By Business Insider Reporter
Zanzibar’s drive to build a stronger and more inclusive private sector has received a new boost after Stanbic Bank Tanzania and the Zanzibar Economic Empowerment Agency (ZEEA) entered into a five-year partnership aimed at helping entrepreneurs and general enterprises (MSMEs) move from business potential to sustainable growth.
Signed during the official launch of Fahari ya Zanzibar 2026 at Mnazi Mmoja Groundson September 5, 2026, the agreement brings together ZEEA’s economic empowerment mandate and Stanbic’s financial expertise, enterprise development capabilities and access to wider markets.
But the significance of the partnership goes beyond the signing of another corporate memorandum. At its heart is a recognition that Zanzibar’s entrepreneurs need more than access to finance to build businesses capable of surviving, growing and competing in wider markets.
“Zanzibar has no shortage of enterprise, ideas or ambition. The opportunity now is to help more businesses turn that potential into scale,” said Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania.
He added that achieving that ambition requires more than finance, pointing to “knowledge, stronger business systems, digital capability, market access and connections” as equally important ingredients for sustainable enterprise growth.
That philosophy is reflected in the areas covered by the partnership. Stanbic and ZEEA will develop programmes supporting financial literacy, business formalisation, access to finance, digital financial services, enterprise development and market linkages for entrepreneurs and MSMEs across Unguja and Pemba.
The breadth of the agenda is significant. Rather than treating financing as an end in itself, the partnership seeks to address some of the wider capabilities businesses need to become investment- and finance-ready, improve their operations and access new markets.
For entrepreneurs, the practical value of the collaboration will depend on how effectively these different forms of support are brought together. Stanbic’s Biashara Incubator provides one channel, with eligible entrepreneurs able to access practical business-development support, mentorship, tools and networks aimed at strengthening their capacity and readiness for growth.
During Fahari ya Zanzibar, the lender is also engaging businesses on solutions supporting trade, agribusiness, digital transactions and vehicle and asset finance, creating a direct interface between entrepreneurs and the financial and enterprise-development support available to them.
The timing is particularly relevant because Fahari ya Zanzibar itself is designed to connect Zanzibar’s products and enterprises 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 agriculture, fisheries, tourism, innovation, manufacturing, food processing and the creative economy.
In that context, the Stanbic-ZEEA partnership can be viewed as an effort to strengthen the ecosystem around the marketplace. While Fahari gives businesses an opportunity to showcase products and establish commercial connections, the partnership aims to help them develop the financial, managerial and market capabilities required to convert those connections into sustainable growth.
ZEEA Executive Director Juma Burhan Mohamed said the collaboration would provide entrepreneurs with more practical pathways to build sustainable businesses.
“Economic empowerment requires collaboration that gives entrepreneurs practical pathways to grow,” he said, emphasising the combination of business development, financial capability, appropriate financial services and market linkages.
For Stanbic, the agreement also marks a new phase in its engagement with Zanzibar. One year after establishing its presence in the Isles, the Bank says its focus is shifting from establishing a presence to building deeper relationships with the people and businesses driving the 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,” Max said.
He added that the Bank wants to help businesses become stronger locally while connecting those with the ambition and capability to opportunities across Tanzania, Africa and international markets.
That positioning is reinforced by Stanbic’s TSh 200 million commitment as a Platinum Sponsor of Fahari ya Zanzibar 2026. Rather than presenting the contribution simply as event sponsorship, the Bank says it forms part of its wider commitment to the enterprises and entrepreneurs expected to shape Zanzibar’s next phase of economic growth. “Our TSh 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.
