Prof. Esther Ishengoma redefines Financial Inclusion and Enterprise Development in Africa
By Zamda George, CMU
As the world marks International Women’s Day 2025, we celebrate women who strengthen the academia-industry link and transform lives through research and consultancy. Prof. Esther Kokunywanisa Ishengoma stands out as one such powerhouses at the University of Dar es Salaam.
An Associate Professor in Finance, Enterprise Development and Business Economics at the University of Dar es Salaam Business School (UDBS), Prof. Ishengoma boasts a distinguished career spanning several decades.
Resonating with this year’s theme, ‘For All Women and Girls: Inclusion, Leadership, and Innovation’, Prof. Ishengoma has emerged as a leading expert in financial inclusion, linkage banking, microfinance and business model development—making significant contributions to Africa’s economic growth.
Prof. Ishengoma is not just an academic—she is a problem solver, working at the intersection of finance and development to bridge economic gaps. With over 30 peer-reviewed publications, her research focuses on financial mechanisms that support enterprise development, gender equity in business and access to finance for marginalized groups.
Her consultancy work is equally remarkable. She has successfully secured over £1 million in research and consultancy funding from prestigious institutions such as Sida, Volkswagen Foundation, FAO, Equinor Tanzania AS and the Alexander von Humboldt Foundation.
“Currently, I am the lead consultant for the FISH4ACP Project, where our focus is on improving fishers’ and processors’ business models, enhancing market access and promoting environmentally friendly technologies,” Prof. Ishengoma explains.
She is also spearheading the Agripreneurship Education for Sustainable Development in East Africa Project*, an initiative that empowers young agribusiness entrepreneurs through financial education, business planning and access to funding opportunities.
A leader in academia and policymaking
Prof. Ishengoma’s influence extends beyond university walls. As a Board Member of the Central Bank of Tanzania, she plays a pivotal role in shaping the country’s financial policies.
She also serves as the Coordinator of the Center for Banking and Financial Services Research at UDBS, bridging the academia-financial sector gap to ensure research informs policy and practice.
In addition, she coordinates the Exchange Programme with Hanze University of Applied Sciences and chairs KASEA – Tanzania Chapter, reflecting her commitment to fostering international collaboration in business education and research.
Her leadership extends to advocacy, as she serves as Associate and Executive Secretary of Women Leading Change for Better Lives, an initiative focused on gender equity in economic development.
Mastering the balance: research, leadership and family
Managing high-level consultancy projects while being a full-time academic is no small feat, yet Prof. Ishengoma does it seamlessly.
Her ability to juggle large-scale research initiatives, consultancy and teaching while maintaining high-impact outcomes is a testament to her exceptional organizational and leadership skills.
“I don’t just manage projects; I build sustainable frameworks that continue to impact communities long after the projects end,” she explains.
Her work in financial literacy for small business owners, agripreneurs, and women entrepreneurs exemplifies how knowledge and policy can drive real economic empowerment.
Beyond academia, Prof. Ishengoma is a devoted parent, supporting her daughter, a national team swimmer who competes in both national and international championships. She takes immense pride in her daughter’s achievements, both in sports and in academics, as she nurtures her aspirations to become an inspiring scientist.
“True development happens when knowledge is applied where it is needed most. Financial inclusion should not be a privilege—it should be a right,” she affirms.
Shaping the future of Business and Finance
Prof. Ishengoma’s passion for finance and enterprise development is deeply rooted in the belief that Africa’s economic future depends on inclusive financial systems.
Through her research, policy engagement and training, she is ensuring that the next generation of business leaders, policymakers and entrepreneurs are equipped with the right skills and financial tools.
Her work continues to influence policies, transform businesses and empower communities, making her one of Tanzania’s most impactful thought leaders in finance and enterprise development.
As we celebrate International Women’s Day, Prof. Ishengoma stands as a shining example of how women in academia and consultancy can drive economic transformation while paving the way for future generations.
Whether through her groundbreaking research, policy influence or mentorship of young scholars and entrepreneurs, her contributions are shaping a more inclusive and financially resilient Africa.
With her unwavering dedication, sharp intellect and commitment to sustainable economic development, Prof. Ishengoma is not just leading—she is redefining the future of finance and enterprise development in Africa.