The minister of finance and planning, Mwigulu Nchemba, said that banks had gone through a difficult situation in the previous regime, adding that “they were suffocated”. However, they hardly admit to that fact.

Mwingulu gave those remarks today, March 5, 2022, during the opening of the CRDB new Head Quarters in Dar es Salaam. Hon Mwigulu said President Samia has restored and revived hopes of the financial institutions, including banks, citing that they were in the brick of collapse.

“I hail the hard work you are doing for this country, particularly in the financial sector. You have played a huge role in restoring the financial sector, especially banks,” – Mwigulu said to President Samia.

“None dared to say this, but I speak this louder that our banks were suffocated. Your directives (President Samia) and policy reforms, especially on expenditures, have helped our banks come back stronger,” – Said Mwigulu.