Financial Institutions currently based in Dar aren’t there because there was a “grand plan” to establish the city as a financial capital. They have headquarters in Dar because it’s the most populous city in the country, that’s where all major businesses and industries are based. The city also has the Dar stock exchange.
However, if I were to create an actual, thriving financial hub, where local and international businesses and financial institutions would come together, I would choose a city other than Dar. Tanzania’s economy is mainly concentrated along the coast! Dar, Pwani, and Tanga are major manufacturing regions. The economy of Dar es salaam in particular consists of activities such as Industry, tourism, transportation, e-commerce, retail, and technology. If a financial hub could be set up in a city other than Dar, it could open up a lot more economic potential for Tanzania. I’m talking real estate, retail, tourism, manufacturing, education, transport etc.
Take Germany for example. Berlin is their largest city, but their financial capital is Frankfurt, which is where the European Central Bank has its HQ. Frankfurt is also the largest financial hub in continental Europe. Speaking of Banks, I heard that there’s an active selection process for a city to host the East African Central Bank as the EAC plans to adopt a single currency. Apparently Kenya and Tanzania have shown interest to host.
cc:
Nicxie