THE government of Zanzibar has called upon financial institutions in the country to support development of key sectors including the blue economy.

 Minister for Finance and Planning in Zanzibar, Juma Malik Akil, made the remarks at Mkunazini Ward, West Region, Unguja during the launch of a bank. 

The minister said banks can play a key role in financing the development of the sector which has been earmarked as key in implementing the Zanzibar Development Vision 2050.

The relocation of the KCB branch from Malindi to Mkunazini aims to improve banking accessibility for residents, entrepreneurs, traders, and investors, while facilitating economic activity in the strategically significant area.

KCB Bank Tanzania has a track record of pioneering financial products in East Africa, including the issuance of the Fursa Sukuk Bond in 2022 and the introduction of Islamic banking services in 2008, providing Shariah-compliant financial solutions. These instruments have helped broaden participation in formal financial systems and strengthen private sector growth.

The bank has also invested in the Blue Economy**, funding strategic projects such as the acquisition of cargo ships worth over  14bn/- enabling Zanzibar traders to engage in regional and international trade, strengthen the marine resources value chain, and create employment opportunities.

In the tourism sector, KCB has supported hotel development projects valued at around US$6.5 million, contributing to high-value, sustainable tourism that supports local communities and domestic economic growth.

KCB Bank is also engaging with the Revolutionary government of Zanzibar to implement the Zanzibar Digital Strategy (2023–2027) through the Zanzibar Government e-Agency (eGAZ), aiming to enhance public service delivery, financial transparency, and the use of technology as a driver of development.

The new branch reflects the intersection of expanded financial access, support for key economic sectors, and digital transformation efforts critical to Zanzibar’s long-term economic objectives.