Shortly after achieving independence from Britain in the early 1960s, Tanganyika and Zanzibar merged to form the nation of Tanzania in 1964. One-party rule came to an end in 1995 with the first democratic elections held in the country since the 1970s.

The economy is mostly based on agriculture, which accounts for more than half of the GDP, and provides 85 percent of exports. Industry is mainly limited to processing agricultural products and light consumer goods.

However, recent public sector and banking reforms, and revamped and new legislative frameworks, have all helped increase private-sector growth and investment. During the past three years, Tanzania has experience strong economic growth, averaging almost six percent of GDP. The driver has been the strong performance in the manufacturing, mining and construction sectors, as well as the solid growth in the agricultural sector.

MYC4’s expansion to Tanzania was mainly driven by our existing African partner Growth Africa Capital (GAC), who wished to expand their Provider business to Tanzania. Tanzania is the fourth East African country on MYC4.com.

The Tanzanian Shilling (TZS) has depreciated strongly against the Euro over the past year. The annual rate of depreciation against the Euro has been almost 9 % on average over the past three years, only exceeded by that of the Ugandan Shilling. Tanzania applies 15 % tax on interests earned, which is applied to investor and MYC4 earnings.