THE government has commended banking sector for supporting small and medium-scale businesses, enhancing economic performance and national development.

Exaud Kigahe, Deputy Minister for Industry and Trade, made the remarks at the weekend when wrapping up this year’s Kariakoo Business Festival in Dar es Salaam. 

The event brought together Kariakoo business stakeholders, enabling them to buy and sell goods at discounted prices while connecting with local and international customers.

He highlighted Kariakoo’s strategic importance, describing it as the country’s business hub, generating over 2bn/- in daily revenue for the Tanzania Revenue Authority (TRA).

“Any effort to uplift businesses in this area should be recognised and supported by the government. One of the major challenges our traders face is access to capital," he said.

He said organising the festival opens up opportunities for networking, sharing business strategies and accessing affordable loans to foster economic growth and increase tax collections.

Kigahe lauded banks for sponsoring the important event, urging other financial institutions to follow suit to boost economic development.

 “We at the ministry are pleased to see traders succeed. However, it is vital that the business community maintains honesty and trustworthiness in dealing with banks. Borrow responsibly, invest wisely and ensure timely repayment of loans to build trust and facilitate further credit access,” he said

Martin Mbwana, Kariakoo Business Community Chairperson expressed gratitude to lenders for embracing the idea of Kariakoo Festival, acknowledging their contribution to empowering the community economically.

Alex Mgeni, head of business department at NMB, said that the bank disbursed over 2.5trn/- in loans to businesses over the past two years.

“When we were approached to sponsor the festival, we recognised Kariakoo’s strategic significance. With five branches in the area and plans for further expansion, we felt compelled to support this gathering,” he said.

The festival featured not only Kariakoo businesspeople but also various public institutions related to business, including the Tanzania Trade Development Authority (Tan-Trade), Business Registrations and Licensing Agency (BRELA), TRA, the National Social Security Fund (NSSF), Small Industries Development Organisation (SIDO), Tanzania Bureau of Standards (TBS), Fair Competition Commission (FCC) and National Insurance Corporation (NIC).