Tanzania’s Minister for Finance, Ambassador Khamis Mussa Omar, tabled a Bill in the National Assembly in Dodoma that would let banks accept movable assets as loan collateral, creating a legal framework for registering, managing and enforcing such security interests instead of relying predominantly on land and buildings. The Bill targets an increase in private sector credit-to-GDP from 22.5% in 2024 to 50% by 2030, banking service usage from 22% in 2023 to 50% by 2030, and the financial sector’s contribution to economic activity from 17.1% in 2024 to 20% by 2030.
Presenting the legislation to Parliament, Omar said the proposed law aims to increase the proportion of the population using banking services from 22% in 2023 to 50% by 2030, the ratio of private-sector credit to gross domestic product (GDP) from 22.5% in 2024 to 50% by 2030, and the financial sector’s contribution to economic activity to 20% by 2030, up from 17.1% in 2024, while supporting employment creation.
Read more at: https://www.tanzaniainvest.com/finance/banking/movable-property-security-rights-bill
