar.”
Under the MoU, Stanbic and ZEEA will develop agreed programmes supporting entrepreneurship, MSME development, financial inclusion, access to finance, business formalisation and market linkages. The partnership will also create opportunities for business forums, exhibitions, capacity building and other enterprise development initiatives.
The success of the partnership will ultimately be measured beyond the agreement signed at Fahari ya Zanzibar. Its value will lie in stronger entrepreneurs, more businesses ready to access finance, more Zanzibar products reaching markets, and more enterprises creating jobs and contributing to sustainable economic growth across the Isles.
