The President of Zanzibar, Dr. Hussein Ali Mwinyi, held a private meeting this week in London with Indian entrepreneur and Maser Group founder, Prateek Suri, to explore potential investments in digital banking, housing, and infrastructure. The high-level discussion focused on strategic opportunities to support Zanzibar’s Vision 2050 development agenda, with particular emphasis on expanding access to financial services and addressing housing needs through public-private partnerships, the company said in a press statement. One of the key topics was the potential issuance of a digital banking license to one of Suri’s fintech entities. The proposed initiative would support cross-border payments, mobile banking, and financial services for small and medium enterprises (SMEs), especially in underserved and rural areas. “Zanzibar is uniquely placed to leapfrog in the digital economy,” Suri said following the meeting. “With visionary leadership and the right digital frameworks, the country can become a fintech hub in East Africa.” Also under discussion was a proposed collaboration between Maser’s infrastructure arm, MDR Investments, and local authorities to develop large-scale affordable housing projects across Zanzibar. The initiative aims to contribute to urban development goals while creating jobs and improving access to sustainable housing. “This isn’t just about building homes,” said Suri. “It’s about building stability and shared prosperity. Our vision is to deliver housing solutions that are accessible and sustainable.” The proposed initiatives align with Zanzibar’s broader efforts to strengthen digital infrastructure and promote inclusive urban development. The government has identified both areas as key priorities under its national development strategy. Suri, whose company Maser Group was recently valued at over $5 billion, is also exploring the establishment of a regional family office in Zanzibar. The office would coordinate his expanding investments across East Africa, particularly in fintech, mining, and infrastructure. “Africa is where the future is being built,” Suri said. “Tanzania, with its stability and supportive policies, is well-positioned to play a central role.” Preliminary discussions indicate that formal agreements or memoranda of understanding could follow in the coming weeks. A pilot phase for the digital banking platform and the housing project may begin as early as the third quarter of 2025. If implemented, the initiatives would contribute to Zanzibar’s efforts to attract sustainable investment and strengthen its position in the regional digital economy.
