NMB Bank, a key player in Tanzania's financial sector, has solidified its commitment to sustainable economic development in Zanzibar through a strategic partnership with the state-owned Zanzibar Seaweed Company (ZASCO). The recently signed Memorandum of Understanding (MoU) is poised to unlock the vast potential of seaweed farming on the picturesque island.
Mr. Filbert Mponzi, Chief Retail Banking at NMB, emphasized the bank's role in supporting Zanzibar's Blue Economy agenda. The collaboration aims to enhance the efficiency of smallholder seaweed farmers by offering tailor-made banking products, financial literacy programs, and technical training at the grassroots level. NMB's proactive involvement in Zanzibar's Blue Economy aligns with its broader strategy of fostering sustainable economic growth.
This partnership with ZASCO is a testament to NMB's commitment to the economic development of Zanzibar. Beyond providing financial support, NMB aims to empower local seaweed farmers, especially women, who constitute 90 percent of outgrowers. By offering financial tools and knowledge, the bank seeks to elevate the livelihoods of these farmers and contribute to the island's economic resilience.
ZASCO, under the leadership of Director General Dr. Masoud Rashid Mohammed, views the MoU as a pivotal moment in their strategy to boost value addition in seaweed farming. The company is actively involved in the construction of an impressive TZS 8.0 billion seaweed processing plant in Zanzibar. This state-of-the-art facility is poised to become the largest of its kind not only in Tanzania but also in Africa, underscoring ZASCO's commitment to advancing the seaweed industry.
Moreover, the Zanzibar Trade and Industrial Development Minister, Mr. Omar Said Shabani, expressed optimism about seaweed becoming Zanzibar's premier foreign exchange earner, potentially surpassing cloves. He highlighted the higher global market prices for seaweed and envisioned a future where strategic investments, particularly in value addition, position Zanzibar as a significant player in the global seaweed market.
As the seaweed industry evolves on the island, the collaboration between NMB Bank and ZASCO stands as a beacon of progress, reflecting the shared commitment to sustainable development, economic empowerment, and the realization of Zanzibar's Blue Economy potential.